Reference no: EM131268011
Jeff and Judee are a married couple both in their 40’s with two dependent sons. Their salaries total $105,000. They have a capital loss of $7,000 and tax-exempt interest income of $600. They paid home mortgage interest of $13,000, state income taxes of $3,500, and medical expenses of $10,000, and the made charitable contributions of $7,000 for tax year 2015.
Compute Personal Exemptions
Personal Exemptions: ______________________
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Income statement beginning with pretax income
: On December 31, 2016, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $12 million. The business segment qualifies as a component of the entity according to GAAP. Prepare the lower port..
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Sharing agreement with rey retaining four-fifths interest
: At the start of 2014, Santana Rey is considering adding a partner to her business. She envisions the new partner taking the lead in generating sales of both services and merchandise for Business Solutions. Prepare the January 1, 2014, journal entries..
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Profitable sole proprietorship
: Mrs. Singer owns a profitable sole proprietorship. For the following case, use a Schedule SE, Form 1040, to compute her 2015 self-employment tax and her income tax deduction for such tax.
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Compute taxable income
: Jeff and Judee are a married couple both in their 40’s with two dependent sons. Their salaries total $105,000. They have a capital loss of $7,000 and tax-exempt interest income of $600. They paid home mortgage interest of $13,000, state income taxes ..
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Compute personal exemptions
: Jeff and Judee are a married couple both in their 40’s with two dependent sons. Their salaries total $105,000. They have a capital loss of $7,000 and tax-exempt interest income of $600. They paid home mortgage interest of $13,000, state income taxes ..
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Tax obligation for the year
: What is her FICA tax obligation for the year? Assume Brooke works for Company A for half of 2016, earning $50,000 in salary, and she works for Company B for the second half of 2016, earning $70,000 in salary. What is Brooke's FICA tax obligation for ..
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Made charitable contributions
: Jeff and Judee are a married couple both in their 40’s with two dependent sons. Their salaries total $105,000. They have a capital loss of $7,000 and tax-exempt interest income of $600. They paid home mortgage interest of $13,000, state income taxes ..
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Compute adjusted gross income
: Dan is a single taxpayer. His salary is $75,000. Dan realized a short-term capital loss of $8,000. His itemized deductions total $3,500 in tax year 2015. Compute Dan's adjusted gross income:
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What is her basis for the house
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