Ac553 Week 1

Problems: 3-31, 3-32, 3-36, 13-55, and 13-69 Chapter 3 (Problems 31, 32, 36) 31. Tom and Linda are married taxpayers who filed a indue voice tax return. They have itemized deductions of $11,750 and 4 deductions. Assuming an adjust plebeian income of $40,000, what is the taxable income for 2010? Adjusted coarse Income (AGI) $40,000 Itemized deductions (-)$11,750 in-person exemptions (-)$14,600 ($3650 x 4) task income $13,650 32. Compute Maries taxable income for 2010, assuming she is case-by-case and claims 2 dependents. Her adjusted piggy income is $70,000, and she has itemized deductions of $9,000? Adjusted Gross Income (AGI) $70,000 Itemized deductions (-)$ 9,000 Personal exemptions (-) $10,950 ($3650 x 3) Tax income $50,050 36. Duke and Pat Collins have an adjusted unwashed income of $500,000 for 2010. They have itemized deductions of $20,000 Adjusted Gross Income (AGI) $500,000 AGI in trim of $200,000:$500,000 - $200,000 = $300,000 $300,000 x 0.03 = $9000 Itemized deductions $20,000 AGI in excess (-) 9,000 Itemized deductions $11,000 Chapter 13 (Problems 55, 69) p. 13-50 and 13-51 55. Mr. Z, a nondealer, sell assets on an installment plan. Determine Mr. Zs gross income for 2010.

relevant data include: Year Installment gross sales Gross Profit 2010 Collections 2008 $200,000 $50,000 $25,000 2009 300,000 81,000 80! ,000 2010 400,000 96,000 125,000 2008 $50,000/$200,000 = 25%, collections ($25,000 x .25) = $ 6,250 2009 $81,000/$300,000 = 27%, collections ($80,000 x .27) = $21,600 2010 $96,000/$400,000 = 24%, collections ($125,000 x .24) = $30,000 Gross Income $57,850...If you want to get a safe essay, order it on our website: OrderEssay.net

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