Scott Whitehead

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Submitted By whitehead52
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Problem 3-31

Tom and Linda are married taxpayers who filed a joint tax return. They have itemized deductions of $12,250 and four exemptions. Assuming an adjusted gross income of $40,000, what is the taxable income for 2012?

Adjusted Gross Income (AGI) $40,000 Less: Itemized deductions $12,250 Less: Personal exemptions $15,200 ($3800 x 4) *Taxable income $12,550

Problem 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.

Adjusted Gross Income $70,000 Less: Itemized Deductions $ 9,000 Less: Three Personal Exemptions $11,400 (3800 x 3) * Taxable Income $49,600

Problem 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.

Gross Income $3,000 Less: Standard Deduction $1,300 ($1,000 + 300) *Taxable Income $1,700

Problem 13-55

Mr. Z, a non-dealer, sold assets on an installment plan. Determine Mr. Z's gross income for 2012. Relevant data include:

|Year |Installment Sales |Gross Profit |2012 Collections |
|2010 |$200,000 |$50,000 |$25,000 |
|2011 |300,000…...

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