Please answer all questions: 1. Devon and Kimberly are married and file a joint return....
60.1K
Verified Solution
Question
Accounting
Please answer all questions:
1. Devon and Kimberly are married and file a joint return. They have scheduled their tax appointment with Andrea, their tax preparer. After a brief review of the documents and discussion with Devon and Kimberly, Andrea determined that they need to file a Schedule 1 (Form 1040) this year. The information they brought includes a W-2 for Devon with wages of $49,200, a W-2 for Kimberly with wages of $52,100, ordinary dividends of $850, jury duty pay of $202, an taxable interest of $300, and a copy of last years tax form. Based on the information provided, why is Schedule 1 (Form 1040) required this year? Select one: a. The total income is over $100,000. b. The interest of $300. c. The ordinary dividends of $850. d. The jury duty pay of $202.
2. Which of the following scenarios would require the taxpayer to file Schedule B along with Form 1040?
Select one: a. The taxpayer receives $1,100 of regular interest b. The taxpayer receives $1,150 of nontaxable interest. c. The taxpayer receives $1,600 of regular interest. d. The taxpayer receives Form 1099-INT
3. Frank legally divorced his wife last year. His ex-wife has joint ownership of their home and sole custody of their two children. As part of the divorce decree (dated June 1, 2018), Frank was ordered to continue to pay the full mortgage payments as well as cash payments to his ex-wife. Frank was also ordered to pay child support for the children. Frank pays the following amounts:
Alimony in the amount of $1,300 cash per month
Mortgage payments in the amount of $1,800 per month
Child support in the amount of $800 per month
How much can Frank deduct as alimony?
Select one:
a. $26,400
b. $46,800
c. $37,200
d. $36,000
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.