He received $9,925 in scholarships this year for his outstanding academic performance and earned $5,055 of income working a part-time job during the year. Jason lived in his parents' home for three months of the year and he was away at school for the rest of the year. Jason is currently a full-time student at an out-of-state university. ! Required information [The following information applies to the questions displayed below.) The Samsons are trying to determine whether they can claim their 22-year-old adopted son, Jason, as a dependent. Can the Samsons claim Jason as their dependent? Yes Ο Νο Jason used the scholarship, the earnings from the part-time job, and the money from the Samsons as his only sources of support. The Samsons paid a total of $5,340 to support Jason while he was away at college. Required information (The following information applies to the questions displayed below.) The Samsons are trying to determine whether they can claim their 22-year-old adopted son, Jason, as a dependent. Description (1) Gross income before new work engagement (2) Income from engagement (3) Additional for AGI deduction (4) Adjusted gross income Greater of itemized deductions or standard (5) deduction (6) Deduction for QBI Taxable income Engagement 1 Engagement 2 $ 82,500 $ 82,500 8,250 9,750 4,150 0 $ 86,600 $ 92,250 1,650 1,950 Calculate Cameron's taxable income assuming he chooses engagement 1 and assuming he chooses engagement 2. In contrast, engagement 2 will generate $9,750 of qualified business income (QBI), which is eligible for the 20% QBI deduction. Engagement 1 will generate $8,250 of revenue at a cost to Cameron of $4,150, which is deductible for AGI. For December, Cameron is considering whether to accept one more work engagement for the year. She is a proud member of the NaNoWriMo Writer’s Board.Transcribed image text: Through November, Cameron has received gross income of $82,500. She received her MFA in writing from Mills College, Oakland, and she teaches writing extension workshops at both UC Berkeley and Stanford. Herron), mainstream fiction, feminist romance, memoir, and nonfiction about writing. Rachael Herron is the internationally bestselling author of more than two dozen books, including thriller (under R.H.
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It’s because of this monthly recurring revenue that she was able to leave her day job and write full time. Patreon helps creatives receive monthly recurring revenue from their top fans, and Rachael has used this platform to grow a readership for her essays and other nonfiction writing. When Rachael Herron was ready to leave her day job as a 911 dispatcher, she turned to Patreon. For most, the transition to full time means writing more and finding new and creative ways to monetize your writing. This month, we’re focusing on what it takes to quit your day job and become a full-time author.
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