married and have combined W-2 income of $89,361. They received a refund of $128 when they filed their taxes. How much income tax did their employers withhold during the year? $9,582. $9,326. $9,454. The answer cannot be determined with the information provided.
Q: Liama MacDonald just turned thirty years old. She is currently single. Liama has gross wages of…
A: Withholding tax is considered as type of tax that is basically deducted by the payer of the…
Q: . Compute JC's after-tax income from her practice assuming her self-employment tax is $3,942, and…
A: We obtain JC's net profit ($27900) from the question, The one-half- self employment tax ($1971) is…
Q: Required information [The following information applies to the questions displayed below.] Matt and…
A: Taxable income is the amount of the person's income that is taxed after all the deductions and…
Q: 1. Marcy, a single woman, makes $544.25 a week as a veterinary assistant. If she claims 1 allowance,…
A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…
Q: Neither Joe nor Jessie is blind or over age 65, and they plan to file as married joint. Assume that…
A: Answer:- The definition of adjusted gross income (AGI) is gross income less adjustments to income.…
Q: Sarah owns a jewelry store and prepares her financial statements using the accrual method of…
A: The objective of the question is to calculate the net income of Sarah's business under the cash…
Q: Kamryn Brown is single and earns $50,000 in taxable income and will use the following tax rate…
A: The question is related to the taxation of single individual as per the tax slab given.
Q: Arno and Bridgette are married and have combined W-2 income of $72,441. They received a refund of…
A: Income tax: The income tax refers to the amount that is paid by the taxpayer to the tax authority of…
Q: Terrell, an unmarried individual, has the following income items: Schedule C net profit Salary $…
A: Tax refers to the charge that is imposed by the government on the income of an individual or…
Q: Blaine Philips files as married filing jointly on his tax return and earned weekly gross pay of 385.…
A: There are 2 methods for calculating the federal tax withholding:- Wage bracket method or Percentage…
Q: Lisa is a single self-employed road trucker. She earned 190,000 of self-employment income during the…
A: Step 1: Identify the formula to be usedSelf-employed individuals pay 15.3% in taxes because they…
Q: Lee is single and has two daughters, Ava and Alice. He makes $155,600 in gross income from his job…
A: 1] Requirement:Calculation of Adjusted Gross Income:Calculation of Adjusted Gross Income…
Q: Required information [The following information applies to the questions displayed below.] Matt and…
A: The total tax liability is the sum of all the tax obligations owed by the taxpayer over their…
Q: What amount would be subject to the penalty for the underpayment of estimated taxes?
A: Tax liability is determined based on applicable tax rates and taxable income. There are different…
Q: Rachel is single and has wages of $162,950 and dividend income of $97,770. She has no investment…
A: Formula: Gross Income = Wages income + Dividend income.
Q: a. What is the amount of Ekiya's after-tax compensation (ignore payroll taxes)?
A: Taxes are the liabilities and dues that need to be paid by the individual to the government on…
Q: Jamison gross tax liabiity is $9550. Jamison had $2800 of available credits and he had $6250 of…
A: Tax liability Tax liability is the amount of money which is owed by an individual, firm , company,…
Q: a. What is the Comers' tax liability for 2023 if they report the following capital gains and losses…
A: Taxable income is the amount of the person's income that is taxed after all the deductions and…
Q: Jane is a self-employed attorney. This year, her net profit exceeded $350,000, which put her in the…
A: Payroll tax is a type of tax that employers withhold from their employees' wages or salaries and…
Q: An unmarried taxpayer has earned income of $96,000.The taxpayer's single mother does not live with…
A: The objective of the question is to determine if the taxpayer can file as Head of Household based on…
Q: Determine the amount of the late filing and late payment penalties that apply for the following…
A: Penalty:Anybody that fails to pay taxes by original due date may incur a penalty. Anybody here, can…
Q: Xavier and his wife Maria have total W-2 income of $95,392. They will file their tax return as…
A: The actual tax liability is determined according to the income tax return. The income taxes withheld…
Q: This year, Paula and Simon (married filing jointly) estimate that their tax liability will be…
A: Underpayment PenaltyNot all underpaying taxpayers face a penalty payment, which may be waived under…
Q: Laughlin files as single on her tax return and earned weekly gross pay of $625. She does not make…
A: Federal income tax refers to the compulsory form of charge levied by the government over the sum…
Q: Jamison's gross tax liability is $10,850. Jamison had $2,050 of available credits and he had $7,255…
A: INTRODUCTION: A tax is a necessary fee or financial charge that a government imposes on a person or…
Q: a. Generally, the earnings on the traditional IRA are tax deferred, whereas the earnings on a Roth…
A: There are 2 types of IRAs, namely, Traditional IRA and Roth IRA. There are different set of rules…
Q: JC recently graduated from veterinary school and opened their own professional practice. This year,…
A: Self-Employment Tax -Small business owners and independent contractors owe the federal government…
Q: Maureen Smith is a single individual. She claims a standard deduction of $12,400. Her salary for the…
A: The objective of this question is to determine Maureen Smith's marginal tax rate based on her salary…
Q: Required information [The following information applies to the questions displayed below] Matt and…
A: Taxable income is the amount of the person's income that is taxed after all the deductions and…
Q: Required: Compute their income tax on a joint return. Assume the taxable year is 2023. Use…
A: Taxable income is the base income upon which tax is levied. It includes some or all of income…
Q: Determine the amount of the late filing and late payment penalties that apply for the following…
A: A penalty may be imposed on any person or company that does not make their tax payments on time.…
Q: Ricardo owns a small unincorporated business. His 15-year-old daughter Jane works in the business on…
A: Ricardo owns a small unincorporated business. His 15-year-old daugtter Jane works in the business on…
Q: Enter the taxpayer's gross income for each of the following independent situations. If an amount is…
A: Gross income, which is the total amount of money earned by an individual before taxes and other…
Q: Timmy Tappan is single and had $189,000 in taxable income. Use the rates from Table 2.3. a.…
A: The taxpayer is required to pay taxes if income is taxable. The tax liability depends upon the…
Q: Alex and Addison are married and have the following income items: Alex's salary $ 55,250 44,900…
A: Taxable income is the base income upon which tax is levied. It includes some or all items of income…
Q: Jamison's gross tax liability is $10,850. Jamison had $2,050 of available credits and he had $7,255…
A: A tax is a necessary fee or monetary charge that the government levies on citizens or businesses in…
Q: krystal is single. Last year, she earned $35,800 wages. Additional tax information for the year is…
A: Please find the computation of taxable income of Krystal in step 3 below.
Q: Samson's wages are $100,000. He lives in Maryland and his non-tax costs include $25,000 rent and…
A: After-tax income refers to the amount of money an individual or entity has left from their earnings…
Q: 2: Chloe Fineman files as single on her tax return and earned weekly gross pay of $920. For each pay…
A: Chloe Fineman single earned weekly gross pay =$920 401(k) contribution = 6% of gross pay 4a figure =…
Q: Alex and Addison are married and have the following income items: Alex's salary Addison's Schedule C…
A: Taxable income is the base income upon which tax is levied. It includes some or all of income earned…
Q: Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt…
A: Tax liability refers to the obligation of a taxpayer towards the government. This obligation…
Arno and Bridgette are married and have combined W-2 income of $89,361. They received a refund of $128 when they filed their taxes. How much income tax did their employers withhold during the year? |
$9,582.
$9,326.
$9,454.
The answer cannot be determined with the information provided.
