Camille Sikorski was divorced last year. She currently owns and provides a home
ID: 2424117 • Letter: C
Question
Camille Sikorski was divorced last year. She currently owns and provides a home for her 15-year-old daughter, Kaly, and 18-year-old son, Parker. Both children lived in Camille’s home for the entire year, and Camille paid for all the costs of maintaining the home. She received a salary of $62,500 and contributed $4,500 of it to a qualified retirement account (a for AGI deduction). She also received $7,500 of alimony from her former husband. Finally, Camille paid $3,000 of expenditures that qualified as itemized deductions.
Description Amount
1. Gross Income
2. For AGI deductions
3. Adjusted gross Income
4. Standard deduction
5. Itemized deductions
6. Greater of standard/Itemized deductions
7. Personal and dependency exemptions
8. Total deductions from AGI
Taxable Income:
What would Camille’s taxable income be if she incurred $10,250 of itemized deductions instead of $3,000?
Description Amount
1. Gross Income
2. For AGI deductions
3. Adjusted gross Income
4. Standard deduction
5. Itemized deductions
6. Greater of standard/Itemized deductions
7. Personal and dependency exemptions
8. Total deductions from AGI
Taxable Income:
Assume the original facts except that Camille’s daughter, Kaly, is 25 years old and a full-time student. Kaly’s gross income for the year was $5,600. Kaly provided $3,360 of her own support, and Camille provided $5,600 of support. What is Camille’s taxable income?
Description Amount
1. Gross Income
2. For AGI deductions
3. Adjusted gross Income
4. Standard deduction
5. Itemized deductions
6. Greater of standard/Itemized deductions
7. Personal and dependency exemptions
8. Total deductions from AGI
Taxable Income:
Camille Sikorski was divorced last year. She currently owns and provides a home for her 15-year-old daughter, Kaly, and 18-year-old son, Parker. Both children lived in Camille’s home for the entire year, and Camille paid for all the costs of maintaining the home. She received a salary of $62,500 and contributed $4,500 of it to a qualified retirement account (a for AGI deduction). She also received $7,500 of alimony from her former husband. Finally, Camille paid $3,000 of expenditures that qualified as itemized deductions.
a. What is Camille’s taxable income?Description Amount
1. Gross Income
2. For AGI deductions
3. Adjusted gross Income
4. Standard deduction
5. Itemized deductions
6. Greater of standard/Itemized deductions
7. Personal and dependency exemptions
8. Total deductions from AGI
Taxable Income:
b.What would Camille’s taxable income be if she incurred $10,250 of itemized deductions instead of $3,000?
Description Amount
1. Gross Income
2. For AGI deductions
3. Adjusted gross Income
4. Standard deduction
5. Itemized deductions
6. Greater of standard/Itemized deductions
7. Personal and dependency exemptions
8. Total deductions from AGI
Taxable Income:
c.Assume the original facts except that Camille’s daughter, Kaly, is 25 years old and a full-time student. Kaly’s gross income for the year was $5,600. Kaly provided $3,360 of her own support, and Camille provided $5,600 of support. What is Camille’s taxable income?
Description Amount
1. Gross Income
2. For AGI deductions
3. Adjusted gross Income
4. Standard deduction
5. Itemized deductions
6. Greater of standard/Itemized deductions
7. Personal and dependency exemptions
8. Total deductions from AGI
Taxable Income:
Explanation / Answer
a)
b)
c)
$ 1. Gross Income 62500 2. For AGI deductions 4500 3. Adjusted gross Income 58000 4. Standard deduction 6300 5. Itemized deductions 3000 6. Greater of standard/Itemized deductions 6300 7. Personal and dependency exemptions 4000 8. Total deductions from AGI 14800 9. Taxable income 47700Related Questions
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