Question 46 (1 point)Jocelyn Martin is a single young professional with a gross income of $51,000. Jocelyn has no adjustments to grossincome, but she does have itemized deductions totaling $4,275. If the standard deduction is $13,850, what is Jocelyn'staxable income?$34,525$37,150$46,725$51,000

Step 1 The Internal Revenue Service (IRS) in the US enables taxpayers to lower their taxable income…

Answered: Question 46 (1 point) Jocelyn Martin is…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter3: Computing The Tax

Section: Chapter Questions

Problem 26P

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ESTIMATING TAXABLE INCOME, TAX LIABILITY, AND POTENTIAL REFUND. Hannah Owens is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned 55,000 as a sales assistant for Business Solutions: 3,910 of her wages was withheld for federal income taxes. In addition, she had interest income of 142. She takes the standard deduction. Calculate her taxable income, tax liability, and tax refund or tax owed for 2015.
Use Figure 12.15 as a reference to answer the following questions. A. If an employee makes $1,400 per month and files as single with no withholding allowances, what would be his monthly income tax withholding? B. What would it be if an employee makes $2,500 per month and files as single with two withholding allowances?
Question 16 In 2020, Len has a salary of $40,700 from his job. He also has interest income of $400. Len is single and has no dependents. During the year, Len sold stock held as an investment for a $10,000 loss. Calculate the following amounts for Len: a. Adjusted gross income b. Standard deduction c. Taxable income d. Tax liability e. Explain the tax treatment of the loss from the stock sale
p
b. Should Daniel itemize his deductions from AGI or take the standard deduction?Because Daniel's total itemized deductions (after any limitations) are_______, he would benefit from ___
Q. 5
Problem 6-19 (Algorithmic) Special Rules for High-Income Taxpayers (LO 6.8) Rachel is single and has wages of $173,750 and dividend income of $104,250. She has no investment expenses. Calculate the amount of the 3.8 percent net investment income tax she must pay. Round your answer to the nearest whole dollar. 10,564 x
KA. QUESTION 10 Maria is employed by a major defense contractor and earns $156,000 in 2016. She Calculates: a. The amount of Social Security taxes withheld from your income b. The amount of Medicare tax withheld from your income c. The amount of FUTA withheld from your income
a3
Problem 6-20 (Algorithmic) Computing the 0.9 Percent Medicare Tax for High-Income Taxpayers (LO 6.8) Married taxpayers Otto and Ruth are both self-employed and file a joint return. Otto earns $380,600 of self-employment income and Ruth has a self-employment loss of $28,700. How much 0.9 percent Medicare tax for high-income taxpayers will Otto and Ruth have to pay with their 2021 income tax return? If required, round your final answer to nearest dollar.
What is the amount of self-employment tax that would be paid by Andy for the year assuming he earned $128,100 while working as an employee of the University and another S20,000 from a sales business he owns? Select one: a. S1,190.40 b. S1,726.03 C. $535.63 d. $2,825.91 e. None of these
Question 18 Mary is a 47-year old corporate attorney. She earns $225,000 per year and receives group term life insurance coverage equal to two times her salary from her employer. Asume the plan is not disciminatory. How much Section 79 income must Mary report this year? $26.25 $60.00 $720.00 $810.00 Use the following information to answer the next three questions: Your client reports the following details to you: Income from Job of $125,000 Reinvested Municipal Bond Interest of $7,000 Additional Dedicated Expenses of $56,000 ● ● ● Discretionary Expenses of $74,300 Monetary Assets of $150,000 Investment Assets of $100,000 Retirement Assets of $130,000 A Home worth $345,000 Credit Card Liabilities of $27,000 Other Debt of $98,000

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