Answered: deduction

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Question

7) Francisco is single, and he earned $76,380 in 2020. He paid a total of $8,838 in 2020 for benefits, including his health insurance premiums and 401(k) contributions. He paid $4,064 in state and local taxes, paid $3,528 in property taxes, paid $7,284 in mortgage interest, and donated $1,800 to charity in 2020. Assume that there are no other tax-deductible expenses or special adjustments to his taxable income. Find Francisco's taxable income for 2020.
Note: The 2020 standard deduction for a single tax filer is $12,400.

$50,866

$38,466

$55,142

$63,980

Olivia is single, and her taxable income for 2020 is $23,983. A total of $2,951.83 was withheld from her paychecks in 2020 for federal income taxes. Which of the following best describes her situation?

Use the following tax rate chart:

If Taxable Income Is:	The Tax Is:
Not over $9,875	10% of the taxable income
Over $9,875 but not over $40,125	$987.50 plus 12% of the excess over $9,875
Over $40,125 but not over $85,525	$4,617.50 plus 22% of the excess over $40,125
Over $85,525 but not over $163,300	$14,605.50 plus 24% of the excess over $85,525
Over $163,300 but not over $207,350	$33,271.50 plus 32% of the excess over $163,300
Over $207,350 but not over $518,400	$47,367.50 plus 35% of the excess over $207,350
Over $518,400	$156,235 plus 37% of the excess over $518,400

Group of answer choices

She will receive a refund of $268.05.

She will receive a refund of $271.37.

She owes $268.05 to the IRS.

She owes $271.37 to the IRS.

Sam and Sue are married, and their joint taxable income for 2020 was $53,585. A total of $1,732.00 was withheld from Sam's paychecks in 2020 for federal income taxes. A total of $5,201.25 was withheld from Sue's paychecks in 2020 for federal income taxes. Which of the following best describes their situation?

Use the following tax rate chart:

If Taxable Income Is:	The Tax Is:
Not over $19,750	10% of the taxable income
Over $19,750 but not over $80,250	$1,975 plus 12% of the excess over $19,750
Over $80,250 but not over $171,050	$9,235 plus 22% of the excess over $80,250
Over $171,050 but not over $326,600	$29,211 plus 24% of the excess over $171,050
Over $326,600 but not over $414,700	$66,543 plus 32% of the excess over $326,600
Over $414,700 but not over $622,050	$94,735 plus 35% of the excess over $414,700
Over $622,050	$167,307.50 plus 37% of the excess over $622,050

Group of answer choices

They owe $603.52 to the IRS.

They owe $898.05 to the IRS.

They will receive a refund of $898.05.

They will receive a refund of $603.52.

10)

Mike's annual salary after deductions for benefits is $77,997. Calculate his total annual FICA taxes.

Note: FICA taxes include 6.2% for Social Security and 1.45% for Medicare

Group of answer choices

$5,966.77

$4,835.81

More information is needed.

$11,933.54

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Francisco is single, and he earned $76,380 in 2020. He paid a total of $8,838 in 2020 for benefits, including his health insurance premiums and 401(k) contributions. He paid $4,064 in state and local taxes, paid $3,528 in property taxes, paid $7,284 in mortgage interest, and donated $1,800 to charity in 2020. Assume that there are no other tax-deductible expenses or special adjustments to his taxable income. Find Francisco's taxable income for 2020.
Note: The 2020 standard deduction for a single tax filer is $12,400.

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