Blake and Valerie Meyer (both age 30) are married with one dependent child (age 5). • Blake's gross salary from his corporate employer was $70,000, and his Section 401(k) contribution was $6,300. • Valerie's salary from GuiTech, an S corporation, was $29,400. • Valerie owns 16 percent of GuiTech's outstanding stock. Her pro rata share of GuiTech's ordinary business income was $13,790, her pro rata share of GuiTech's net loss from rental real estate was $8,100, and she received a $7,000 cash distribution from GuiTech. The ordinary income from GuiTech is qualified business income. • Blake received a $15,000 cash gift from his grandmother. Valerie won $6,400 in the Maryland state lottery. • The Meyers received a distribution from their investment in Pawnee Mutual Fund that consisted of a $712 qualifying dividend and a $3,020 long-term capital gain. Blake paid $12,000 alimony to a former spouse under a divorce agreement executed in 2011. The Meyers paid $14,200 home mortgage interest on acquisition debt and $2,780 property tax on their personal residence. • The Meyers paid $7,000 state income tax and $4,200 state and local sales tax. • Valerie contributed $1,945 to the First Baptist Church. Required: On the basis of the above information, compute the Meyers' 2021 federal income tax (including any AMT) on their joint return. Assume the taxable year is 2021. Use Individual tax rate schedules, Standard deduction table and Tax rates for capital gains and qualified dividends. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no cells blank - be sure to enter "0" wherever required.) gross come (AGI) Taxable income Mr. and Mrs. Meyer's regular income tax liability (after applicable credits) AMT Mr. and Mrs. Meyer's total tax liability (including AMT) Amount $ 96.922 68,239 (5,360) 0 (5,360)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Handwriting not allow please And give me complete answer

Blake and Valerie Meyer (both age 30) are married with one dependent child (age 5).
• Blake's gross salary from his corporate employer was $70,000, and his Section 401(k) contribution was $6,300.
• Valerie's salary from GuiTech, an S corporation, was $29,400.
• Valerie owns 16 percent of GuiTech's outstanding stock. Her pro rata share of GuiTech's ordinary business income was $13,790, her
pro rata share of GuiTech's net loss from rental real estate was $8,100, and she received a $7,000 cash distribution from GuiTech.
The ordinary income from GuiTech is qualified business income.
• Blake received a $15,000 cash gift from his grandmother.
Valerie won $6,400 in the Maryland state lottery.
• The Meyers received a distribution from their investment in Pawnee Mutual Fund that consisted of a $712 qualifying dividend and a
$3,020 long-term capital gain.
Blake paid $12,000 alimony to a former spouse under a divorce agreement executed in 2011.
The Meyers paid $14,200 home mortgage interest on acquisition debt and $2,780 property tax on their personal residence.
• The Meyers paid $7,000 state income tax and $4,200 state and local sales tax.
• Valerie contributed $1,945 to the First Baptist Church.
Required:
On the basis of the above information, compute the Meyers' 2021 federal income tax (including any AMT) on their joint return. Assume
the taxable year is 2021. Use Individual tax rate schedules, Standard deduction table and Tax rates for capital gains and qualified
dividends. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no cells
blank - be sure to enter "0" wherever required.)
gross
Taxable income
(AGI
Mr. and Mrs. Meyer's regular income tax liability (after applicable credits)
AMT
Mr. and Mrs. Meyer's total tax liability (including AMT)
Amount
$
96.922
68,239
(5,360)
0
(5,360)
Transcribed Image Text:Blake and Valerie Meyer (both age 30) are married with one dependent child (age 5). • Blake's gross salary from his corporate employer was $70,000, and his Section 401(k) contribution was $6,300. • Valerie's salary from GuiTech, an S corporation, was $29,400. • Valerie owns 16 percent of GuiTech's outstanding stock. Her pro rata share of GuiTech's ordinary business income was $13,790, her pro rata share of GuiTech's net loss from rental real estate was $8,100, and she received a $7,000 cash distribution from GuiTech. The ordinary income from GuiTech is qualified business income. • Blake received a $15,000 cash gift from his grandmother. Valerie won $6,400 in the Maryland state lottery. • The Meyers received a distribution from their investment in Pawnee Mutual Fund that consisted of a $712 qualifying dividend and a $3,020 long-term capital gain. Blake paid $12,000 alimony to a former spouse under a divorce agreement executed in 2011. The Meyers paid $14,200 home mortgage interest on acquisition debt and $2,780 property tax on their personal residence. • The Meyers paid $7,000 state income tax and $4,200 state and local sales tax. • Valerie contributed $1,945 to the First Baptist Church. Required: On the basis of the above information, compute the Meyers' 2021 federal income tax (including any AMT) on their joint return. Assume the taxable year is 2021. Use Individual tax rate schedules, Standard deduction table and Tax rates for capital gains and qualified dividends. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no cells blank - be sure to enter "0" wherever required.) gross Taxable income (AGI Mr. and Mrs. Meyer's regular income tax liability (after applicable credits) AMT Mr. and Mrs. Meyer's total tax liability (including AMT) Amount $ 96.922 68,239 (5,360) 0 (5,360)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps with 2 images

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education