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For 1988, petitioner's total Federal tax liability equaled
$17,234, of which $11,375 constituted income taxes and $5,859
constituted self-employment taxes.
For 1989, of the above $59,051 in total funds deposited into
or credited to petitioner's accounts, $395 constituted interest
income earned on petitioner's deposits, and $2,442 constituted
rental income from the Housing Authority of the City of Chester.
For 1989, petitioner also received $1,164 in interest income that
was not deposited into or credited to the above accounts.
Petitioner was entitled to a personal exemption of $2,000 and a
standard deduction of $3,200.
The following schedule reflects the calculation of
petitioner's 1989 taxable income.
Petitioner's 1989 Taxable Income
Item Amount
Total deposits/credits $59,051
Interest income 1,164
Personal exemption (2,000)
Standard deduction (3,200)
Taxable income $55,015
For 1989, petitioner's total Federal tax liability equaled
$20,522, of which $14,272 constituted income taxes and $6,250
constituted self-employment taxes.
For 1990, of the above $62,755 in total funds deposited into
or credited to petitioner's bank accounts, $371 constituted
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