A married couple with 4 children is filing taxes jointly. They have a gross income of $436,202, andthey made the following tax-deductible purchases:• Charitable contributions: $6,826• Medical expenses: $2,712• Mortgage interest: $5,973Compute their final income tax using the following information:Married Individuals Filing Joint Returns and Surviving SpousesIf Taxable Income Is Between:The Tax Due Is:0- $19,75010% of taxable income$19,751 - $80,250$1,975 + 12% of the amount over $19,750$80,251 - $171,050$9,235 + 22% of the amount over $80,250$171,051 - $326,600$29,211 + 24% of the amount over $171,050$326,601 - $414,700$66,543 + 32% of the amount over $326,600$414,701 - $622,050$94,735 + 35% of the amount over $414,700$622,051$167,307.50 + 37% of the amount over $622,050Round your answer to the nearest dollar.Recall the standard deduction for married filers: $24,800

Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…

Answered: A married couple with 4 children is…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Subject - account Please help me. Thankyou.
Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $80,000 and they qualified for the standard deduction of $24,000. Use the following 2018 tax rate schedule to calculate their 2018 federal income tax. If your filing status is married, filing jointly or surviving spouses; and taxable income is more than: but not over: your tax is: $ 0 $19,050 10% OF the taxable income $19,050 $77,400 $1905 plus 12% of the excess over $19,050 $77,400 $165,000 $8907 plus 22% of the excess over $77,400 $165,000 $315,000 $28,179 plus 24% of the excess over $165,000 $315,000 $400,000 $64,179 plus 32% of the excess over $315,000 $400,000 $600,000 $91,379 plus 35% of the excess over $400,000 $600,000 _______ $161,379 plus 37% OF THE AMOUNT OVER $600,000 Jaylen and Zan's 2018 Federal income tax is: $ (Round to the nearest dollar.)What is Jaylen and Zan's effective tax rate? [Tax paid divided by taxable income]% (Write as a percent, rounded to one decimal…
Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $38,840, and Petra has W-2 income of $49,642. Use the appropriate Tax Tables and Tax Rate Schedules. Required: What is their tax liability using the Tax Tables? What is their tax liability using the Tax Rate Schedule? Note: Round your intermediate computations and final answers to 2 decimal places.
Using the tax table, determine the amount of taxes for the following situations: (Do not round intermediate calculations. Round your answers to 2 decimal places.) a. A head of a household with a taxable income of $62,000. b. A single person with a taxable income of $37,800. c. Married taxpayers filing jointly with taxable income of $73,400
Use the marginal tax rates in the table below to compute the tax owed in the following situation. Winona and Jim are married filing jointly, with a taxable income of $332,000. They are entitled to a $7000 tax credit. Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption (per person) Married Filing Jointly up to $18,650 up to $75,900 up to $153,100 up to $233,350 up to $416,700 up to $470,700 above $470,700 $12,700 $4050 The tax owed is $. (Type an integer or a decimal.)
Jenni is married filling separately with taxable income of $68,000. How much tax does she owe? ( round to the nearest cent as needed) Tax Rate. Single 10% up to $9,325 15% up to $ 37, 950 25% up to $91, 900 The tax owed is $....
The 2020 Arizona graduated tax rate is given in the table below for those filing status is single or married filing separate. To use this table you will calculate the amount of money to be taxed at each level and then sum up the amount for each given tax rate. Find the income tax for a person filing single and has a taxable income reported as $81,600. Round your answer to the nearest whole dollar amount. Proper units on worksheet but: Do not include the $ sign in your answer here. Income Tax Rate The income between $0 and $27,272 2.59% The income between $27,272 and $54,544 3.34% The income between $54,544 and $163,632 4.17% The income above $163,632 4.50%
Determine the amount of tax liability in each of the following instances: Use the Tax Tables for taxpayers with taxable income under $100,000 and the Tax Rate Schedules for those with taxable income above $100,000. Required: A married couple filing jointly with taxable income of $33,453. A married couple filing jointly with taxable income of $202,771. A married couple filing separately, one spouse with taxable income of $44,347 and the other with $56,687. A single person with taxable income of $79,898. A single person with taxable income of $313,471. A head of household with taxable income of $97,054. A qualifying widow with taxable income of $14,488. A married couple filing jointly with taxable income of $11,685.
Married couple filing joint income tax return. Taxable income is 375,000. Tax rates are based off the following taxable income $233,350-$416,700. Amt paid on the bracket $52,222.50. Marginal rate is 33.0% Avg. tax rate at the top of the bracket 27.1% i need to know the federal tax liability, and their average tax rate and I need to see how you work the problem. Thx,
Determine the amount of tax liability in each of the following instances: Use the appropriate Tax Tables and Tax Rate Schedules. A married couple filing jointly with taxable income of $33,453.A married couple filing jointly with taxable income of $202,771.A married couple filing separately, one spouse with taxable income of $44,347 and the other with $56,687.A single person with taxable income of $79,898.A single person with taxable income of $313,471.A head of household with taxable income of $97,054.A qualifying widow with taxable income of $14,488.A married couple filing jointly with taxable income of $11,685.
David and Lilly Fernandez have determined their tax liability on their joint tax return to be $3,100. They have made prepayments of $1,900 and also have a child tax credit of $2,000. What is the amount of their tax refund or taxes due?
A married couple made the following tax payments in 2020. Property tax on real estate $7,000State sales tax paid $1,500Sales tax on automobile purchase $1,000State income tax paid $4,000Federal income tax paid $15,000 If the couple filed as married filing jointly, what is their tax expense deduction for 2020? Show your work supporting your calculation.

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS