Compute the taxable income if mr garrett agi consists

Assignment Help Accounting Basics
Reference no: EM132916566

Mr. Garrett, a single taxpayer, has $14,700 AGI. Assume the taxable year is 2020. Use Standard Deduction Table.

Required:

Problem a. Compute his taxable income if Mr. Garrett's AGI consists entirely of interest income. He is 19 years old and is considered a dependent of his parents for tax purposes.

Problem b. Compute his taxable income if Mr. Garrett's AGI consists entirely of wage income. He is 19 years old and is considered a dependent of his parents for tax purposes.

Problem c. Compute his taxable income if Mr. Garrett's AGI consists entirely of interest income and he lives with his son who provides more than one-half of his financial support. He is 70 years old.

Reference no: EM132916566

Questions Cloud

Which pro-rata share rights offer means that the offer : Which pro-rata share rights offer means that the offer? must be made to bond holders and shareholders who get their offer in before a cut-off date.
What is the required risk premium on the loan : N(h2) = 0.793323. Using Moody's KMV Credit Monitor model, what is the required risk premium on the loan (round to two decimal places)?
What would a horizontal analysis report show : What would a horizontal analysis report show? both Profit before Income tax and Profit are 89.66% of Sales revenue. / a 21% decrease in sales revenue.
Improve the meal allowance for the employees : As a restaurant manager, how you decide to improve the meal allowance for the employees
Compute the taxable income if mr garrett agi consists : Compute his taxable income if Mr. Garrett's AGI consists entirely of wage income. He is 19 years old and is considered a dependent of parents for tax purpose.
Compute the effect of the event on the tax liability : Compute the effect of this event on their tax liability, assuming that their AGI was $103,000, and their taxable income before considering the new dependent
Give the deductible amount : Give the deductible Amount. The amount he paid to his brother is comparable to what he would have paid to an unrelated person to do the same work.
What advantages of recording in the journal before posting : What are the advantages of recording in the journal before posting transactions into the ledger? Should business transactions credits and debits be recorded
Examine three significant changes brought forth by tax cuts : Examine three significant changes brought forth by the Tax Cuts and Jobs Act and discuss at least two advantages and/or disadvantages of each.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine a division residual income

Assume A Division has a minimum required rate of return of 12%. Based on this information and your calculation s above, determine A Division's residual income

  During january kroger paid 9150 for supplies to be used in

the following information is taken from the accrual accounting records of kroger sales companya. during january kroger

  What will be your rate of return

BCE bond has 10 years until maturity and a coupon rate of 8% payable annually, and sells for $1,100. What will be your rate of return

  Accounting for pensions under us and japanese standards

Discount rate Expected rate of return 2.5% 2.8% Thousands of U.S. Instructions Use the information on Kyowa to respond to the following requirements. (a) What are the key differences in accounting for pensions under U.S. And Japanese standards?

  What would be the weight used for equity

The preferred share are selling for $14.2 per share, and the bonds are selling for 96.83 percent of par, what would be the weight used for equity

  The following information relates to interstate trucking

the following information relates to interstate trucking for itsfirst year of operations data in millions of

  A company sells two products - x and y product x is sold at

a company sells two products - x and y. product x is sold at a price of 50 and has a variable cost of 25. product y is

  Your company sells 749300 of goods during the year at a

your company sells 749300 of goods during the year at a cost of goods sold of 538600. inventory was 31183 at the

  Prepare the journal entries to record the exchange on books

Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance

  Compute the amount of gross profit recognized

Assume that Seawolf recognizes revenue on this contract over time according to percentage of completion. Compute the amount of gross profit recognized

  What amount should a student deposit today

Tuition of $1419 will be due when the spring term begins in 5 months. What amount should a student deposit today, at 3.18%, to have enough to pay the tuition

  Compute net income for the first year for alpaca corporation

Compute net income for the first year for Alpaca Corporation.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd