Solution points Through November Tex has received gross income of For December Tex is considering whether to

Solution points Through November Tex has received gross income of For December Tex

Tex has received gross income of For December Tex is considering whether to accept one more work engagement

Solution points Through November Tex has received gross income of For

December Tex is considering whether to accept one more work engagement

Solution points Through November Tex has received gross

Solution points Through November

Category: | General |

Words: | 1050 |

Amount: | $12 |

Writer: |

Paper instructions

00 points
Through November, Tex has received gross income of $312,500. For December, Tex is considering whether to accept one more work engagement for the year. Engagement 1 will generate $15,100 of revenue at a cost of $4,100, which is deductible for AGI. In contrast, engagement 2 will generate $15,100 of revenue at a cost of $5,400, which is deductible as an itemized deduction. Tex files as a single taxpayer.
a.
Calculate Tex’s taxable income assuming he chooses engagement 1 and engagement 2 separately. Assume he has no itemized deductions other than those generated by engagement 2.
Engagement 1
Engagement 2
Taxable income
$
$
--------------------------------------------------------------------------------
b.
Calculate Tex’s taxable income assuming he chooses engagement 1 and engagement 2 separately. Assume he has $4,830 of itemized deductions other than those generated by engagement 2.
Engagement 1
Engagement 2
Taxable income
$
$
--------------------------------------------------------------------------------
c.
Calculate Tex’s taxable income assuming he chooses engagement 1 and engagement 2 separately. Assume he has $8,400 of itemized deductions other than those generated by engagement 2.
Engagement 1
Engagement 2
Taxable income
$
$

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