61)

Roberta Santos Salary Inheritance income Gift Life insurance proceeds Loss on long term capital - Amber stock Gain of long term capita l - Falcon Net gain on sale of stock Interest Income from first savings bank Dividend income Income from winning groceries Alimony Distributive share of partnership Gross Income Deductions for AGI AGI Itemized deductions Medical expense Roberta Jason Policy reimbursment Less: 7.5%(75000) Property tax Mortgage interest State Income tax Charitable contributions Itemized deductions Income Personal and depndency Taxable income Tax to be paid Federal tax witheld & estimated Tax payable

75,000 (4,000) 6,500 2,500 2,000 1,800 850 15,000 5,300 102,450 102,450 5,000 800 (1,500) 4,300 5,625 4,200 7,800 4,100 5,000 (21,100) 81,350 11,400 69,950 13,524 12,300 1,224

7600 73,750 14461 12,300 2,161

7-60)

Jane smith Salary and bonus Business Income Expenses 20,000 24,580

101,000 (4,580)

Interest Income Interest income of $800 on City of Boca Raton bonds - tax exempt Life insurance proceeds Gift

700 -

Prize playing bingo Alimony Loss from loan (bad debt loss) Adjusted gross income Less: Itemized deductions Motgage interest Casualty loss Adjusted basis Fair market value Lesser value Insurance proceeds $100 floor Less 10% AGI floor Car accident not deductible??salex tax??? Charitable contribution Salex tax Personal exemption Taxable Income Taxes Fedral tax witheld & estimated Tax refund

100 10,000 (2,100) 105,120 9,500 14,000 15,000 14,000 (1,500) 12,500 100 12,400 (10,512) 1,888 2,500 964 16,852 3,800 84,468 17,674 19,000 1,326 88,268 84,468 17,149 19,000 1,851 3888

102400

7000 14500 14400 10,512.0 3,888.0