Using the individual income tax formula

Assignment Help Financial Accounting

Reference no: EM131259797

Caitlin, age 66, is unmarried at December 31, 2016. Her husband, Bruce, died in a plane crash in January, 2015. Caitlin furnished more than 50% of the support of her parents, who did not live with her. In addition, Caitlin furnished more than half of the cost of maintaining her parents' household. Her father earned $4, 160 bartending part-time while her mother, who is blind, earned $3, 960 knitting scary. Her parents did not file a joint return. Further, Caitlin's 24-year old daughter, Kylie, who is a full-time graduate student, is single and earned $4, 060 in 2016. Caitlin furnished more than 50% of Kylie's support. Kylie lived with Caitlin for the entire year. For 2016, Caitlin's adjusted gross income is $145, 900 and her itemized deductions total $9, 900. Using the individual income tax formula, starting with adjusted gross income, compute Caitlin's tax liability for 2016. Show your computations using good form.

Reference no: EM131259797

Questions Cloud

Use journal entries to record these transactions : Following are transaction for Montego Manufacturing Company. Assume that the company has beginning work-in-process inventory. Use journal entries to record these transactions. Montego purchased $600,000 of raw materials with cash. The production mana..

Would the proposed compensation system be satisfactory : If you were the client, what other questions would you have for the consultant? Would you be satisfied with the work? Would the proposed compensation system be satisfactory?

What are some reasons why ecommerce fails : What are some reasons why eCommerce fails? Identify two reasons why the concept doesn't work for all products or services. What do you feel is the future of eCommerce? Will it eventually replace the brick and mortar buildings? Why or why not.

Can you reoptimize the problem in o(km) time : Suppose that after solving a maximum flow problem you realize that you have underestimated the capacity of an arc (p, q) by k units. Show that the labeling algorithm can reoptimize the problem in O(km) time.

Using the individual income tax formula : Caitlin, age 66, is unmarried at December 31, 2016. Her husband, Bruce, died in a plane crash in January, 2015. Caitlin furnished more than 50% of the support of her parents, who did not live with her. In addition, Caitlin furnished more than half of..

How can design features create security or privacy issues : How can design features create security or privacy issues? That is when a website takes your information from you, what are they doing with it? Printing it to the screen? Selling it? What exactly happens with the data that we give out? Would the d..

What does the term infographics mean : What are some ways to evaluate the use of digital media on the internet? For example, what are some criteria that you can use to measure different resources against each other? What would make one resource better or more effective then another? Mo..

What is the running time of your algorithm : Suppose that we know a noninteger maximum flow in a directed network with integer arc capacities. Suggest an algorithm for converting this flow into an integer maximum flow. What is the running time of your algorithm? (Hint: Send flows along cycle..

Analyze the key components of three sources of law : Analyze the key components of three sources of law related to the effects that each source could potentially have on your healthcare organization's new initiative.

User Account

All Pages