Determine the trey taxable income

Reference no: EM131795590

Question: 1. In 2016, Heather, an elementary school teacher, had the following transactions: Alimony received $2, 400 Salary earned 38,000 Cash dividends received on stock investment 1,000 Purchase of classroom school supplies 300 Heather's AGI for 2016 is: $39, 400 $38, 400. $41, 150 $38,000. None of the above. Henry and Carol received $8, 600 in Social Security benefits in 2016. Their AGI was $90,000 before inclusion of any social security. How much, if any, of the social security benefits must they include in gross income?

2. Homer (age 68) and his wife Jean (age 70) file a Joint return. For 2016 they received dividend income of $42,000. They have itemized deductions of $7,000. What is their taxable income for 2016?

3. Trey, age 16, is claimed as e dependent on his parents' tax return, During 2016 he had interest income of $1.550 from a savings account end 5600 wages from part time job. Determine the Trey's taxable income.

Reference no: EM131795590

Questions Cloud

Discuss a credit increases the account and debit decreases : How about in a liability account, A credit increases the account and debit decreases

Check potentially employees credit history : Potential employers are allowed to check a potentially employee’s credit history.

Prepare the journal entries - celine dion company : Assume the same information, except that Celine Dion Company uses the effective-interest men of amortization for bond premium or discount.

Calculate current ratio or debt-to-equity ratio for zeballos : Calculate the current ratio and debt-to-equity ratio for Zeballos, assuming the lease is accounted for as a capital (finance) lease.

Determine the trey taxable income : Trey, age 16, is claimed as e dependent on his parents' tax return, During 2016 he had interest income of $1.550 from a savings account end 5600 wages.

Determine how the holders of the instruments view advantages : Determine how the holders of the instruments view the advantages and disadvantages of holding each instrument

How many of the 50 coins would you expect to appear : Assuming that none of the coins is biased, about how many of the 50 coins would you expect to appear biased when this procedure is applied?

Explain the difference between the manufacturing overhead : Explain the difference between the manufacturing overhead that would have been applied to the Koopers job using the plantwide rate

What is the value of the movie : A movie is expected to produce cash flows of 14,200 dollars per month with the first monthly cash flow expected later today and the last monthly cash flow.

User Account

All Pages