Income Tax Case Study Based Assessment Answers

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Course Title:  Income Tax 

University:  St. John’s University

Course Code: TAX 610

Country: Australia

 

Case – I

 

Mrs Jack’s husband died in 2017. She has not remarried. She maintained a household for her 20-year-old daughter, Liz, who was a full-time student in 2017 and she provided more than half of her support.

In 2018, her daughter continued college on a full-time basis.

In 2019, her daughter left school and moved out.

 

(a) What is Mrs Jack’s filing status for 2017?

(b) What is Mrs Jack’s filing status for 2018?

(c) What is Mrs Jack’s filing status for 2019?

 

 

Case – II

 

Paul and Tina are age 66 and 62 respectfully. They file a joint return. They have itemized deductions totalling $15,000. They support their 24-year-old son, Jed who goes to school on a full-time basis. He earns $4,000 per year as a waiter at a restaurant.

Paul and Tina also support a friend Janice who came to dinner one evening and never left. She does not earn any money.

Wages ……………………………………    $170,000

Interest from savings ……………………          12,000

Interest on NYS qualified bonds …………          7,000

Inheritance from Tina’s Aunt Lucy…………       6,000

Alimony paid to Tina’s ex-husband 8,000

Child support from Tina’s ex-husband Eric..      10,000

Prize from the contest at church……………….          1,000

Dividend from ABC Corp. stock …………          2,000

 

(a) What is Paul and Tina’s gross income?

(b) What is Paul and Tina’s adjusted gross income?

(c) What is Paul and Tina’s standard deduction?

(d) What is Paul and Tina’s tax liability?

 

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