Question : 91. Melissa a 35-year-old single taxpayer with adjusted gross income of : 1313489

91. Melissa is a 35-year-old single taxpayer with adjusted gross income of $49,600. She uses the standard deduction and has no dependents. 

a. Calculate Melissa’s 2014 taxable income. Please show your work.b. When you calculate Melissa’s tax liability, are you required to use the tax tables or the tax rate schedules, or does it matter?c. What is Melissa’s tax liability?

92. Steven, age 35 and single, is a commodities broker. His salary for 2014 is $111,000 and he has taxable interest income of $40,000. He has no deductions for adjusted gross income. His itemized deductions are $31,000. Steven does not have any dependents. 

a.What is the amount of his adjusted gross income?

b.What are his allowable itemized deductions?

c.What is his deduction for personal exemptions?

d.What is his taxable income?

e.What is his regular tax liability from the tax rate schedules?

93. Nathan is 24 years old and works as an accountant in a salmon cannery in Alaska. His total wages for 2014 were $32,000. Federal income tax of $4,500 was withheld from his wages. His only other income was $260 of interest and he had no deductible expenses.

Calculate the income tax due or income tax refund on Nathan’s 2014 individual income tax return. Use the tax formula for individuals and show your work.

94. In 2014, Len has a salary of $40,700 from his job. He also has interest income of $400. Len is single and has no dependents. During the year, Len sold stock held as an investment for a $10,000 loss. Calculate the following amounts for Len: 

a.Adjusted gross income

b.Standard deduction

c.Exemption

d.Taxable income

e.Tax liability

f.Explain the tax treatment of the loss from the stock sale.

95. Roger, age 39, and Lucy, age 37, are married taxpayers who file a joint income tax return for 2014. They have gross income of $26,100. Their deductions for adjusted gross income are $550 and they have itemized deductions of $5,400. If Roger and Lucy claim two personal exemptions and no dependency exemptions for 2014, calculate the following amounts: 

a.Their adjusted gross income

b.The greater of the amount of their standard deduction or their itemized deductions

c.Their taxable income

96. Hansel and Gretel are married taxpayers who file a joint income tax return for 2014. They have no dependents. On their 2014 income tax return, they have adjusted gross income of $62,000 and total itemized deductions of $4,000. What is their taxable income?

97. Rod, age 50, and Ann, age 49, are married taxpayers who file a joint return for 2014. They have gross income of $150,700. Their deductions for adjusted gross income are $5,200 and they have itemized deductions of $12,000, consisting of $7,000 in state income taxes and $5,000 in mortgage interest expense. If they claim two personal exemptions and no dependency exemptions for 2014, calculate the following amounts:

a. Their adjusted gross income

b. The greater of the amount of their standard deduction or their itemized deductions

c. Their taxable income

98. Theodore, age 74, and Maureen, age 59, are married taxpayers with two dependents. Their adjusted gross income for the 2014 tax year is $43,600, and they have itemized deductions of $7,800. Determine the following for Theodore and Maureen’s 2014 income tax return: 

a.The number of exemptions

b.The greater of the amount of their standard deduction or their itemized deductions

c.Their taxable income

99. George, age 67, and Linda, age 60, are married taxpayers with three dependent children. Their adjusted gross income for the 2014 tax year is $142,000. They have itemized deductions of $24,000. Determine the following for their joint tax return for 2014: 

a.The number of exemptions

b.Exemption deduction amount

c.The greater of the amount of their standard deduction or their itemized deductions

d.Taxable income

100. Monica is a maid in a San Francisco hotel. Monica received $500 in unreported tips during 2014 and owes Social Security and Medicare taxes on these tips. Her total income for the year, including tips, is $4,500. Is Monica required to file an income tax return for 2014?