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Wk 1 Homework Essay

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Week 1 Homework
Problems (Show your work.):
3-31: Tom and Linda are married taxpayers who file a joint return. They have itemized deductions of $12,250 and four exemptions. Assuming an adjusted gross income of $40,000, what is their taxable income for 2012?
Adjusted gross income: 40,000 – Itemized Deductions: 12,250 (greater of the itemized or standard (11,900) for married filing jointly) – Personal exemptions 15,200 (3800 * 4) = 12,250 taxable income for 2012.
40,000-12,250-15,200=12,250 taxable income.
3-32: Compute Marie’s taxable income for 2012, assuming she is single and claims two dependent children. Her adjusted gross income is $70,000 and she has itemized deductions of $9000.
Adjusted gross income: 70,000 – Itemized Deductions: 9,000 (greater of itemized or standard (8700) for head of household) – Personal exemptions 11,400 (3800 * 3) = 49,600 taxable income for 2012.
70,000-9,000-11,400=49,600
3-36: Compute Stanley’s taxable income for 2012, assuming he has $1,000 in wages from working in a grocery store and $2,000 in interest income from some bonds he owns. Stanley, age 16, is claimed as a dependent on his parents’ return.
Gross income 3,000 (1,000 + 2,000) – Standard deduction: 1,300 (1,000 + 300) = 1,700 taxable income for 2012.
3,000-1,300=1,700
100 of this amount will be taxed at the parents tax rate, 1,600 will be taxed at Stanley’s tax rate.
13-55: Mr. Z, a nondealer, sold assets on an installment plan. Determine Mr. Z’s gross income for 2012. Relevant data include:
Year | Installment Sales | Gross Profit | 2012 Collections |
2010 | $200,000 | $50,000 | $25,000 |
2011 | $300,000 | $81,000 | $80,000 |
2012 | $400,000 | $96,000 | $125,000 |
In order to determine the Gross Income, determine the gross profit percentage:                                   Gross profit/contract price.
50,000/200,000 | .25 |
81,000/300,000 | .27 |
96,000/400,000 | .24 |
Next take the total collected for each year and multiply it by the...

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