(SOLVED) Simon is single and a stockbroker for a large

investment
Simon is single and a stockbroker for a large investment bank. During 2011, he has withheld
from his paycheck $2,250 for state taxes and $400 for city taxes. In June 2012, Simon receives
a state tax refund of $145. What is the proper tax treatment of the refund in 2012 […]

Rebecca and Irving incur the following medical expenses during the current year:Medical
insurance premiums . $4,100Hospital ………. 950Doctors ……….. 1,225Dentist ………… 575Veterinaria
………. 170Chiropractor ……… 220Cosmetic surgery …… 1,450Over-the-counter drugs ….
165Prescription drugs …… 195Crutches ………. 105 They receive $4,000 in reimbursements from
their insurance company of which $300 is […]

Arthur and Cora are married and have 2 dependent children. They have a gross income of
$95,000. Their allowable deductions for adjusted gross income total $4,000, and they have total
allowable itemized deductions of $14,250.a. What is Arthur and Cora’s taxable income?b. What
is Arthur and Cora’s income tax?c. If […]

Hongtao is single and has a gross income of $89,000. His allowable deductions for adjusted
gross income are $4,200, and his itemized deductions are $12,300.a. What is Hongtao’s
taxable income and tax liability for 2011?b. If Hongtao has $13,500 withheld from his salary
during 2011, is he entitled to a […]

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Adela owns rental real estate that generated a $27,000 loss during the current year. Using the
information below as a guide, prepare a spreadsheet calculating her adjusted gross income. It
should be flexible enough to calculate Adela’s adjusted gross income if she meets either the
real estate professional exception or […]

Suzanne is married and the sole owner of Laidlaw Corporation. When the corporation was
established in 2000, she received 10,000 shares of qualified small business stock in exchange
for her $100,000 investment. On four occasions, Suzanne made loans totaling $50,000 to the
corporation when it had trouble paying its bills. […]

The Internal Revenue Service provides information on a variety of tax issues in its publication
series. These publications can be found on the IRS Web site
(www.irs.gov/formspubs/index.html). Go to the IRS Web site and find publications with
information on casualty losses. Describe the process you used to obtain this information […]

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