Problem: Maureen Smith is a single individual. She claims a standard deduction of $12,000. Her salary for the year was $134,750. What is her taxable income?
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- Maureen Smith is a single individual. She claims a standard deduction of $12,400. Her salary for the year was $241,050. What is her taxable income? a. $12,400 b. $253,450 c. $228,650 d. $216,250 e. $241,050Compute for the taxable income in each of the following cases. Show your computation. Thank you in advance.Sally McKrachen is a single young professional with a gross income of $51,000. Sally has no adjustments to gross income, but she does have itemized deductions totaling $4,275. If personal exemptions for the year are $3,700 each and the standard deduction is $5,800, what is Sally's taxable income? a. $ 37,225 b. $43,028 c. $47,300 d. $ 41,500
- If Marissa's yearly salary was $65,900 and she received taxable benefits in the amount of $1127.99 per year what amount would go into Box 26 on her T4?3. Fess receives wages totaling $75,700 and has net earnings from self-employment amounting to $61,300. In determining her taxable self-employment income for the OASDI tax, how much of her net self-employment earnings must Fess count?2) Using the same information above, "David and Dana file a joint return. David earned $35,000 during the year before losing his job. Dana received Social Security benefits of $4,800" What is the taxable portion of the Social Security benefits if David earned $46,000? Begin by computing the provisional income.
- uire anv were- Your Taxpayer, age 16, is claimed as a dependent by his mother. In 2019, he has dividend income of $1,300 and earns $500 from a part-time job. What is his taxable income for 2019? a. r00 b. Suppose he earned $1,100 (not $500) from the part-time job. What is his taxable income for 2019? 950 atoturfes)Ms. Maya had a gross taxable compensation income of P500,000.00. She also earned an additional P2,000.00 and P1,000.00 interest income from her time deposit and short-term deposit, respectively. Her taxable income subject to regular income tax isMaureen Smith is a single individual. She claims a standard deduction of $12,400. Her salary for the year was $73,850. 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 You Pay This Amount on the Base of the Bracket O a $9,309.00 Ob $12,037.00 O c $4,617.50 Od $7.176.50 e $13.519.00 $0.00 987.50 4,617.50 14,605.50 33,271.50 47,367.50 156,235.00 $207 350-$518,400 Over $518,400 What is her federal tax liability? 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 37.0
- Coby has $61,000 of salary and $11,300 of itemized deductions. Chelsea has $87,000 of salary and $15,200 of itemized deductions. They are married and under age 65. Read the requirements2. Requirement a. Compute their taxable incomes if they file separately and Chelsea claims itemized deductions on her return. First, compute the taxable income for Coby. (1) (2) Taxable income Now compute the taxable income for Chelsea. (3) (4) Taxable income Requirement b. Compute their taxable income if they file jointly. Assume their total itemized deductions equals the sum of their separate itemized deductions. (5) (6) Taxable income 1: Reference STANDARD DEDUCTION Filing Status Married individuals filing joint returns and surviving spouses $24,400 Heads of households $18,350 Unmarried individuals (other than surviving…pare.0Dave and Delores file a joint return. Dave earned $36,000 during the year before losing his job. Delores received Social Security benefits of $6,000. Requirements a. Determine the taxable portion of the Social Security benefits. b. What is the taxable portion of the Social Security benefits if Dave earned $43,000? Requirement a. Determine the taxable portion of the Social Security benefits. Begin by computing the provisional income. Only select iems that are applicable to Dan and Diana. (Leave unused cells blank, do not select a label or enter a zero.) Plus: Provisional income The taxable portion of the Social Security benefits is Requirement b. What is the taxable portion of the Social Security benefits if Dave earned $43,000? Begin by computing the provisional income. The provisional income is The taxable portion of the Social Security benefits is