Camille Sikorski was divorced last year. She currently providesa home for her 15-year-old daughter...

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Camille Sikorski was divorced last year. She currently providesa home for her 15-year-old daughter Kaly. Kaly lived in Camille’shome for the entire year, and Camille paid for all the costs ofmaintaining the home. She received a salary of $107,500 andcontributed $6,400 of it to a qualified retirement account (a forAGI deduction). She also received $16,500 of alimony from herformer husband. Finally, Camille paid $17,400 of expenditures thatqualified as itemized deductions. Use 2018 standard deductionrates.
b. What would Camille’s taxable income be if sheincurred $12,950 of itemized deductions instead of $17,400?
c. Assume the original facts but now suppose Camille’s daughter,Kaly, is 25 years old and a full-time student. Kaly’s gross incomefor the year was $7,400. Kaly provided $4,440 of her own support,and Camille provided $7,400 of support. What is Camille’s taxableincome?

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4.4 Ratings (603 Votes)

Part B What would Camilles taxable income be if she incurred 12200 of itemized deductions instead of 4300 1 Gross income 10750016500 124000 2 For AGI See Answer

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In: AccountingCamille Sikorski was divorced last year. She currently providesa home for her 15-year-old daughter Kaly....Camille Sikorski was divorced last year. She currently providesa home for her 15-year-old daughter Kaly. Kaly lived in Camille’shome for the entire year, and Camille paid for all the costs ofmaintaining the home. She received a salary of $107,500 andcontributed $6,400 of it to a qualified retirement account (a forAGI deduction). She also received $16,500 of alimony from herformer husband. Finally, Camille paid $17,400 of expenditures thatqualified as itemized deductions. Use 2018 standard deductionrates.b. What would Camille’s taxable income be if sheincurred $12,950 of itemized deductions instead of $17,400?c. Assume the original facts but now suppose Camille’s daughter,Kaly, is 25 years old and a full-time student. Kaly’s gross incomefor the year was $7,400. Kaly provided $4,440 of her own support,and Camille provided $7,400 of support. What is Camille’s taxableincome?