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What is the amount of their personal exemptions

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Reference no: EM131481490

ASSIGNMENT

TAX AND ZAKAT ACCOUNTING

Q1.Explain the economic, accounting and tax concept of Income in detail.

Q2: John and Georgia are a married couple with two dependent sons. Their salaries total $130,000. They have a capital loss of $8000 and tax-exempt interest income of $1000. They paid home mortgage interest of $10000, state income taxes of $4000 and medical expenses of $3000 and they made charitable contributions of $5000.

A) Compute their AGI

B) Compute their total itemized deductions.

C) What is the amount of their personal exemptions?

D) Compute their taxable income (Tax year is 2013)

Q3. In 2013 X and Y have salaries of $35,000 and $27,000, respectively. Their itemized deductions total $8,000. They are married, under 65, and live in a common law state.

a. Compute their taxable income assuming that they file a joint return.

b. Compute their taxable income assuming that they file separate returns and that Y claims all of the itemized deductions.

Q4. List Items that Are Not Income.

Reference no: EM131481490

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