Federal Taxation

Chapter 3
caper 31
Personal Exemption
Per taxpayer and dependent: $3,650
set make income $40,000
Less: Itemized deductions 11,750
Less: Personal exemptions (4 × $3,650) 14,600
Taxable income $13,650
Problem 32
Adjusted gross income $70,000
Less: Itemized deductions 9,000
Less: Personal exemptions (3 × $3,650) 10,950
Taxable income $50,050
Problem 36
* 1) Enter your 2009 adjusted gross income           $
2) Enter $166,800 ($83,400 if married filing
     separately).                                                                   
3) take off blood guide 2 from line 1.                                        
4) Multiply the amount of line 3 by 3% (.03).            
5) Enter the total deductible itemized deductions
      before the 3% reduction.




6) Enter the amount included on line 5 for
     allowable medical and dental expenses, casualty
     or theft loss, investment interest, and gambling
     losses.  These deductions are not subject to the
     reduction.
7)  compute line 6 from line 5.   
8)  Multiply the amount on line 7 by 80% (.80).
9)  Enter the little of line 4 or line 8. 
10)Multiply Line 9 by 1/3 (0.3333).  This is the
      disallowed amount.
11)Subtract line 10 from line 5.  This is the net
      amount of itemized deductions you may claim. 

80% of your itemized deductions that are alter by
the limit. * 3% of the amount by which your AGI exceeds $166,800|
500,000
166,800
333,200
9,996

20,000

8,000
12,000
9,600
9,600
3,200

16,800

 |

Ch. 13
Problem 55
2005: rise sales (contract price) = $200,000, gross profit = $50,000
Gross profit share 2005 sales= gross profit/contract price = 25%
2006: Total sales = $300,000, gross...If you want to get a full essay, order it on our website: Ordercustompaper.com



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