I already know the taxable income is 35812, how to calculate the tax Alice...

90.2K

Verified Solution

Question

Accounting

imageI already know the taxable income is 35812, how to calculate the tax

Alice Johnson (SSN 222-23-3334) is a single taxpayer and is employed as a secretary by the State University of Florida. She has the following items pertaining to her income tax return for the current year: -Received $30,000 salary from her employer, who withheld $4,200 federal income tax. -Received a gift of 1,000 shares of Ace Corporation stock with a $100,000 FMV from her mother. She also received $4,000 of cash dividends from the Ace Corporation. The dividends are qualified dividends. -Received $1,000 of interest income on bonds issued by the City of Tampa. -Received a regular stock dividend (nontaxable under Sec. 305) of 50 shares of Ace Corporation stock with $5,000 FMV. -Alice's employer paid $2,000 of medical and health insurance premiums on her behalf. -Received $13,000 alimony from her ex-husband. They divorced on August 1,2014 -State University provided $60,000 of group term life insurance. Alice is 42 years old and is not a key employee. The table in the text is applicable. -Received $1,000 cash award from her employer for being designated the Secretary of the Year. -Total itemized deductions are $10,000. Complete Form 1040 and the accompanying schedules for Alice Johnson's 2019 return Ask another question wh

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students