Josue 35 years old is an accountant. He receives medical insurance and fringe benefits from the employee. His wife, Laura is 33 years old and works part-time as an office manager. They have 1 child, Anna 4 years old (qualifies for the $2,000 child care credit. They live in NYC and Laura’s mother cares for Amy at no cost. Josue’s Gross salary $56,400 Laura’s salary $22,000 Cash gift $5,000 Interest Income from bank acc $100 Federal income tax w/h $2,500 State income tax $3,680 Charitable contributions $6,000 Rent paid $10,000 Made a loan on March 1 in the current year to a friend, who was starting a business. Principal amount was $10,000 and interest is due on December 31 annually. The interest rate is 5%. Calculate the amount (Loan was done as part of arm’s length transaction and interest was paid on time) Purchased 100 shares of IBM for $2,000 in April of this year and sold the stock for December for $1,500 Calculate the amount Municipal Bond Interest $500 Purchased 100 shares of Disney for $5,000 and sold it for $1,000. Held the stock for 2 years Calculate the amount Calculate Josue and Laura's taxable income?
Josue 35 years old is an accountant. He receives medical insurance and
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Josue’s Gross salary |
$56,400 |
|
|
Laura’s salary |
$22,000 |
|
|
Cash gift |
$5,000 |
|
|
Interest Income from bank acc |
$100 |
|
|
Federal income tax w/h |
$2,500 |
|
|
State income tax |
$3,680 |
|
|
Charitable contributions |
$6,000 |
|
|
Rent paid |
$10,000 |
|
|
Made a loan on March 1 in the current year to a friend, who was starting a business. Principal amount was $10,000 and interest is due on December 31 annually. The interest rate is 5%. |
Calculate the amount |
(Loan was done as part of arm’s length transaction and interest was paid on time) |
|
Purchased 100 shares of IBM for $2,000 in April of this year and sold the stock for December for $1,500 |
Calculate the amount |
|
|
Municipal Bond Interest |
$500 |
|
|
Purchased 100 shares of Disney for $5,000 and sold it for $1,000. Held the stock for 2 years |
Calculate the amount |
|
Calculate Josue and Laura's taxable income?
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