As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the missing information for one of the firm's tax clients. 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 blind and/or someone else can Varies claim you (or your spouse (See www.irs.gov for information.) if filing jointly) as a dependent: Using the standard deduction table above, complete the following table (in $). Itemized Name Filing Status Income Adjustments to Adjusted Gross Income Income Taxable Deductions Income Lerner married filing jointly $ $1,377 $47,278 $5,329 $ When finding your client's taxable income, which deduction did you use? O standard deduction O itemized deductions Standard Deduction $--Select-

As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the missing information for one of the firm's tax clients. 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 blind and/or someone else can Varies claim you (or your spouse (See www.irs.gov for information.) if filing jointly) as a dependent: Using the standard deduction table above, complete the following table (in $). Itemized Name Filing Status Income Adjustments to Adjusted Gross Income Income Taxable Deductions Income Lerner married filing jointly $ $1,377 $47,278 $5,329 $ When finding your client's taxable income, which deduction did you use? O standard deduction O itemized deductions Standard Deduction $--Select-

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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a taxpayer’s spouse died on march 31, 2020. he has no qualifying child. which status should the taxpayer elect when filing his 2020 tax return? a. qualifying widow(er). b. married filing jointly. c. single. d. married filing separately.
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Calculate Social Security and Medicare tax for the below-listed employees of TCLH Industries, a manufacturer of cleaning products. None of the employees files as married filing separately on their year-end tax return. Zachary Fox does not make any voluntary deductions that impact earnings subject to federal income tax withholding or FICA taxes. He is married, files his tax return as married filing jointly, and his weekly gross pay was $1,162. When completing form W-4 Zachary checked box 2c, entered $2,000 in step 3 of the form, and left step 4 blank. The current pay period is his first with the company. Calvin Bell makes a 401(k) retirement plan contribution of 6% of gross pay. He is single, claims two federal withholding allowances and one state withholding allowance, and his weekly gross pay was $417.93. His current year taxable earnings for FICA taxes, prior to the current pay period, are 20,478.57. David Alexander makes a 401(k) retirement plan contribution of 12% of gross pay. He…