Compute kelly taxable income

Assignment Help Accounting Basics

Reference no: EM13131443

Kelly is single. Her dependent child, Barbara, lives with her. After her divorce, Kelly was awarded the permanent custody of Barbara and has not agreed to waive her right to claim Barbara as a dependent. Kelly has the following items as income and expenses as you can see in the attached document.
Compute Kelly's taxable income and her net tax due or refund expected for 2011

Income:
Salary $60,000
Cashdividends 3,000
Interest income onCity ofNewYorkbonds 5,000
Interest income on U.S. Treasury bills 4,000
Net rental income 3,500
Alimony received from ex-husband 2,500
Child support received from ex-husband 3,500
Sales of capital assets:
Stock held for 3 months (basis is $12,000) sold for 18,000
Investment land held 5 years (basis is $30,000) sold for 14,000
Life insuranceproceedsreceivedonthedeathofher...100000
Expenses:
Home mortgage interest 6,000
Property taxes on home 2,000
Charitable contributions 7,000
Qualifying child care expense 3,700
Federal income tax witheld $7000

Reference no: EM13131443

Questions Cloud

Debited to construction expenditure : In late June, the Everest Construction Co. submitted a progress billing on a construction contract for $500,000. On July 2, the bill was approved for payment, subject to a five percent retention, as provided by the contract. The amount that should..

What mass of solid la(io3)3 is formed : what mass of solid La(IO3)3 is formed when 50 ml of 0.250 M La are mixed with 75.0 ml of 0.302 M IO3-

Describe how you to simulate rolling the dice : You are one space short of winning a child's board game and must roll a 1 dice to claim victory. You want to know how many rolls it might take. Describe how you would simulate rolling the dice until you get 1.

Calculate the optimal amount of pretzels : Calculate the optimal amount of pretzels and soft drinks that minimizes this firm's costs and how many frames do you provide each month?

Compute kelly taxable income : Kelly is single. Her dependent child, Barbara, lives with her. After her divorce, Kelly was awarded the permanent custody of Barbara and has not agreed to waive her right to claim Barbara as a dependent. Kelly has the following items as income and..

What is the ph of a solution : What is the pH of a solution that is 0.75 M in sodium acetate and 0.50M in acetic acid? (Ka for acetic acid is 1.85 x 10-5).

Binomial coefficients and nonnegative integers : Prove the identity (n~r) (r~k) = (n~k) ((n-k)~(r-k)), whenever n, r, and k are nonnegative integers with r less than/equal to n and k less than/equal to r:

What mass of nitrogen is obtained : Gas ammonia can be decomposed to give 3.00 by mass of hydrogen and 14.0 by mass of nitrogen.what mass of nitrogen is obtained.

Triethylamine and water explain the measurement of the ph : What is the pH of 10 drops of triethylamine in a dropperful of demineralized water? How does the reaction between triethylamine and water explain the measurement of the pH?

User Account

All Pages