TAX 3300 Lecture Notes - Lecture 3: Adjusted Gross Income, Health Savings Account, Gross Income
68 views12 pages
Get access
Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers
Related Documents
Related Questions
Matt is single andhas salary from his job as a sports announcer in the amount of$100,000.
He has charitablecontributions in the amount of $1,000.
Matt also has thefollowing income and expenses related to an activity:
Income | $20,000 |
Mortgage interest | 5,000 |
Property taxes | 5,000 |
Depreciation | 4,000 |
Supplies and fees | 7,000 |
Telephone | 3,000 |
a. Using the tax formula, beginning with Gross Income, calculateMatt's taxable income if the activity is considered a hobby.
b. Using the tax formula, beginning with Gross Income, calculateMatt's taxable income if the activity is considered a business