tax . age 30, is single and has two children, ages 2...
60.1K
Verified Solution
Link Copied!
Question
Accounting
tax
. age 30, is single and has two children, ages 2 and 4, which he can claim as dependents (qualifying children). Financial records show the following items in 2020: Gift from a friend $12,000. Salary from employer $35,000 (Box 1 wages), Taxable interest, $10,000. Assume no adjustments to gross income. Lane had $1,000 withheld from his 2020 pay for federal income taxes. How much is Lanes taxable income (1040 Line 15) for federal income tax for the 2020 tax year, assuming he files as a head of household?
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!
