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Monica and Thomas




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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