What is phoebes adjusted gross income

Assignment Help Accounting Basics

Reference no: EM131957787

Problem

Phoebe, a surviving spouse (Qualified Widower) taxpayer with two dependents, retired from the fire department during the year. She had the following items of income and expenses for 2016: Salary, prior to retirement $54,000; Interest income from Wells Fargo Bank $8,000; Interest income from State of California bonds $3,500; Pension (use a 62% exclusion ratio) $12,000; Qualified dividends from Intel $1,800; Income from illegal activities $3,850; Home mortgage interest paid $6,000; Non-qualified dividends $300; Alimony paid $4,250; Partnership income $2,700; Child support paid $7,000; Property taxes paid $8,500; Long-term capital loss ($4200).

A. What is Phoebe's adjusted gross income for 2016?

B. What is Phoebe's total tax for 2016?

Reference no: EM131957787

Questions Cloud

What will be the activity-based cost of building the trailer : Pieman plans to make 50 trailers this year, and an activity-based costing. Using this method, what will be the activity-based cost of building the trailer?

What will the expected return and beta on the portfolio : What will the expected return and beta on the portfolio be after the purchase of the Syngine stock? please show work.

Draw the total gross payoff diagram to the old equityholders : Jabari Inc. is an all-equity firm with 60,000 shares outstanding. On 1 May 2014, Jabari issued 20,000 five-year PERCS.

What do you like and dislike about jacks capital budgeting : What suggestions would you give Jack regarding his capital budgeting procedures? Make sure that each suggestion is appropriately justified.

What is phoebes adjusted gross income : Phoebe, a surviving spouse (Qualified Widower) taxpayer with two dependents, retired from the fire department. What is Phoebe's adjusted gross income for 2016?

Describe quantitative and qualitative approaches : Describe quantitative and qualitative approaches/ informations, and explain why both are important in management decision making.

Name two risks that the brazilian bank might have : Jack finds and emerging markets bank in Brazil that he wants to add to the portfolio. Diane counters that it is too risky to add the portfolio.

Calculate the direct labour cost of building the trailer : Calculate the direct labour cost of building the trailer. Calculate the direct machine cost of building the trailer.

What value of x will allow him to reach his goal : If the account pays an effective annual rate of 7.3%, what value of X will allow him to reach his goal?

User Account

All Pages