Tax Returns Answers

Craig is single and lives alone. They earn a respectable salary, but the bulk of their income comes from their property holdings and stock market investments. Craig is well versed in tax law and has many deductions to claim, hoping to pay the smallest amount possible. Recommend the appropriate 1040 form for Craig.

Wanda is calculating their tax deductions. They find that they can deduct $5,522 from medical expenses, $7,240 from charitable donations, and $2,126 from property taxes. What is Wanda’s total deduction?

Jazmin is calculating their deductions for their tax return. They are filing singly. They can claim $1,813 from property taxes, $1,513 from medical expenses, and $761 from state income tax. The standard deduction for a single filer is $5,700. How does the standard deduction compare to Jazmin’s deductions?

Cahya, while calculating their tax adjustments, notes that they can make adjustments of $3,435 for contributions to their retirement plan, $3,393 for business losses, and $1,128 for business expenses. If Cahya’s gross income is $45,942, what is their adjusted gross income?

Mike has an adjusted gross income of $85,643. He claims two exemptions and can deduct $896 for state income tax, $2,145 for charitable donations, and $3,473 for medical expenses. If the standard deduction is $5,700 and exemptions are each worth $3,650, what is Mike’s total taxable income?

Say you are filing as a single taxpayer. You have a gross income of $61,026 and claim two exemptions. You can make a deduction of $2,871 for interest on your mortgage, a deduction of $2,376 for property tax, an adjustment of $3,206 for business losses, an adjustment of $2,575 for contributions to your retirement plan, a deduction of $2,682 for medical expenses, and an adjustment of $2,440 for business expenses. If exemptions are each worth $3,650 and the standard deduction is $5,700, what is your total taxable income?

Based on the table, what can Leigh expect when their taxes are due?

Based on the table below, what can Doug expect when their taxes are due?