Alex and Addison are married and have the following income items:$ 52,50041,8001,300Alex's salaryAddison's Schedule C net profitInterest incomeAddison's self-employment tax was $5,906. Addison's Schedule C net business profit is qualified business6 income (non-service). The couple have $8,070 itemized deductions and no children or other dependents.Required:Compute their income tax on a joint return. Assume the taxable year is 2022. Use Individual Tax RateSchedules and Standard Deduction Table.Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.Answer is complete but not entirely correct.AGITaxable IncomeIncome TaxAmount$ 92,647$ 66,747$ 7,599

Taxable income is the base income upon which tax is levied. It includes some or all items of income…

Answered: Alex and Addison are married and have…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Oscar and Mary have no dependents and file a joint income tax return for 2021. They have adjusted gross income (all wages) of $140,000 and itemized deductions of $30,000. What is the amount of taxable income that Oscar and Mary must report on their 2021 income tax return? Oa. $110,000 Ob. $93,600 Oc. $115,200 y Od. $102.000 Oe. $140.000 Please don't provide answer in image format thank you
David and Lilly Fernandez have determined their tax liability on their joint tax return to be $3,100. They have made prepayments of $2,390 and also have a child tax credit of $2,000. What is the amount of their tax refund or taxes due? Toal tax prepayment child tax credit Tax refund
Boyd Salzer, an unmarried individual, has $246,400 AGI consisting of the following items: Salary Interest income $ 214,000 3,800 Dividend income 11,100 Rental income from real property 17,500 1. Compute Mr. Salzer's Medicare contribution tax. 2. Compute the Medicare contribution tax if Boyd Salzer files a joint income tax return with his wife Harriet.
Married taxpayer Otto and Ruth are both self-employed and file a joint return. Otto earns $352,000 of self-employed income and Ruth has a self-employment loss of $13,500. How much 0.9% Medicare tax for high income taxpayers will Otto and Ruth have to pay with their 2019 income tax return?
Arno and Bridgette are married and have combined W-2 income of $89,361. They received a refund of $128 when they filed their taxes. How much income tax did their employers withhold during the year? $9,582. $9,326. $9,454. The answer cannot be determined with the information provided.
Ms. Gleason, an unmarried taxpayer, had the following income items: $ 40,000 3,200 Salary Net income from a rental house Ms. Gleason has a four-year-old son who attends a day care center while she is at work. Ms. Gleason paid $4.380 to this center and has no itemized deductions. Required: Compute Child Credit. Dependent Credit, and her income tax after these two credits. Assume the taxable year is 2021. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round your Intermediate computations to the nearest whole dollar amount.) Answer is complete but not entirely correct. Amount Child Credit Dependent Credit Income tax IS 2.000 X 600 x 105 x
John and Mary file married filing joint and have the following details Modified Adjusted Gross Income $275,000 Wages $150,000 Taxable interest $20,000 Short term capital gains $15,000 Net self-employment income $90,000 What is their Net Investment Income Tax?
Use the marginal tax rates in the table below to compute the tax owed in the following situation. The tax owed is S (Simplify your answer. Round to the nearest dollar as needed.) Marco is married filing separately with a taxable income of $67,900. Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption (per person) Married Filing Separately up to $9325 up to $37,950 up to $76,550 up to $116,675 up to $208,350 up to $235,350 above $235,350 $6350 $4050
Alex and Addison are married and have the following income items: Alex's salary Addison's Schedule C net profit Interest income $ 52,750 33,000 1,700 Addison's self-employment tax was $4,663. Addison's Schedule C net business profit is qualified business income (non-service). The couple have $8,870 itemized deductions and no children or other dependents. Required: Compute their income tax on a joint return. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Answer is complete but not entirely correct. AGI Taxable Income Income Tax $ $ $ Amount 85,118 52,618 X 5,903 X
Subject - account Please help me. Thankyou.
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