sadora and Virginia are married with 4 children. They are filing taxes jointly. They have a gross income of $130,655, and they made the following tax - deductible purchases: Charitable contributions:$2,796 Medical expenses: $8,630 Student loan interest: $1,615 Compute their final income tax using the information below. Married_filled_joined.png Round your answer to the nearest dollar.Standard deduction for married filers: $27, 70010

Taxable Income:Taxable income refers to the income that is obtained after deducting all the…

Answered: sadora and Virginia are married with 4…

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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krystal is single. Last year, she earned $35,800 wages. Additional tax information for the year is as follows.. Interest earned $136, capital gains from sale of stock $1850. alimony paid $6,100, contributions to IRA retirement fund $ 2800; Real estate taxes $1600, mortgage interest paid $5100. The following table gives the standard deduction for various statuses.
use the marginal tax rates in the table below to compute the tax owed in the following situation. Winona and Jim are married filing jointly, with a taxable income of $288,000. They are entitled to a $6000 tax credit. Solve. The tax owed is $. enter your response here. Tax Rate Married filing jointly 10% up to $18,650 15% up to $75,900 25% up to $153,100 28% up to $233,350 33% up to $416,700 35% up to $470,700 39.6% above $470,700 Standard deduction $12,700 Exemption (per person) $4050
determine the income tax owed by Jake and Anna Green. They are a married couple with 3 dependent children. They decided to file their taxes jointly this year and had a combined gross income of $55,000. They had an adjustment of $800 and tax credits of $4000. They give you an itemized list of their deductions that include mortgage interest of $7,500, charitable contributions of $1500, student loan interest of $2,500, and property taxes of $1450. 1.) What is Jake and Anna Green’s adjusted gross income? 2.) What is Jake and Anna Green’s taxable income?
Jermaine and Alysha are married and have combined W-2 income of $87,466. They received a refund of $431 when they filed their taxes. How much income tax did their employers withhold during the year? Use the appropriate Tax tables or Tax rate schedules. Multiple Choice $6,547. $7,409. $10,468. Cannot be determined with the information provided.
George and Wanda received $29,100 of Social Security benefits this year ($11,000 for George, $18.300 for Wanda). They also received $4,800 of interest from jointly owned City of Ranburne Bonds and dividend income. What amount of the Social Security benefits must George and Wanda include in their gross income under the following independent situations? Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Required: a. George and Wanda file married joint and receive $8,750 of dividend income from stocks owned by George b. George and Wanda file married separate and receive $8,750 of dividend income from stocks owned by George c. George and Wands file married joint and receive $32.200 of dividend income from stocks owned by George d. George and Wanda file married joint and receive $16,100,of dividend income from stocks owned by George Complete this question by entering your answers in the…
A married couple with 4 children is filing taxes jointly. They have a gross income of $436,202, and they made the following tax-deductible purchases: • Charitable contributions: $6,826 • Medical expenses: $2,712 • Mortgage interest: $5,973 Compute their final income tax using the following information: Married Individuals Filing Joint Returns and Surviving Spouses If Taxable Income Is Between: The Tax Due Is: 0- $19,750 10% of taxable income $19,751 - $80,250 $1,975 + 12% of the amount over $19,750 $80,251 - $171,050 $9,235 + 22% of the amount over $80,250 $171,051 - $326,600 $29,211 + 24% of the amount over $171,050 $326,601 - $414,700 $66,543 + 32% of the amount over $326,600 $414,701 - $622,050 $94,735 + 35% of the amount over $414,700 $622,051 $167,307.50 + 37% of the amount over $622,050 Round your answer to the nearest dollar. Recall the standard deduction for married filers: $24,800
Use the 2021 marginal tax rates to compute the tax owed by the couple with the given filing status, taxable income, and tax credit. married filing jointly with a taxable income of $192,000 and a $8000 tax credit Click the icon to view the 2021 marginal tax rates. The tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.)
Please answer all parts! William and Annette Johnson (both age 45) are married taxpayers who file a joint return. They have a son, Sean, age 7. During the tax year, they had the following receipts: 1 Salary ($75,000 for William, $62,000 for Annette) $137,000 2. Interest Income · City of Normal school bonds $1,000 · Ford Motor Company bonds 1,200 · PNC Bank certificate of deposit 600 2,800 3. Annual gift from parents 26,000 4. Lottery winnings 1,000 5. Short-term capital loss (from stock investment) ( 5,000) 6. Federal income tax refund from last year return 2,400 7. Child support from Annette's ex-husband 8,000 8. State income tax refund from the prior year (they used standard deduction in the prior year) 700 They also have the following facts related to their…
Alex and Addison are married and have the following income items: Alex's salary$ 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.
David and Lilly Fernandez have determined their tax liability on their joint tax return to be $3,100. They have made prepayments of $2,390 and also have a child tax credit of $2,000. What is the amount of their tax refund or taxes due? Toal tax prepayment child tax credit Tax refund
Boyd Salzer, an unmarried individual, has $246,400 AGI consisting of the following items: Salary Interest income $ 214,000 3,800 Dividend income 11,100 Rental income from real property 17,500 1. Compute Mr. Salzer's Medicare contribution tax. 2. Compute the Medicare contribution tax if Boyd Salzer files a joint income tax return with his wife Harriet.

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