federal taxation individual 的题目求助

anncherryhuang

1437

收藏 2013-05-07

悬赏 10 个论坛币未解决

1.Jonathan incurs the following transaction during 2012. without considering the following transaction, his 2012 AGI is 40000. Analyse the transactions and answer the questions below.on March 10, 2012 he sells a painting for 2000. Jonathan is the artist and he completed the painting in 1997. He never used the painting on the walls of his home and always kept it stored in his closet for safekeeping. He felt that the painting would someday be a lot of money.Needing the money, he sold the painting in 2012. His basis for the painting, including the frame, is $50.
on June 18, 2012, he receives 28500 from the sale of stock purchased by his uncle in 1992 for 10000. he inherited this stock on June 19, 2011 as a result of his uncle's death. the fair market value of the stock on his date of death was 30000.
on July 30 2012 he sells land for 25000. this land was received as a gift from his brother on April 8 2011, when the land's fair market value was 30000. his brother purchased the land for 43000 on October 8 1994. No gift tax was paid by his brother.

1- what is his NSTCL or NSTCG?
2- whatis hs NLTCL or NLTCG?
3- what is the $$$ effect of capital gains(losses) on his AGI?

2. John E.Owens and Sally A.Owens, each age 42 married on September 7,2012.John and Sally will file a joint return for 2012.
John was divorced from Joyce in March 2011. Under the divorce agreement, John is to pay Joyce $ 1,000 per month for the next 10 years or until Joyce's death, whichever occurs first. John pays Joyce $ 12,000 in 2011. in addition, in January 2011, John pays Joyce $ 50,000, which is designated as being for her share of the marital property. Also, John is responsible for all prior year's income taxes.
John's total wage compensation for 2012 is $ 190,000. His employer withheld $ 12,000 for the Federal income taxes and $ 3,400 for state income taxes. The following amounts were withheld for FICA taxes:$4,624.20 ($110,100 X 4.2%)for Social Security and $2,755 ($190,000 X 1.45%)for Medicare.

Sally recently graduated from law school and is employed by Legal Aid Society, Inc.,as a public defender.She received a salary of $40,000 in 2012.Her employer withheld $5,700 for the Federal income taxes and $2,300 for the state income taxes. The following amount were withheld for FICA taxes:$1,680.00 ($40,000 X 4.2%)for Social Security and $580($40,000 X 1.45%) for Medicare.

Sally has $1,500 in dividends on Yellow Corporation stock she inherited. Sally receives an $850 refund on 2011 state income taxes. She used the standard deduction on her 2011 Federal income tax return. Alfred receives $1,300 refund on his 2011 state income taxes.He itemized deduction on his 2011 Federal income tax return. John and Sally pay $4,800 interest and $1,450 property taxes on their personal residence in 2012. Their charitable contribution total $2,600 (all to their church).
COMPUTE JOHN AND SALLY'S TAXABLE INCOME FOR 2012.

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anncherryhuang

2013-5-9 13:33:50

Gross income
Salary ($150,000 + $40,000) $190,000
  Group term life insurance (Note 1)  300
  Dividends 3,000
  State tax refund (Note 2)       1,600
   $194,900
Deductions for adjusted gross income
  Alimony paid (Note 3) (20,000)
Adjusted gross income $174,900
Itemized deductions
  State income taxes ($8,000 + $2,400) (Note 4)  $10,400
  Home mortgage interest  4,500
  Real estate taxes  1,450
Cash contributions 2,100 (18,450)
Personal and dependency exemptions ($3,650 × 2)    (7,300)
Taxable income    $149,150
Tax on $149,150 (Note 5) $  29,616
Less:  Tax withheld ($24,900 + $7,500)    (32,400)
  Making Work Pay credit (Note 6)          (302)
Net tax payable (or refund due) for 2010  ($ 3,086) Gross Income: Exclusions  5-23
© 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
See the tax return solution beginning on page 5-26 of the Solutions Manual.
Notes
(1)  Group term life insurance results in gross income for Alfred of $300 as follows:
($300,000 – $50,000)
$1,000
× $.10 × 12 months = $300

(2) Under the § 111 tax benefit rule, Alfred and Buelah must include the $1,600 state tax
refund in their gross income. They received a tax benefit from the deduction in 2009.
(3) The $20,000 is deductible alimony. The $50,000 payment is a property settlement and
is not deductible by Alfred.
(4) The state income taxes paid of $10,400 exceed the sales taxes paid of $1,400.
(5) The tax liability on taxable income of $149,150 is calculated using the Tax Rate
Schedule for married filing jointly (applying the 15% rate for the qualified dividends
of $3,000) and the amount is $29,616.
Tax on dividend income ($3,000 × 15%) $    450
Tax on remainder of $146,150 ($149,150 – $3,000)
using the Tax Rate Schedule 29,166
$29,616
(6) The Making Work Pay credit is calculated as follows:
Earned income ($150,000 + $40,000) $190,000
× Rate × 6.20%
= Tentative MWP credit $  11,780
= Maximum MWP credit $    800
– Phaseout:
Modified AGI $174,900
– Threshold  (150,000)
= Excess $  24,900
× Phaseout rate    ×  2%
= Phaseout       (498)
= Making Work Pay credit $    302

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