NoUse the information below to compute the 2014 taxable income and tax liability
ID: 2771451 • Letter: N
Question
NoUse the information below to compute the 2014 taxable income and tax liability for an unmarried taxpayer (age 52 with no dependents). Prepare an analysis showing each item an amount under the appropriatte headings of (1) income, (2) gross income exclusions, (3)total gross income, (4) deductions for AGI, (5) AGI, (6) deduction from AGI, and (7) taxable income.
Cash Received
Intereston savings account $ 1728
Gift of money from parent $1000
Rent from farmland owned $30,000
Proceeds of life insurance policy upon parent's death $40,000
Nondegree candidate fellowship, granted 8/20/14, of $450 per month for four months $ 1,800
Net pay received (gross salary of $33,000 less $7,440 state and federal income tax, $ 2046 social security taxes, and $4 79 Medicare taxes) $23,035
Employer's share of health insurance premium $4260 $ 0
De minimis employee fringe benefits valued at $25 $ 0
Company provided Parking costing employer $300/month for 12 months $ 0
Total Cash Received $ 97,563
Cash Payments
Expenses of farmland rental (real estate taxes) $ 1,750
Personal living expenses $26,600
Total Cah payments $28,350
Explanation / Answer
Income Intereston savings account $1,728 Rent from farmland owned $30,000 Gross Salary Income $33,000 Total Gross Income $64,728 Gross income exclusions Gift of money from parent $1,000 Proceeds of life insurance policy upon parent's death $40,000 Fellow ship $1,800 Total Gross income exclusions $42,800
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