Problem 3-42 (Algorithmic) (LO. 5, 6, 9)David and Ruby are engaged and plan to get married. During 2020, David is a full-time student and earns $6,700 from a part-timejob. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Ruby is employed andhas wages of $55,000.Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount iszero, enter, "0". Do not round your intermediate computations. Round your final answer to nearest whole dollar.a. Compute the following:Gross income and AGIStandard deductionTaxable incomeIncome tax$DavidFiling Single6,70012,40000RubyFiling Single55,00012,40042,6007,668 X b. Assume that David and Ruby get married in 2020 and file a joint return. What is their taxable income and income tax? Roundyour final answer to nearest whole dollar.Gross income and AGIStandard deductionTaxable incomeIncome taxFeedback▼ Check My WorkMarriedFiling JointlyPartially correct61,700c. How much income tax can David and Ruby save if they get married in 2020 and file a joint return?24,80036,900

Preston filling singleAnna filling singleGross income and AGI6,70055,000Standard…

Answered: David and Ruby are engaged and plan to…

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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Jordan and Alex are married with 3 children. They have W2 income, and they have almost completed their taxes for the year. They have chosen the standard deduction, they know that their tax owed on line 16 of the 2022 1040 form shows $23,906.62. They have $4,861.28 available to use. What amount will they have to pay to the IRS when they file their 1040 form?
Melody and Todd are married and have employee wages of $250,000 each in 2019. They have no other income. How much additional 0.9% Medicare tax will Melody and Todd have to pay or receive as a refund when they file their 2019 income tax return? a.$1,350 will be refunded with their return. b.$900 will be refunded with their return. c.$1,350 will be due with their return in addition to amounts withheld. d.$3,600 will be due with their return in addition to amounts withheld.
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In 2021, Elaine paid $2,160 of tuition and $900 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband. What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books in each of the following alternative situations? (Leave no answer blank. Enter zero if applicable.) b. Elaine's AGI is $165,500. (Round your intermediate calculations to the nearest whole dollar amount.) American opportunity tax credit
You are getting ready to prepare a 2022 tax return for your clients Moose and Suzie Okie and are doing some initial calculations. Moose and Suzie have two children, Arva (age 12) and Ralph (age 9). They have provided you with the following information regarding 2022 relevant activities: Moose received a Form W-2 for $60,000 which showed his federal income tax withheld amount was $7,000. Suzie has a residential rental property (cost basis $270,000) which was rented for the whole year for $2,000 per month. Property taxes on the residential rental property: $3,700 and property insurance: $1,785. Suzie spent $500 fixing the sprinklings system and $5,000 for a new roof after a hailstorm. Moose got lucky and won $4,000 gambling on a trip to Las Vegas. Suzie sold her old car for $4,000. She had originally paid $8,000 for it. She also sold a parcel of land for $7,500 on March 7, 2022. She purchased it on January 5th of 2000 for $5,000. What is the taxable income?
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You are getting ready to prepare a 2022 tax return for your clients Moose and Suzie Okie and are doing some initial calculations. Moose and Suzie have two children, Arva (age 12) and Ralph (age 9). They have provided you with the following information regarding 2022 relevant activities: Moose received a Form W-2 for $60,000 which showed his federal income tax withheld amount was $7,000. Suzie has a residential rental property (cost basis $270,000) which was rented for the whole year for $2,000 per month. Property taxes on the residential rental property: $3,700 and property insurance: $1,785. Suzie spent $500 fixing the sprinklings system and $5,000 for a new roof after a hailstorm. Moose got lucky and won $4,000 gambling on a trip to Las Vegas. Suzie sold her old car for $4,000. She had originally paid $8,000 for it. She also sold a parcel of land for $7,500 on March 7, 2022. She purchased it on January 5th of 2000 for $5,000. What is the total reportable income?
In 2022, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2022, Henry's qualified business income from driving is $ 134,200, Assume Henry takes the standard deduction of $12, 950. Click here to access the 2022 individual tax rate schedule to use for this problem. Question Content Area Assume the QBI amount is net of the self-employment tax deduction. a. Compute Henry's QBI deduction and his tax liability for 2022

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