Business, 01.02.2021 21:40 ukyflyfl

Morgan (age 45) is single and provides more than 50% of the support of Tammy (a family friend), Jen (a niece, age 18), and Jerold (a nephew, age 18). Both Tammy and Jen live with Morgan, but Jerold (a French citizen) lives in Canada. Morgan earns a salary of $95,000, contributes $5,000 to a traditional IRA, and receives sales proceeds of $15,000 for an RV that cost $60,000 and was used for vacations. She has $8,200 in itemized deductions. Click here to access the standard deduction table to use if required.
a. Morgan's taxable income is $
b. Using the Tax Rate Schedules (click here), tax liability for Morgan is $ for 2019.
c. Compute Morgan's dependent tax credit. $

Answers: 2

Show answers

Other questions on the subject: Business

Business, 22.06.2019 19:50, Salas1333

Which of the following would create the most money? the initial deposit is $6,500 and the required reserve ratio is 20 percent. the initial deposit is $3,000 and the required reserve ratio is 10 percent. the initial deposit is $7,500 and the required reserve ratio is 25 percent. the initial deposit is $4,500 and the required reserve ratio is 15 percent.

Answers: 1

continue

Business, 23.06.2019 00:30, HottheadAnthony7234

Shelly bought a house five years ago for $150,000 and obtained an 80% loan. now the home is worth $140,000 and her loan balance has been reduced by $12,000. what is shelly's current equity?

Answers: 3

continue

Business, 23.06.2019 01:00, claudr03

Sarah is an accountant with desires to open her own business. she is looking for office space at a reasonable rate along with internet service. of the conditions that need to be put in place for the entrepreneurial ecosystem, she needs

Answers: 1

continue

Business, 23.06.2019 02:00, alexbrafford

Abc electronics wants someone to install a top-of-the-line security system in its two buildings, a system that not only sounds an alarm but also simultaneously notifies authorities and the company president. video surveillance of the premises should also be a capability of the security system. n order to obtain price quotes, what should the company write? a. an unsolicited proposal b. an internal proposal c. an external proposal d. a request for proposals

Answers: 3

continue

You know the right answer?

Morgan (age 45) is single and provides more than 50% of the support of Tammy (a family friend), Jen...