Jasmine 29vis filing as a single tax payer in 2020 she recieve the following sources 39000 wages Alimony 14328 divorce in October 2019 finalized Unemployment compensation 6200 She also contributed 2000 to traditional ira 2020 She has no other income and will claim standard deduction What is Jasmine adjustable gross income 37000 39000 43000 53000

Jasmine 29vis filing as a single tax payer in 2020 she recieve the following sources 39000 wages Alimony 14328 divorce in October 2019 finalized Unemployment compensation 6200 She also contributed 2000 to traditional ira 2020 She has no other income and will claim standard deduction What is Jasmine adjustable gross income 37000 39000 43000 53000

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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Single-Schedule X If taxable income is: Over- $ 0 income is: Over- $ 0 But not over- $ 11,000 ........10% 11,000 44,725 $ 1,100.00 +12% 44,725 95,375 5,147.00 +22% 95,375 182,100 16,290.00 +24% 182,100 231,250 37,104.00+ 32% 231,250 578,125. 52,832.00+ 35% 578,125 174,238.25 + 37% Married filing jointly or Qualifying widow(er)- Schedule Y-1 If taxable 22,000 89,450 190,750 364,200 462,500 693,750 ....... But not over- The tax is: $ 22,000 89,450 190,750 364,200 462,500 693,750 The tax is: of the amount over- ........10% $ 2,200.00 + 12% 10,294.00 +22% 32,580.00 + 24% 74,208.00+ 32% 105,664.00+ 35% 186,601.50+ 37% $ 0 11,000 44,725 95,375 182,100 231,250 578,125 of the amount over- 0 22,000 89,450 190,750 364,200 462,500 693,750 Head of household-Schedule Z If taxable income is: Over- $ 0 If taxable income is: Over- $ 0 But not over- 10% 15,700 $ 1,570.00+ 12% 59,850 6,868.00 +22% 95,350 14,678.00 +24% 182,100 35,498.00+ 32% 231,250 51,226.00+ 35% 578,100 172,623.50 + 37% Married filing…
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K @ W S F2 Antonio is single, earned wages of $44,700, received $1500 in interest from a savings account, contributed $3300 to a tax-deferred retirement plan, and took the standard deduction. Fin- gross income, adjusted gross income, and taxable income. Tax Rate 10% 12% 22% 24% 32% 35% 37% Standard Deduction #3 E Single up to $9950 up to $40,525 up to $86,375 up to $164,925 up to $209,425 up to $523,600 above $523,600 $12,550 Antonio's gross income was $ (Simplify your answer.) Antonio's adjusted gross income was $. (Simplify your answer.) Antonio's taxable income was $ (Simplify your answer.) D 80 F3 $ 4 Married Filing Jointly up to $19,900 up to $81,050 up to $172,750 up to $329,850 up to $418,850 up to $628,300 above $628,300 $25,100 F4 R F 07 dº % 5 F5 Married Filing Separately up to $9950 up to $40,525 up to $86,375 up to $164,925 up to $209,425 up to $314,150 above $314,150 $12,550 T G 6 F6 Y Head of Household up to $14,200 up to $54,200 up to $86,350 up to $164,900 up to…
Part 1 - Scenario 4 Review the following scenario. Use the information provided to answer questions about the taxpayer’s 2020 return.Jasmine Dayne (29) is filing as a single taxpayer. In 2020, she received income from the following sources: $39,000 in wages. Alimony payments totaling $14,328. Her divorce was finalized in October 2019. Unemployment compensation of $6,200. Jasmine also made a timely $2,000 contribution to a traditional IRA for 2020.She had no other income or adjustments, and she will claim the standard deduction.To assist you in answering questions about Jasmine’s tax return, you may refer to Part I of Schedule 1, Additional Income and Adjustments to Income, which is shown below.Part I Additional Income1 Taxable refunds, credits, or offsets of state and local income taxes. ________2a Alimony received. _________2b Date of original divorce or separation agreement (see instructions). _________3 Business income or (loss). Attach Schedule C. _________4 Other gains or…
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Question 6: What is the earnings threshold over which an employee whose filing status is Married Filing Separately will be subject to the additional Medicare tax? Answer: А. O $117,000 В. O $125,000 С. O S200,000 D. O $250,000
Individual Retirement Accounts (LO 5.3) Phil and Linda are 25-year-old newlyweds and file a joint tax return. Linda is covered by a retirement plan at work, but Phil is not. If an amount is zero, enter "0". a. Assuming Phil's wages were $27,000 and Linda's wages were $18,500 for 2018 and they had no other income, what is the maximum amount of their deductible contributions to a traditional IRA for 2018? Phil $ Linda $ b. Assuming Phil's wages were $53,000 and Linda's wages were $70,000 for 2018 and they had no other income, what is the maximum amount of their deductible contributions to a traditional IRA for 2018? Phil $ Linda $
Melanie bolar 62 will use the filing single status he adjust gross income xuring the year was 35000. She would like to itemize the deduction when she filies her 2020 federal . To seek relief from a medical during the year dhe inccured the following trip related 90 for a room 1 night,80 for non hospital meals while she was away, 500 miles driving her own vichele.she is not eligible for employer sponsored insurance. Her other expenses include 2200 net out of pocket health insurance paid with after tax dollar,1300 prescription 350 in co pay to jer doctor, 300 for new glasses 600 for basic dental services. What amount should she enter for total medical insurance and what amount can she deduct for eligie medical and dental expenses?
Problem 9-23 (Algorithmic) (LO. 4, 5) 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: Gross income and AGI Standard deduction (single) Taxable income Income tax Q Search Filing Single S PRE ta Chris LA L Heather 1 Filing Single b. Assume that Chris and Heather 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. SA SA SA 7:29 2/8/2