Accounting-Tax-Computing Taxable Income
Description
Prepare a 3-4-page Word document answering the following case:
Rank the following three single taxpayers in order of magnitude of taxable income (from lowest to highest) and explain your results. (Note: Use standard deduction amounts provide under the Tax Cut Job Acts (TCJA) enacted in November 2017).
Alice: Gross Income = $80,000
Deductions for AGI = $15,000
Itemized deductions = 0
Brian: Gross Income = $80,000
Deductions for AGI = $5,000
Itemized deductions = $12,000
Craig: Gross Income = $80,000
Deductions for AGI = $0
Itemized deductions = $15,000
In your paper, you should consider the differences between the standard deductions vs. itemized deductions given the filing status.
Additionally:
Compare and contrast deductions for AGI and deductions from AGI (itemized deductions).
Discuss whether the tax treatment for each taxpayer is in line with the Adam Smith’s taxation cannons.
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