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##### Monica and Thomas

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1. Monica and Thomas, ages 32 and 36, are married and file a joint return. In addition, they have three dependent children. Monica and Thomas have adjusted gross income (AGI) of \$90,000 and itemized deductions of \$22,000. What is their taxable income for 2014?;a. \$48,250;b. \$56,150;c. \$68,000;d. \$90,000;Calculation: xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx;2. In 2014, Jonathan, age 15 had \$1,000 of interest from a certificate of deposit and \$2,000 from working as a waiter. Assume Jonathan is claimed by his parents as a dependent. What is Jonathan?s standard deduction?;a. \$6,200;b. \$2,350;c. \$1,350;d. \$0;Calculation;xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx;3. What is Dy?s Taxable Income for 2014? Assume she is 34 years old and is single and has no dependents. Assume further that Dy?s AGI is \$75,000 and that she made a charitable contribution of \$500 (which would be her only itemized deduction).;a. \$64,850;b. \$70,550;c. \$74,500;d. \$75,000;Calculation;xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx;4. What is Amy?s taxable income for 2014? Assume she is single and claimed two dependent children, Sagi and Damian. Assume further that Amy?s AGI is \$44,000 and that her itemized deductions are;\$10,000.;a. \$22,150;b. \$26,100;c. \$34,000;d. \$44,000;Calculation;xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx;5. A few years ago, Miranda and Mary formed a partnership called "M&Ms." Which of the following is most likely TRUE regarding the U.S. income taxation of Miranda, Mary and M&Ms?;a. The M&Ms entity is NOT required to file an informational tax return.;b. The M&Ms entity is NOT required to pay federal income taxes;c. The M&Ms entity will most likely be taxed like a corporation;d. Mary and Miranda will NOT be required to pay taxes on their respective shares of M&Ms? income until M&Ms distributes its earnings to them

Paper#79721 | Written in 18-Jul-2015

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