Adela and James are married and file tax returns jointly. Last year Adela earned $45,500 and Jamesearned $44,700 in wages.Additional tax information for the year is as follows: Interest earned: $1,200, State and local incometaxes paid: $4,230, mortgage interest: $6,200, contributions to charity: $1,400, contributions toretirement plans: $3,350.From this information, calculate their taxable income (in $).

Please note that taxable income has been calculated based on the deductions available in 2023.

Answered: Adela and James are married and file…

Adela and James are married and file tax returns jointly. Last year Adela earned $45,500 and James earned $44,700 in wages.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Mr. and Mrs. Palio celebrated the birth of their third child on November 18. Compute the effect of…

A: Tax liability refers to the sum of money owed by an entity or an individual to the authorized…

Q: Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt…

A: The combined sum of various taxes that an individual taxpayer or business entity owes on the income…

Q: Jerry bought his home 15 years ago for $60,000. Three years ago, Jerry married Debbie and she moved…

A: If any married taxpayer files joint return may exclude income up to $500,000 gains from selling…

Q: Pat, age 15, is claimed as a dependent on her parents' tax return. This year, Pat earned $2,000 from…

A: Dependent taxable income is the amount of income on which a person reported as a dependent on…

Q: Doug and Sue Click file a joint tax return and decide to itemize their deductions. The Clicks'…

A: The correct answer is: (B) $1,350 The Clicks' investment interest expense deduction is equal to the…

Q: Jermaine and Kesha are married, file a joint tax return, haveAGI of $75,000, and have two children.…

A: Taxable Income: The amount of adjusted gross income that is liable to be taxed is known as taxable…

Q: john and maria support their 21-year-old son, bill. the son earned $12,200 last year working in a…

A: The Internal Revenue Code (IRC), often referred to as the tax code, is indeed the primary statutory…

Q: Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt…

A: Tax liability refers to the amount charged by the state, central, or local government from the gross…

Q: Mickey and Jenny

A: The investment represents the employment of funds to something from where the company would get some…

Q: Jermaine and Kesha are married, file a joint tax return, haveAGI of $75,000, and have two children.…

A: American Opportunity credit is also known as American Opportunity Tax Credit (AOTC) is a credit for…

Q: Victor and Roberta Sanchez file jointly and had a combined income of $85,700 last year. They…

A: Withholding Tax - It is an amount withhold by the employer from the wages / salary / payment of…

Q: Jane Binyan is single with one dependent and files as head of household. She is the chief financial…

A: Gross income: Gross income is the sum of all forms of income of the taxpayer before claiming any…

Q: Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur…

A: Answer:- Investment interest expense refers to the sum value of interest paid regarding a loan by an…

Q: Jeremy and Katie are married and filing taxes jointly. Jeremy earned an income of $55,750, including…

A: Itemized Deduction: These are items of certain allowable expenses that are tax-deductible from the…

Q: Victor and Roberta Sanchez file jointly and had a combined income of $83,700 last year. They…

A: Tax liability is the amount of taxes that needs to be paid to government. Consider the income…

Q: Porter file a joint tax return, and they itemize deductions. The Porters incur $2,000 in investment…

A: Investment interest expense refers to the sum value of interest paid regarding a loan by an entity…

Q: Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt…

A: The question is asked about the tax liability of a married couple filing jointly. Tax liability:…

Q: Jacob, age 42, and Jane Brewster, age 44, are married and file a joint return in 2020. The Brewsters…

A: Alternative minimum tax (AMT) refers to the minimum amount of tax that an individual supposed after…

Q: Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt…

A: 1. Calculate their total income: Salaries (Matt + Meg) = $67,900 + $45,100 = $113,000 Short-term…

Q: sadora and Virginia are married with 4 children. They are filing taxes jointly. They have a gross…

A: Taxable Income:Taxable income refers to the income that is obtained after deducting all the…

