ACCT 553 Week 1 Homework Solution

# ACCT 553 Week 1 Homework Solution

Sale price \$15.00 Regular price \$30.00

ACCT 553 Week 1 Homework Solution

• 3-31. Tom and Linda are married taxpayers who file a joint return. They have itemized deductions of \$12,250 and four exemptions. Assuming an adjusted gross income of \$40,000, what is their taxable income for 2012?
• 3-32. Compute Marie’s taxable income for 2012, assuming she is single and claims two dependent children. Her adjusted gross income is \$70,000, and she has itemized deductions of \$9,000.
• 3-36. Compute Stanley’s taxable income for 2012, assuming he has \$1,000 in wages from working in a grocery store and \$2,000 in interest income from some bonds he owns. Stanley, age 16, is claimed as a dependent on his parents’ return.
• 13-55. Mr. Z, a non-dealer, sold assets on an installment plan. Determine Mr. Z’s gross income for 2012. Relevant data include:
• 13-69. Comprehensive Problem. Bill is a cash-basis, calendar-year taxpayer. Which of the following December items result in gross income or deductions for the current year?