ACCT 553 Week 1 Homework

ACCT 553 Week 1
Homework
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3-31.
Tom and Linda are married taxpayers who file a joint return.
They have itemized deductions of $12,250 and four
exemptions. Assuming an adjusted gross income of $40,000,
what is their taxable income for 2012?
3-32.
Compute Marie’s taxable income for 2012, assuming she is
single and claims two dependent children. Her adjusted
gross income is $70,000, and she has itemized deductions of
$9,000.
3-36.
Compute Stanley’s taxable income for 2012, assuming he
has $1,000 in wages from working in a grocery store and
$2,000 in interest income from some bonds he owns.
Stanley, age 16, is claimed as a dependent on his parents’
return.
13-55.
Mr. Z, a non-dealer, sold assets on an installment plan.
Determine Mr. Z’s gross income for 2012. Relevant data
include:
13-69.
Comprehensive Problem. Bill is a cash-basis, calendar-year
taxpayer. Which of the following December items result in
gross income or deductions for the current year?