Business, 24.03.2021 16:40 hartzpeyton136

Daniel, age 38, is single and has the following income and expenses in 2020: Salary income $165,000
Net rent income 8,500
Dividend income 2,500
Payment of alimony (divorce finalized in March 2019) 30,000
Mortgage interest on residence 8,300
Property tax on residence 1,400
Contribution to traditional IRA (assume the amount is fully deductible) 2,400
Contribution to United Church 2,100
Loss on the sale of real estate (held for investment) 1,950
Medical expenses 5,650
State income tax 2,250
Federal income tax 7,000

Required:
a. Calculate Daniel's AGI.
b. Should Daniel itemize his deductions from AGI or take the standard deduction? Explain.

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 18:00

Bond j has a coupon rate of 6 percent and bond k has a coupon rate of 12 percent. both bonds have 14 years to maturity, make semiannual payments, and have a ytm of 9 percent. a. if interest rates suddenly rise by 2 percent, what is the percentage price change of these bonds?

Answers: 2

Answer

Business, 22.06.2019 19:20

Although appealing to more refined tastes, art as a collectible has not always performed so profitably. during 2003, an auction house sold a sculpture at auction for a price of $10,211,500. unfortunately for the previous owner, he had purchased it in 2000 at a price of $12,177,500. what was his annual rate of return on this sculpture? (a negative answer should be indicated by a minus sign. do not round intermediate calculations and enter your answer as

Answers: 2

Answer

Business, 22.06.2019 22:00

The following table gives the map coordinates and the shipping loads for a set of cities that we wish to connect through a central hub.,(7,(4,(7,(6,(2,( 2,) for the location of the proposed new central hub, the coordinates should be near: x==) if the shipments from city a double, for the location of the proposed new central hub, the coordinates should be near: x==.926.865.017.21

Answers: 1

Answer

Business, 22.06.2019 23:50

Melissa buys an iphone for $240 and gets consumer surplus of $160. a. what is her willingness to pay? b. if she had bought the iphone on sale for $180, what would her consumer surplus have been?

Answers: 3

Answer

You know the right answer?

Daniel, age 38, is single and has the following income and expenses in 2020: Salary income $165,000...

Questions