(Solved Homework): Through November, Tex has received gross income of $85,000. For December, Tex is considering whether to…

Through November, Tex has received gross income of $85,000. For December, Tex is considering whether to accept one more work engegement for the year Engagement 1 will generate $9160 of revenue at a cost of $4,200, which is deductible for AGI. In contrast, engagement 2 will generate $9,160 of revenue at a cost of $4,960, which is deductible as an temized deduction Tex fles as a single taxpayer value 138 points temized deductions other than those generated ty engagement a. Calculate Texs taxable income assuming he chooses engagement 1 and assuming he chooses engagement 2. Assume he has no 2. t 1 Engagement 2 85,000S 9.160 De 85,000 (1) Gross income before new work engagement (2) Income from engagement (3) Additional for AGl deduction (4) Adjusted gross income (5) Greater of itemized deductions or standard deduction (6) Personal exemption 9 160 (4.200) 89,960S 4 160 Taxable income

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Through November, Tex has received gross income of $85,000. For December, Tex is considering whether to accept one more work engegement for the year Engagement 1 will generate $9160 of revenue at a cost of $4,200, which is deductible for AGI. In contrast, engagement 2 will generate $9,160 of revenue at a cost of $4,960, which is deductible as an temized deduction Tex fles as a single taxpayer value 138 points temized deductions other than those generated ty engagement a. Calculate Tex’s taxable income assuming he chooses engagement 1 and assuming he chooses engagement 2. Assume he has no 2. t 1 Engagement 2 85,000S 9.160 De 85,000 (1) Gross income before new work engagement (2) Income from engagement (3) Additional for AGl deduction (4) Adjusted gross income (5) Greater of itemized deductions or standard deduction ” (6) Personal exemption 9 160 (4.200) 89,960S 4 160 Taxable income

Expert Answer

 

                     Description                                           Engagement 1   Engagement 2   Computation

(1) Gross income before new work engagement $85,000             $86,000

(2) Income from engagement                                     9,160          9160

(3) Additional for AGI deduction                                      (4,200)              0

(4) Adjusted gross income                                 $89,960               $95,160                             (1) + (2) + (3)

(5) Greater of itemized deductions

or standard deduction of $5,700                          (6,300)            (6,300)       $3,000 itemized deductions for                                                                                                                                      Engagement 2

(6) Personal exemption                                      (3,650)              (3,650)

Taxable income                                                     $80,610          $85,810          (4) + (5) + (6)

Description                                           Engagement 1   Engagement 2   Computation

(1) Gross income before new work engagement $85,000             $86,000

(2) Income from engagement                                     9,160          9160

(3) Additional for AGI deduction                                      (4,200)              0

(4) Adjusted gross income                                 $89,960               $95,160                             (1) + (2) + (3)

(5) Greater of itemized deductions

or standard deduction of $6,300                          (6,300)            (6,300)       $4,960 itemized deductions for                                                                                                                                      Engagement 2

(6) Personal exemption                                      (3,650)              (3,650)

Taxable income                                                     $80,610          $85,810          (4) + (5) + (6)

b. Description Engagement 1 Engagement 2 Computation (1) Gross income before new work engagement $120,000 $120,000 (2) Income from engagement 7,000 7,000 (3) Additional for AGI deduction (4,000) 0 (4) Adjusted gross income $123,000 $127,000 (1) + (2) + (3) (5) Greater of itemized deductions or standard deduction of $5,700 (5,700) (7,500) $3,000 + 4,500 for engagement 2 (6) Personal exemption (3,650) (3,650) Taxable income $113,650 $115,850 (4) + (5) + (6)

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