Reference no: EM13890382
No Use the information below to compute the 2014 taxable income and tax liability for an unmarried taxpayer (age 52 with no dependents). Prepare an analysis showing each item an amount under the appropriate headings of (1) income, (2) gross income exclusions, (3)total gross income, (4) deductions for AGI, (5) AGI, (6) deduction from AGI, and (7) taxable income.
Cash Received
Interest on savings account $ 1728
Gift of money from parent $1000
Rent from farmland owned $30,000
Proceeds of life insurance policy upon parent's death $40,000
Non degree candidate fellowship, granted 8/20/14, of $450 per month for four months $ 1,800
Net pay received (gross salary of $33,000 less $7,440 state and federal income tax, $ 2046 social security taxes, and $4 79 Medicare taxes) $23,035
Employer's share of health insurance premium $4260 $ 0
De minimis employee fringe benefits valued at $25 $ 0
Company provided parking costing employer $300/month for 12 months $ 0
Total Cash Received $ 97,563
Cash Payments
Expenses of farmland rental (real estate taxes) $ 1,750
Personal living expenses $26,600
Total Cash payments $28,350
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