Buck and Georgia are married and file a joint return for 2021. They have wage income of $150,000; net long-term capital gains of $25,000; net short-term capital gains of $8,000; corporate bond interest of $4,000; share of S corporation income of $10,000; cash distributions from the S corporation of $3,500; ordinary cash dividends of $5,250; qualifying cash dividends of $7,000; inheritance received from deceased aunt's estate of $50,000; deductions for AGI (Adjusted Gross Income) of $11,000; itemized deductions of $26,500; tax credits of $2,500; and estimated tax payments and withholding of $23,000. Their applicable standard deduction is $25,100. Using the appropriate tax schedule, compute their tax due or refund. [Note - you must show and label all calculations, including the AGI, Taxable Income, and Tax Liability amounts.] Plz use excel for answer! Thank you :)
Buck and Georgia are married and file a joint return for 2021. They have wage income of $150,000; net long-term capital gains of $25,000; net short-term capital gains of $8,000; corporate bond interest of $4,000; share of S corporation income of $10,000; cash distributions from the S corporation of $3,500; ordinary cash dividends of $5,250; qualifying cash dividends of $7,000; inheritance received from deceased aunt's estate of $50,000; deductions for AGI (Adjusted Gross Income) of $11,000; itemized deductions of $26,500; tax credits of $2,500; and estimated tax payments and withholding of $23,000. Their applicable standard deduction is $25,100. Using the appropriate tax schedule, compute their tax due or refund. [Note - you must show and label all calculations, including the AGI, Taxable Income, and Tax Liability amounts.] Plz use excel for answer! Thank you :)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
1
![Buck and Georgia are married and file a joint
return for 2021. They have wage income of
$150,000; net long-term capital gains of
$25,000; net short-term capital gains of
$8,000; corporate bond interest of $4,000;
share of S corporation income of $10,000;
cash distributions from the S corporation of
$3,500; ordinary cash dividends of $5,250;
qualifying cash dividends of $7,000;
inheritance received from deceased aunt's
estate of $50,000; deductions for AGI
(Adjusted Gross Income) of $11,000; itemized
deductions of $26,500; tax credits of $2,500;
and estimated tax payments and withholding
of $23,000. Their applicable standard
deduction is $25,100. Using the appropriate
tax schedule, compute their tax due or
refund. [Note - you must show and label all
calculations, including the AGI, Taxable
Income, and Tax Liability amounts.]
Plz use excel for answer! Thank you :)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbcded610-dcae-46dd-85f3-77687b4a8990%2Ff4d65ff9-7e5d-4630-bda3-a2a572b49ec5%2Fktget5b_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Buck and Georgia are married and file a joint
return for 2021. They have wage income of
$150,000; net long-term capital gains of
$25,000; net short-term capital gains of
$8,000; corporate bond interest of $4,000;
share of S corporation income of $10,000;
cash distributions from the S corporation of
$3,500; ordinary cash dividends of $5,250;
qualifying cash dividends of $7,000;
inheritance received from deceased aunt's
estate of $50,000; deductions for AGI
(Adjusted Gross Income) of $11,000; itemized
deductions of $26,500; tax credits of $2,500;
and estimated tax payments and withholding
of $23,000. Their applicable standard
deduction is $25,100. Using the appropriate
tax schedule, compute their tax due or
refund. [Note - you must show and label all
calculations, including the AGI, Taxable
Income, and Tax Liability amounts.]
Plz use excel for answer! Thank you :)
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