Step by step
Solved in 3 steps
- Grady received $8,880 of Social Security benefits this year. Grady also reported salary and interest income this year. What amount of the benefits must Grady include in his gross income under the following five independent situations? Note: Leave no answer blank. Enter zero if applicable. Required: a. Grady files single and reports salary of $13,800 and interest income of $420. b. Grady files single and reports salary of $23,870 and interest income of $770. c. Grady files married joint and reports salary of $78,400 and interest income of $670. d. Grady files married joint and reports salary of $44,000 and interest income of $870. e. Grady files married separate and reports salary of $23,870 and interest income of $770. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Grady files single and reports salary of $13,800 and interest income of $420. Amount to be included in gross incomeSharon Jones is single. During 2022, she had gross income of $159,800, deductions for AGI of $5,500, itemized deductions of $14,000 and tax credits of $2,000. Sharon had $22,000 withheld by their employer for federal income tax. She has a tax (due/refund) rounded to the nearest whole dollar of $.Alex and Addison are married and have the following income items: $ 52,500 41,800 1,300 Alex's salary Addison's Schedule C net profit Interest income Addison's self-employment tax was $5,906. Addison's Schedule C net business profit is qualified business 6 income (non-service). The couple have $8,070 itemized deductions and no children or other dependents. Required: Compute their income tax on a joint return. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Answer is complete but not entirely correct. AGI Taxable Income Income Tax Amount $ 92,647 $ 66,747 $ 7,599
- Duela Dent is single and had $178,400 in taxable income. Use the rates from Table 2.3. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Calculate her income taxes. Income taxes $ 57,088.00Maureen Smith is a single individual. She claims a standard deduction of $12,400. Her salary for the year was $188,000. Assume the following tax table is applicable. Single Individuals If Your Taxable Income Is Up to $9,875 $9,875- $40,125 $40,125- $85,525 $85,525- $163,300 $163,300- $207,350 $207,350- $518,400 You Pay This Amount on the Base of the Bracket $0.00 987.50 4,617.50 14,605.50 33,271.50 Over $518,400 What is her marginal tax rate? 47,367.50 156,235.00 Plus This Percentage on the Excess over the Base 10.0% 12.0 22.0 24.0 32.0 35.0 37.0 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 22.8 30.1 37.0Please fast answer.
- Terrell, an unmarried individual, has the following income items: Schedule C net profit Salary $ 31,900 55,120 NOL carryforward deduction Interest income (9,190) 725 Terrell's self-employment tax was $4,507. Terrell had $6,270 in itemized deductions and one dependent child (age 9) who lives with Terrell. Terrell's Schedule C net business profit is qualified business income (non-service). Required: Compute Terrell's income tax (before credits). Assume the taxable year is 2023. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. AGI Taxable Income Income Tax AmountMatt and Alex are married and filed jointly. Their combined wages were $83,300. They received $1650 in interest. They were entitled to two tax breaks of $2000/child. They contributed $3240 to their tax-deferred retirement plans, and their itemized deductions total $11,610. Determine whether they should itemize or take the standard deduction. Then compute their taxable income. Do not find how much they owe in incomes taxes.[The following information applies to the questions displayed below.] Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $64,150. Meg works part-time at the same university. She earns $33,450 a year. The couple does not itemize deductions. Other than salary, the Comers’ only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules,Dividends and Capital Gains Tax Rates.) (Round your final answers to the nearest whole dollar amount.) a. What is the Comers’ total income tax liability for 2019 (including income tax on wages) if they report the following capital gains and losses for the year? Short-term capital gains $ 9,090 Short-term capital losses (2,090 ) Long-term capital gains 15,170 Long-term capital losses (6,170 )
- Karen Most has a federal tax levy of $2,100.50 against her. If Most is single with two personal exemptions and had a take-home pay of $499.00 this week, how much would her employer take from her to satisfy part of the tax levy?Alex and Addison are married and have the following income items: Alex's salary$ 57,000Addison's Schedule C net profit31,700Interest income2,400 Addison's self-employment tax was $4,479. Addison's Schedule C net business profit is qualified business income (non-service). The couple have $10,270 itemized deductions and no children or other dependents. Required: Compute their income tax on a joint return. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.Required information [The following information applies to the questions displayed below.] Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $69,800. Meg works part time at the same university. She earns $43,200 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules, Dividends and Capital Gains Tax Rates.) Note: Round your final answers to the nearest whole dollar amount. a. What is the Comers' tax liability for 2023 if they report the following capital gains and losses for the year? Short-term capital gains Short-term capital losses Long-term capital gains Long-term capital losses Total tax liability $ 9,100 (2,100) 15,200 (6,200)