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- Karen, 28 years old and a single taxpayer, has a salary of $33,000 and rental income of $33,000 for the 2019 calendar tax year. Karen is covered by a pension through her employer. What is the maximum amount that Karen may deduct for contributions to her IRA for 2019? $__________________________ If Karen is a calendar year taxpayer and files her tax return on August 15, what is the last date on which she can make her contribution to the IRA and deduct it for 2019? $__________________________Chelsea, who is single, purchases land for investment purposes in 2014 at a cost of 22,000. In 2019, she sells the land for 38,000. Chelseas taxable income without considering the land sale is 100,000. What is the effect of the sale of the land on her taxable income, and what is her tax liability?Rasheed works for Company A, earning $350,000 in salary during 2021. Assuming he is single and has no other sources of income, what amount of FICA tax will Rasheed pay for the year? (Round your intermediate and final answer to the nearest whole dollar amount.) Amount of FICA tax
- Rasheed works for Company A, earning $299,000 in salary during 2022. Assuming he is single and has no other sources of income, what amount of FICA tax will Rasheed pay for the year? Note: Round your intermediate and final answer to the nearest whole dollar amount. Amount of FICA tax $ 22,873Toby and Nancy are engaged and plan to get married. During 2023, Toby is a full-time student and earns $7,600 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Nancy is employed and has wages of $59,400. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Gross income and AGI Toby Filing Single b. Assume that Toby and Nancy get married in 2023 and file a joint return. What is their taxable income and income tax? Round your final answer to the nearest whole dollar. Standard deduction (married, filing jointly) Taxable income Income tax Nancy Filing Single Married Filing Jointly c. How much income tax can Toby and Nancy save if…Chris and Heather are engaged and plan to get married. During 2023, Chris is a full-time student and earns $9,400 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Heather is employed and has wages of $72,600. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Chris Filing Single Heather Filing Single
- Chris and Heather are engaged and plan to get married. During 2023, Chris is a full-time student and earns $7,600 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Heather is employed and has wages of $79,200. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar.a. Compute the following: ChrisFiling Single HeatherFiling Single Gross income and AGI $fill in the blank 488588fb1f91034_1 $fill in the blank 488588fb1f91034_2 Standard deduction (single) fill in the blank 488588fb1f91034_3 fill in the blank 488588fb1f91034_4 Taxable income $fill in the blank 488588fb1f91034_5 $fill in the blank 488588fb1f91034_6 Income tax $fill in the blank 488588fb1f91034_7 $fill in the blank 488588fb1f91034_8…Toby and Nancy are engaged and plan to get married. During 2023, Toby is a full-time student and earns $6,700 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Nancy is employed and has wages of $85,800. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Gross income and AGI Toby Filing Single Standard deduction (married, filing jointly) Taxable income Income tax $ 6,700 13,850 0 0 Nancy Filing Single b. Assume that Toby and Nancy get married in 2023 and ñile a joint return. What is their taxable income and income tax? Round your final answer to the nearest whole dollar. Married 85,800 Filing Jointly 13,850 71,950 11,136.50Toby and Nancy are engaged and plan to get married. During 2023, Toby is a full-time student and earns $6,700 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Nancy is employed and has wages of $85,800. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Toby Filing Single $ $ 6,700 Nancy Filing Single $ $ $ 85,800
- Toby and Nancy are engaged and plan to get married. In 2022, Toby is a full-time student and earns $9,400 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Nancy is employed and has wages of $57,200. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "O". Do not round your intermediate computations. Round your final answer to the nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Toby Filing Single $9400 $12,950 0 0 Gross income and AGI Standard deduction (married, filing jointly) Taxable income Income tax Nancy Filing Single $57,200 $12,950 $44,250 b. Assume that Toby and Nancy get married in 2022 and file a joint return. What is their taxable income and income tax? Round your final answer to nearest whole dollar. ? ? Married Filing Jointly $66,600 25,900…Sydney deals blackjack at the casino and earns $(Digits 5,6,4,3,1) in 2021 in her job. What is her FICA tax? What if Sidney were to make $165,000?What is the Fergusons' 2021 federal income taxes payable or refund, including any self-employment tax and AMT, if applicable?
