Income Calculations. Compute the gross income, adjusted gross income, and taxable income in each of the following situations. Use the exemptions and deductions in Table 4.9. Explain how you decided whether to itemize deductions or use the standard deduction. Emily and Juan are married and filed jointly. Their combined wages were $75,300. They earned $2000 from a rental property they own, and they received $1650 in interest. They claimed four exemptions, for themselves and two children. They contributed $3240 to their tax-deferred retirement plans, and their itemized deductions totaled $9610.
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
Income Calculations. Compute the gross income, adjusted gross income, and taxable income in each of the following situations. Use the exemptions and deductions in Table 4.9. Explain how you decided whether to itemize deductions or use the standard deduction.
Emily and Juan are married and filed jointly. Their combined wages were $75,300. They earned $2000 from a rental property they own, and they received $1650 in interest. They claimed four exemptions, for themselves and two children. They contributed $3240 to their tax-deferred retirement plans, and their itemized deductions totaled $9610.
Table 4.9 2017 Marginal Tax Rates, Standard Deductions, and Exemptions*
| Tax Rate** | Single | Married Filing Jointly | Married Filing Separately | Head of Household |
|---|---|---|---|---|
| 10% | up to $9325 | up to $18,650 | up to $9325 | up to $13,350 |
| 15% | up to $37,950 | up to $75,900 | up to $37,950 | up to $50,800 |
| 25% | up to $91,900 | up to $153,100 | up to $76,550 | up to $131,200 |
| 28% | up to $191,650 | up to $233,350 | up to $116,675 | up to $212,500 |
| 33% | up to $416,700 | up to $416,700 | up to $208,350 | up to $416,700 |
| 35% | up to $418,400 | up to $470,700 | up to $235,350 | up to $444,550 |
| 39.6% | above $418,400 | above $470,700 | above $235,350 | above $444,550 |
| Standard deduction | $6350 | $12,700 | $6350 | $9350 |
| Exemption (per person) | $4050 | $4050 | $4050 | $4050 |
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 4 images
