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UCLA Taxation Gross Income Federal Income Tax Liability Alimony & Salary Worksheet

UCLA Taxation Gross Income Federal Income Tax Liability Alimony & Salary Worksheet

The prompt for the question is below. Your answer will go in the worksheet attached.

In year 1, Madison, a teacher, divorced her husband. Under the divorce decree, Madison receives $1,500 per month of alimony from her former spouse through year 10. In year 3, she bought a small fixer-upper house for $200,000. Madison enrolled in law school in the fall of year 4 and graduated in May of year seven. As a graduation present, her parents gave her 100 shares of ABC Co. stock, which they purchased in year 1 for $1,000 ($10 per share). The value of the stock in May, year seven, was $16,000 ($160 per share). Madison took the July bar exam in year seven, went on a long back-packing trip and spent a few months fixing up her house. She spent $20,000 on paint and other supplies and repairs for the home. On January 1, year 8, Madison began working full-time at a law firm. Her firm salary is $110,000 a year. She also receives employer-provided health insurance and other employee benefits valued at $30,000. In June, year 8, she sold her ABC Co. stock for $17,000. She also sold her home for $300,000 and bought a home closer to work, for $410,000. During year 8, Madison made home mortgage payments of $15,000 ($12,000 of which was interest on the mortgage), California state income tax payments of $10,000, property tax payments of $4,000, and paid $2,000 of interest on her student loans from law school. Also, she donated a total of $3,000 to various charities. Madison’s employer withheld $22,000 of income tax from her salary during year 8.

Madison is your firm’s client. Senior Partner Katie asked you to explain how to determine Madison’s year 8 federal income tax liability.

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