With the following data, please determine the amount of the following items for the 2019 individual income tax return of a taxpayer resident of Puerto Rico during the period from January to December 2019.
Data for the calculations:
Income from wages earned during the year 2019:
Withholding vouchers 499R / 2 / W-2PR 2019 from three different employers for whom the taxpayer worked.
Salaries: $ 3,669.00
Tax Withheld: $ 195.00
Salaries: $ 19,532.00
Tax Withheld: $ 130.00
Salaries: $ 8,227.00
Tax Withheld: $ 472.00
Income from services rendered by professional services accrued included in Schedule M.
Data present in Schedule M:
Income from services rendered: $ 600.00
(-) Operating Expenses: $ 499.00
= Net income: $ 101.00
(-) Net loss in operations from previous years 0.00
= Profit attributable to services rendered: $ 101.00
Taxpayer status: Individual. With one (1) dependent of legal age (senior).
With the following applicable deductions:
Mortgage Loan: Interest paid during the year 2019 = $ 2,460.00.
Medical Expenses: $ 1,051.00
Contributions to individual retirement accounts $ 100.00.
Determine the amounts corresponding to each item that is reported on the taxpayer’s return.
A. Tax Withheld
B- Total Amount of Salaries, Commissions.
C-Amount of Profit or Loss attributable to services rendered.
D-Total Income
E-Adjusted Gross Income
F-Total deductions- Schedule A
G-Total deductions for dependents-Schedule A1.
H-Determine the Net Income subject to tax.