Q: Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt…

A: The entire amount of taxes that a person, business, or other entity owes the government is known as…

Q: Matteo (unmarried) files his tax return using head of household filing status. His taxable income is…

A: The Tax rate Schedule for Head of Household will be as per below Tax rate Taxable income bracket…

Q: Matt and Meg Come

A: Income tax is compulsory for all taxpayers. However, incomes from different sources are taxed at…

Q: Xavier and his wife Maria have total W-2 income of $95,392. They will file their tax return as…

A: The actual tax liability is determined according to the income tax return. The income taxes withheld…

Q: In the current year, Shrek and Princess Fiona are married and file a joint tax return claiming their…

A: Child tax credit 2023 (taxes filed in 2024)For 2023, the child tax credit is worth $2,000 per…

Q: Selerino and Maria are married and file their taxes jointly. Selerino earned $82,000 in wages last…

A: Tax Calculation According IRS (Internal Revenue Services) calculation and filling of taxes are…

Q: Carl and Karina file a joint return. Karina earned a salary of $39,000 and received dividends of…

Q: Paul and Olivia file a joint tax return and reported modified AGI of $142,000. They have two…

A: Child care tax credit is the amount of tax credit that is refundable in nature and this amount can…

Q: Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur…

A: Investment interest expense refers to the amount of interest paid on a loan taken for the investment…

Q: Jamie has taxable income of $103,890. She is single and her tax rates are 10% on the first $7,000 of…

A: Average Tax rate:-It is the total tax liability divided by the total taxable income of the…

Q: ll of 2020 after having completed her junior year during the spring of that year. Both Devona and…

A: Calculation of American Opportunity credit available to Jerome and Kelly for 2020 American…

Q: Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt…

A: Capital Gain/Loss- When the asset is vended at a price that is less than the value of the asset then…

Q: withholdings. In addition to their other children, they adopted a 2-year old special needs child…

A: Tax Liability is the different company's taxable income as shown in the income statement and in…

Q: Jamie has taxable income of $107,812. She is single and her tax rates are 10% on the first $7,000 of…

A: Taxes are the dues and obligations which needs to be settled or paid by the individual to the…

Q: Katie has taxable income of $45,000. She is single and her tax rates are 10% on the first $7,000 of…

A: Given: Taxable income = $45,000 tax rates are 10% on the first $7,000 of taxable income, 15% of the…

Q: Demarco and Janine Jackson have been married for 20 years and have four children who qualify as…

A: Tax liability refers to the amount which a person or firm is liable to pay to the government. It is…

Q: Xavier and his wife Maria have total W-2 income of $95,102. They will file their tax return as…

A: A refund in the context of taxes means that the taxpayer has overpaid their tax liability throughout…

Q: Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt…

A: The entire amount of taxes that a person, business, or other entity owes the government is known as…

Q: Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt…

A: Income tax is compulsory for all taxpayers. However, incomes from different sources are taxed at…

Q: Grady received $8,200 of Social Security benefits this year. Grady also reported salary and interest…

A: Tax is the liability which has to be paid by the individual and the corporation to the Federal…

Q: To care for their children while they work, Jim and Mary Jean pay Eleanor (Jim’s mother) $5,600.…

A: There is no credit for child and dependent care expenses. Explanation: Annual gross income of Jim…

Q: Natasha is a 21 year old,unmarried student who lives alone. Last year her taxable income was…

A: Gross income is the income which a taxpayer has earned during the year means all money which the…

Question

Adela and James are married and file tax returns jointly. Last year Adela earned $45,500 and James
earned $44,700 in wages.
Additional tax information for the year is as follows: Interest earned: $1,200, State and local income
taxes paid: $4,230, mortgage interest: $6,200, contributions to charity: $1,400, contributions to
retirement plans: $3,350.
From this information, calculate their taxable income (in $).

