Arno and Bridgette are married and have combined W-2 income of $78,917. They paid $389 when they filed their taxes. How much income tax did their employers withhold during the year? Use the tax tables.
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Arno and Bridgette are married and have combined W-2 income of $78,917. They paid $389 when they filed their taxes. How much income tax did their employers withhold during the year? Use the tax tables.
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- 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.Terrell, an unmarried individual, has the following income items: Schedule C net profit Salary NOL carryforward deduction Interest income $ 31,900 55,120 (9,190) 725 Terrell's self-employment tax was $4,507. Terrell had $6,270 in itemized deductions and one dependent child (age 9) who lives with Terrell. Terrell's Schedule C net business profit is qualified business income (non-service). Required: Compute Terrell's income tax (before credits). Assume the taxable year is 2023. 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. Amount $ 76,302 AGI Taxable Income Income Tax $ 38,042 X $ 4,251 xJorge and Anita, married taxpayers, earn $155,600 in taxable income and $41,400 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? Note: Do not round intermediate calculations. Round your answers to 2 decimal places.
- 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 $4050Required information [The following information applies to the questions displayed below.] Jeremy earned $100,800 in salary and $6,800 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 $26,200 in itemized deductions. (Use the tax rate schedules.) b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $7,550. What is Jeremy's tax refund or tax due including the tax on the capital gain? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) (7) Taxable income Description Greater of standard deduction or itemized deductions (8) Income tax liability (9) Child tax credit (10) Tax withholding Tax due Amount $…Compute the 2018 standard deduction for the following taxpayers. Margie is 15 and claimed as a dependent by her parents. She reports $800 in dividends income and $1,400 in wages from a part-time job. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $10,000. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $500, and her interest income is $125. Frazier, age 55, is married but is filing a separate return. His wife Emma itemizes her deductions.
- 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 Xn each of the following cases, discuss how the taxpayers might respond to a tax rate increase in a manner consistent with the income effect. a. Mr. Edwards earns $32,000 a year as an employee, and Mrs. Edwards doesn’t work.b. Mr. Frank earns $22,000 a year as an employee, and Mrs. Frank earns $10,000 a year as a self-employed worker.c. Mr. George earns $22,000 a year as an employee, and Mrs. George earns $10,000 a year as an employee.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 Amount
- For the following taxpayers, determine if they are required to file a tax return in 2022. Required: a. Ricko, single taxpayer, with gross income of $17,300. b. Fantasia, head of household, with gross income of $17,200. c. Ken and Barbie, married taxpayers with no dependents, with gross income of $22,300. d. Dorothy and Rudolf, married taxpayers, both age 68, with gross income of $24,200. e. Janyce, single taxpayer, age 73, with gross income of $13,200.John Waits owns a small shop with three employees. For one payroll period the total withholding tax for all employees was $1,558. The total employees' Social Security tax was $164 and the total employer's Social Security tax was $164. The total employees' Medicare tax was $112 How much must John deposit as the employer's share of Social Security tax and Medicare tax? What is the total tax that must be deposited?Karen is single. Last year she earned $37,300 in wages. Additional tax information for the year is as follows: interest earned: $135; capital gains from sale of stock: $1,650; penalty on early withdrawal of savings: $400; contributions to Keogh retirement fund: $1,800; real estate taxes paid: $3,000; mortgage interest paid: $3,500. The following table gives the standard deduction for various filing statuses. Standard Deductions Single or married filing separately $12,000 Married filing jointly or surviving spouse $24,000 Head of household $18,000 65 or older and/or blindand/or someone else canclaim you (or your spouseif filing jointly) as a dependent: Varies(See www.irs.gov for information.) Find the taxable income for the year.
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