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Accounting

Larry Johnson single has the following income and deduction in 2010. Using the tax rate schedules rather than the tax tables, compute Larry's tax liability for 2010. Assume dividends are taxed as ordinary income.

Salary 54000
Interest income 1200
Dividends 800
Medical Expense 4800

Property tax on personal residence 3600
Interest on home mortgage 7600
State & local income tax 2400
State and local sales tax 2000
Invest interest expense 3000
Quailified higher education exp 2000

In addition Larry's car (15000 value cost 2000) was stolen during the year, and the insurance reimbursement was only 7000. He also had 2000 of travel expenses related to his job not reimbursed.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9446324

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