Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. alan and amanda ross lived with their 2 children (

Alan and Amanda Ross lived with their 2 children (ages 5 and 9). They provided...

90.2K

Verified Solution

Question

Accounting

Alan and Amanda Ross lived with their 2 children (ages 5 and 9). They provided over one-half of the support for each child. Alan is also entitled to claim is son from a prior relationship even though the boy lives with his mother. Alan also pays $9,600 in alimony to his ex-wife. The Ross' intend to file jointly for 2017. Neither is blind, and both are under age 65. They reported the following tax-related information for the year:

Salary income Alan $135,000 Salary income Amanda $45,000 Lottery winnings 5,000 Real estate taxes 3,200 State income taxes withheld in 2017 1,800 Personal Property taxes 2,650 Medical expenses (no health insurance) 18,000 Federal income tax withholding 9,500 Qualified home mortgage interest 8,500 Qualified home equity loan interest 2,500 Charitable contributions 4,000 Employee Business Expenses 2,650 Tax preparation fees 560

Answer the following: Gross Income FOR AGI Deductions AGI FROM AGI Deductions Taxable Income Credits & Withholding Tax due or Refund Tentative Minimum Tax AMT Due

Item of Income or Deduction and amount Include or Exclude Why

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Additional Funds Needed The Booth Company's sales are forecasted to double from $1,000 in 2016 to...

Finance
Q

The operational sex ratio is...The percent of males that will be chosen by females to...

Biology
Q

two gear combination shown The in the drawing is being used to lift the Load...

Physics
Q

Simplify Write the answer as a single term w c 7 d 5

Calculus
Q

14 State the degree of the following polynomial 3 2x 2x O 3rd degree O...

Algebra
Q

Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table...

Accounting
Q

Current Attempt in Progress Crane Ltd. sells computers, computer accessories, and software. On its computer...

Accounting
Q

La casa de Bill est tasada en $185,000. La tasa impositiva es de 22,5 mill,...

Accounting
Q

Sunset Motors, Inc., makes small motors for appliances and other uses. The company develops plans...

Accounting
Q

Acme Company's production budget for August is 18,100 units and includes the following component unit...

Accounting
Q

Required information [The following information applies to the questions displayed below.] On January 1,2024 ,...

Accounting
Q

Hestion 7 Consider a bond with 20 years to maturity, face value of $1,000, and...

Finance