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amily was the following in 2021:

amily was the following in 2021:

FINANCIAL ACCOUNTING
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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I 19.The finances for the Connery family was the following in 2021: Salaries: Bobbi Kerry Interest on investments: IBM bonds $3,750 New York City bond 4,400 Savings account 3,600 The family also sold Chewy stock they owned for 8 months for a profit of $2,000 and they also sold Johnson & Johnson stock they had owned for 5 years for a profit of $5,000. The family made home mortgage payments included interest of $16,480, and paid real estate (property) tax of $4,320 on their home. They also paid state income tax of $5,860 and donated $1,250 to well-known charities. There are three dependent children. The exemption rate is $4,000 per person. Use Personal Tax Schedules given below. Single Individuals $66,500 54,800 Income ($) Rate (%) 10 15 25 28 33 35 39.6 0-9,225 9,225-37,450 37,450-90,750 90,750-189,300 189,300-411,500 411,500-413,200 Over 413,200 The family's TOTAL income is No decimal places The family's Total Deductions No decimal places The family's Total Exemptions No decimal places The family's taxable income is Married Couples Filing Jointly Income ($) Rate (%) 0-18,450 18,450-74,900 74,900-151,200 151,200-230,450 230,450-411,500 411,500-464,850 Over 464,850 10 15 25 28 33 35 39.6
Transcribed Image Text:I 19.The finances for the Connery family was the following in 2021: Salaries: Bobbi Kerry Interest on investments: IBM bonds $3,750 New York City bond 4,400 Savings account 3,600 The family also sold Chewy stock they owned for 8 months for a profit of $2,000 and they also sold Johnson & Johnson stock they had owned for 5 years for a profit of $5,000. The family made home mortgage payments included interest of $16,480, and paid real estate (property) tax of $4,320 on their home. They also paid state income tax of $5,860 and donated $1,250 to well-known charities. There are three dependent children. The exemption rate is $4,000 per person. Use Personal Tax Schedules given below. Single Individuals $66,500 54,800 Income ($) Rate (%) 10 15 25 28 33 35 39.6 0-9,225 9,225-37,450 37,450-90,750 90,750-189,300 189,300-411,500 411,500-413,200 Over 413,200 The family's TOTAL income is No decimal places The family's Total Deductions No decimal places The family's Total Exemptions No decimal places The family's taxable income is Married Couples Filing Jointly Income ($) Rate (%) 0-18,450 18,450-74,900 74,900-151,200 151,200-230,450 230,450-411,500 411,500-464,850 Over 464,850 10 15 25 28 33 35 39.6
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