Antonio and Maria deduct for state taxes?
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Antonio is a small business owner and files jointly with his spouse. In 2019, he generates $100,000 of net profits from his business. His spouse, Maria, has $4,000 of state income tax withheld from her wages in 2019. They also pay $4,500 in property taxes on their home. Antonio determines that their state income taxes associated with his business are about $5,600 and makes estimated state income tax payments of that amount in 2019. How much should Antonio and Maria deduct for state taxes?
a. Itemized deductions of $9,500 and deduct $5,600 for taxes on Antonio’s Schedule C for his business
b. Itemized deductions of $10,000 and deduct $5,100 for taxes on Antonio’s Schedule C for his business
c. Itemized deductions of $10,000
d. Itemized deductions of $4,000 and deduct $5,600 for taxes on Antonio’s Schedule C for his business
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- Evan participates in an HSA carrying family coverage for himself, his spouse, and two children. In 2019, Evan has $100 per month deducted from his paycheck and contributed to the HSA. In addition, Evan makes a one-time contribution of $2,000 on April 15, 2020 when he files his tax return. Evan also receives a 2019 Form 1099-SA that reports distributions to Evan of $3,200 which Evan used for medical expenses. Compute the effect of the HSA transactions on Evan's adjusted gross income.These transactions _______ (increase/decrease) Evan's AGI by ____Toby and Nancy are engaged and plan to get married. During 2023, Toby is a full-time student and earns $7,600 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Nancy is employed and has wages of $59,400. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Gross income and AGI Toby Filing Single b. Assume that Toby and Nancy get married in 2023 and file a joint return. What is their taxable income and income tax? Round your final answer to the nearest whole dollar. Standard deduction (married, filing jointly) Taxable income Income tax Nancy Filing Single Married Filing Jointly c. How much income tax can Toby and Nancy save if…Marlin and Teri are married and will file a joint return. They live in a state that does not impose a state sales tax. However, they did pay the following taxes in 2021: $4,800 state income tax withheld from earnings. $900 state balance due for 2020. $750 personal property taxes. $5,750 real estate taxes. How much are they eligible to deduct for taxes paid on Schedule A, Itemized Deductions? $10,000 $11,300 $11,450 $12,200
- Nicholas died on December 27, 2020. His wife, Jessica, has not remarried. On January 31, 2021, Jessica received a check from Party Central Inc. and a letter explaining that the check represents a final payment for contract work Nicholas performed for them in 2020. What is the correct and most favorable method of reporting this income? As ordinary income on Jessica's 2021 individual tax return. As income paid to Nicholas's estate, reported on Form 1041. On the couple's jointly filed 2020 return. If this was not included in the originally filed return, Jessica should file an amended return to include this income. On a 2021 final tax return for Nicholas that Jessica files on his behalf.Chris and Heather are engaged and plan to get married. During 2020, Chris is a full-time student and earns $8,500 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Heather is employed and has wages of $83,600. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to nearest whole dollar.a. Compute the following: ChrisFiling Single HeatherFiling Single Gross income and AGI 8,500 83,600 Standard deduction 12,400 12,400 Taxable income 0 71,200 Income tax 0 11,454 b. Assume that Chris and Heather get married in 2020 and file a joint return. What is their taxable income and income tax? Round your final answer to nearest whole dollar. MarriedFiling Jointly Gross income and AGI 92,100 Standard deduction…Chris and Heather are engaged and plan to get married. During 2023, Chris is a full-time student and earns $7,600 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Heather is employed and has wages of $79,200. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar.a. Compute the following: ChrisFiling Single HeatherFiling Single Gross income and AGI $fill in the blank 488588fb1f91034_1 $fill in the blank 488588fb1f91034_2 Standard deduction (single) fill in the blank 488588fb1f91034_3 fill in the blank 488588fb1f91034_4 Taxable income $fill in the blank 488588fb1f91034_5 $fill in the blank 488588fb1f91034_6 Income tax $fill in the blank 488588fb1f91034_7 $fill in the blank 488588fb1f91034_8…
- Reese, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December, she received a $11,000 bill from her accountant for consulting services related to her small business. Reese can pay the $11,000 bill anytime before January 30 of next year without penalty. Assume Reese’s marginal tax rate is 32 percent this year and will be 37 percent next year, and that she can earn an after-tax rate of return of 5 percent on her investments. Required: What is the after-tax cost if she pays the $11,000 bill in December? What is the after-tax cost if she pays the $11,000 bill in January? Use Exhibit 3.1. Note: Round your answer to the nearest whole dollar amount. 3. Based on requirements a and b, should Reese pay the $11,000 bill in December or January? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Jeremy earned $102,400 in salary and $8,400 in interest income during the year. Jeremy's employer withheld $11,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $34,200 in itemized deductions. (Use the tax rate schedules.) a. Determine Jeremy's tax refund or taxes due. (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) (7) Taxable income (8) Income tax liability (9) Child tax credit (10) Tax withholding Description AmountArabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $55,000 as a sales representative forPlanning Associates; $3,910 of her wages was withheld for federal income taxes. In addition, she had interest income of $142. She takes the standard deduction. Calculate her taxable income, tax liability, and tax refund or taxowed for 2018.
- Toby and Nancy are engaged and plan to get married. During 2023, Toby is a full-time student and earns $6,700 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Nancy is employed and has wages of $85,800. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Toby Filing Single $ $ 6,700 Nancy Filing Single $ $ $ 85,800Taylor, age 15, is a dependent of her parents. For 2019, she has the following income: $4,600 of wages from a summer job, $1,430 of interest from a money market account, and $1,875 of interest from City of Boston bonds. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". a. Taylor's standard deduction for 2019 is s Taylor's taxable income for 2019 is s b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. Click here to access the 2019 tax rate schedule. Compute Taylor's tax liability.Jill files a joint tax return with her husband. She who works at a retail store and earned $30,000 in 2021. Jill’s husband was unemployed in 2021 and did not have any earnings. Jill contributed $1,000 to her IRA in 2021. After deducting her IRA contribution, the adjusted gross income shown on her joint return is $29,000. Jill may claim what amount for the Retirement Savings Contributions Credit (Saver’s Credit) for her $1,000 IRA contribution? A. $0B. B $200C. C $500D. D $1,000
