Tax problem: FACTS: T/P is employee, Spouse = active partner (material participation) in P/S, MFJ w/ no dependents Wages - T/P: $55,000 Federal income tax withheld: $5,000 State income taxes withheld: $2,500 Royalties on book (T/P - author): $3,000 Partnership - Schedule K-1: Partnership income/(loss): $ (9,000) Interest income: $2,000 Charitable contributions: $1,600 Personal Residence (rented 2 weeks): Rental income: $8,000 Real estate tax: $11,000 Mortgage* interest: $15,000 Advertising for rental: $500 *Mortgage = $300,000 1) calculate the AGI 2) calculate the itemized Vs BSD 3) calculate the tax liability 4) calculate the payment/ credits. 5) calculate the refund due.
Tax problem: FACTS: T/P is employee, Spouse = active partner (material participation) in P/S, MFJ w/ no dependents Wages - T/P: $55,000 Federal income tax withheld: $5,000 State income taxes withheld: $2,500 Royalties on book (T/P - author): $3,000 Partnership - Schedule K-1: Partnership income/(loss): $ (9,000) Interest income: $2,000 Charitable contributions: $1,600 Personal Residence (rented 2 weeks): Rental income: $8,000 Real estate tax: $11,000 Mortgage* interest: $15,000 Advertising for rental: $500 *Mortgage = $300,000 1) calculate the AGI 2) calculate the itemized Vs BSD 3) calculate the tax liability 4) calculate the payment/ credits. 5) calculate the refund due.
Chapter21: Partnerships
Section: Chapter Questions
Problem 7BCRQ
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Tax problem: FACTS: T/P is employee, Spouse = active partner (material participation) in P/S, MFJ w/ no dependents Wages - T/P: $55,000 Federal income tax withheld: $5,000 State income taxes withheld: $2,500 Royalties on book (T/P - author): $3,000
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