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Appeal

VIEW

Step 2: Calculation of gross income & taxable income:

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Cooper and Brandy are married and file a joint income tax return with two separate Schedule Cs. Cooper is an independent security specialist who spent $360 on uniforms during the year. His laundry expenses for the uniforms were $72 for this year, plus $54 for altering them. Brandy works as a drill press operator and wears jeans and a work shirt on the job, which cost $235 this year. Her laundry costs were $71 for the work clothes. Brandy is also required by state regulators to wear safety glasses and safety shoes when working, which cost a total of $118. a. How much is Cooper’s total deduction on his Schedule C for special clothing and uniforms?fill in the blank 1 of 1$ b. How much is Brandy’s total deduction on her Schedule C for special clothing and uniforms?
1.
Mr. and Mrs. Golden are married and have one preschool - aged child. During the year, Mrs. Golden is employed and earns $60,000 while Mr. Golden is a full-time student for the entire year. The amount paid for child care is $3,200. On a joint income tax return, their credit for child and dependent care expenses is:
Brian and Kim have a 12-year-old child, Stan. For 2018, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. Click here to access the income tax rate schedules. If Stan’s parents elected to report Stan’s income on his parents’ return, what would the tax on Stan’s income be?$
Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $2,000 in investment expenses. They also incur $3,000 of investment interest expense during the year. The Porters' income for the year consists of $150,000 in salary and $2,500 of interest income. b. What would their investment interest expense deduction be if they also had a ($2,000) long-term capital loss?
Henry and Janice are married and file jointly. They have an AGI (and modified AGI) of $290,000, which includes $90,000 of salary, $170,000 of active business income, $10,000 of interest income, $15,000 of qualified dividends, and $5,000 of long-term capital gains. They have taxable income of $250,000. What is Henry and Janice's income tax liability this year, rounded to the nearest whole dollar amount?
Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $69,200. Meg works part time at the same university. She earns $34,600 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules,Dividends and Capital Gains Tax Rates.) b. What is the Comers' tax liability for 2022 if they report the following capital gains and losses for the year? Short-term capital gains $ 1,500 Short-term capital losses 0 Long-term capital gains 13,800 Long-term capital losses (10,800)
krystal is single. Last year, she earned $35,800 wages. Additional tax information for the year is as follows.. Interest earned $136, capital gains from sale of stock $1850. alimony paid $6,100, contributions to IRA retirement fund $ 2800; Real estate taxes $1600, mortgage interest paid $5100. The following table gives the standard deduction for various statuses.
Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $69,700. Meg works part time at the same university. She earns $33,600 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules. Dividends and Capital Gains Tax Rates) Note: Round your final answers to the nearest whole dollar amount. a. What is the Comers' tax liability for 2022 if they report the following capital gains and losses for the year? Short-term capital gains Short-term capital losses Long-term capital gains Long-term capital losses $ 9,600 (2,300) 15,600 (6,300) Total tax liability
ed Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $69,800. Meg works part time at the same university. She earns $43,200 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules, Dividends and Capital Gains Tax Rates.) Note: Round your final answers to the nearest whole dollar amount. b. What is the Comers' tax liability for 2023 if they report the following capital gains and losses for the year? Short-term capital gains Short-term capital losses Long-term capital gains Long-term capital losses $ 1,600 0 13,040 (10,100) Total tax liability $ 9,975 X
Alison Jacobs (single) purchased a home in Las Vegas, Nevada, for $480,000. She moved into the home on September 1, year 0. She lived in the home as her primary residence until July 1 of year 4, when she sold the home for $744,000. If Alison's tax rate on long-term capital gains is 15 percent, what amount of tax will Alison pay on the $264,000 gain? (Enter only numbers with no dollar signs or other punctuation.)
Randy and Sandy, a married couple with six young children, have a gross income of $160,000, adjustments of $10,900, and itemized deductions totaling $19,350. If personal exemptions for the year are $4,100 each and the standard deduction is $14,600 for married couples, what is Randy and Sandy's taxable income if they file jointly?