Please help answer and explain number Calculate the amount of the standard deduc
ID: 2555600 • Letter: P
Question
Please help answer and explain numberCalculate the amount of the standard deduction the taxpayers should claim on their 2017 income tax returns. 9. Kelly and Glenn are married with one dependent child. They file a joint return, are in good health, and both of them are under 65 years of age. They also support her aging father. a. b. Fran is 24 years old, in good health, and single S c. George and Georgina are married and file a joint return George is 64 years old and Georgina is 63 d. Norm is 62 single and blind e. Kimberly qualifies for head of household filing status, is 42 years old and is in good health 10. Under the divorce agreement executed in 2016, Bob is required to pay his ex- wife, Carol $3,000 a month until their youngest daughter is 21 years of age. At that time. The required payments are reduced to $2,000 per month. How much of each $3,000 payment may be deducted as alimony by Bob? How much of each $3,000 payment must be included in Carol's taxable income?_ a. b. 11. In June of 2017, a wealthy aunt gave Janie a stock portfolio worth $150,000. During the year, she collects $4,000 in dividends. How much of these amounts, if any, should Janie include in gross income for 2016? 12. Rob is 8 years old and won a sports car valued at $30,000 in a drawing at Disneyland. How much income if any, must Rob report on his 2017 tax return? Part 111 Essay: 10% points each Distinguish between reporting entities and taxable entities and give example o each. 1.
Explanation / Answer
Question 9
a. $ 12700
b. $ 6350
c. $ 12700
d. $ 6350 + $ 1250 = $ 7600
e. $ 9350
Question 10
a and b. Bob can deduct $ 3000 as per the decree amount and carol would be taxed $ 3000 received since no witholding tax is applied on it.
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