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Question: 1.Jeff and Marion are married with 3 dependents. Their adjusted gross income in 2016 is $334,400. Their itemized deductions total $34,600, including $4,900 in investment interest.

a. What is their 2016 taxable income?

b. Assume that their adjusted gross income is $479,900 and their itemized deductions remain the same. What is their 2016 taxable income?

2. Determine the taxable income of each of the following dependents in 2016:

a. Louis is 12 and receives $1,250 in interest income.

b. Jackson is 16. He earns $2,050 from his newspaper route and receives $700 in dividends on GCM stock.

c. Loretta is 18 and a full-time student. She earns $5,000 as a lifeguard during the summer. In addition, Loretta wins a rescue contest and receives a municipal bond worth $600. During the year, the bond pays $20 in interest.

d. Eva is 15. Her income consists of municipal bond interest of $750, stock dividends of $1,300, and interest credited to her savings account of $900.

e. Elaine is a college student. Her only income consists of $3,000 from her parttime job delivering pizzas. Her itemized deductions total $400.

f. Greg is 2. He has certificates of deposit given to him by his grandparents that pay $2,500 in interest.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92712889

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