Shella and Joe Wells are married with no dependent children. During 2021, they have gross income of $159,800, deductions for AGI of $5,500, and itemized deductions of $10,000. The Wells had $22,000 withheld by their employer for federal income tax. They have a tax due/refund) of $
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- Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $81,000 and they qualified for the standard deduction of $24,000. Use the following 2018 tax rate schedule to calculate their 2018 federal income tax. If your filing status is married, filing jointly or surviving spouses; and taxable income is more than: but not over: your tax is: $ 0 $19,050 10% OF the taxable income $19,050 $77,400 $1905 plus 12% of the excess over $19,050 $77,400 $165,000 $8907 plus 22% of the excess over $77,400 $165,000 $315,000 $28,179 plus 24% of the excess over $165,000 $315,000 $400,000 $64,179 plus 32% of the excess over $315,000 $400,000 $600,000 $91,379 plus 35% of the excess over $400,000 $600,000 _______ $161,379 plus 37% OF THE AMOUNT OVER $600,000 Jaylen and Zan's 2018 Federal income tax is: $(Round to the nearest dollar.)What is Jaylen and Zan's effective tax rate? [Tax paid divided by taxable income]%(Write as a percent, rounded to one decimal place.)Nelta is a single taxpayer who qualifies for the earned income credit. She has two qualifying children who are three and five years old. During 2020, Nelta’s wages are $19,500 and receives dividend income of $800. Use the EIC table in Appendix B to determine Nelta’s earned income credit.The Kigali's are married and file a joint return. Their AGI (earned income) was $14,610 and federal income tax withholding was $850.. They had no itemized deductions and two dependent children, ages 18 and 19. Required: If the Kigali's are entitled to a $4,716 earned income credit, compute their income tax refund. Assume the taxable year is 2023. Use Standard Deduction Table. Tax Refund
- Myrna and Geoffrey filed a joint tax return in 2019. Their AGI was $85,000, and itemized deductions were $25,100, which included $7,000 in state income tax. In 2020, they received a $1,800 refund of the state income taxes that they paid in 2019. The standard deduction for married filing jointly in 2019 was $24,400. Under the tax benefit rule, $_________ of the state income tax refund is included in gross income in 2020.The Lees, a family of two adults and two dependent children under age 16, had a gross annual income of $72 comma 000.0072,000.00 for 20202020. Determine their standard deduction and child tax credit amounts, as well as their marginal and average tax rates, assuming their filing status is married filing jointly. Why is their average tax rate lower than their marginal rate?Greg earned $25,500 in 2021 and had $1,500 of federal income taxes withheld from his salary. Assuming that Greg is single, 25 years old, and will have a total tax liability of $1,355 (and thus will receive a $145 refund), he
- In December 2019, Ben and Jeri (married filing jointly) have a long-term capital gain of $55,000 on the sale of stock held for 4 years. They have no other capital gains and losses for the year. After the standard deduction, their ordinary income for the year, before the capital gain, is $70,000, making their total income for the year $125,000. In 2019, married taxpayers who file jointly pay tax of $8,012 on the first $70,000 of ordinary taxable income and 15% on long-term capital gains above $78,750. What is their total tax liability? a.$14,949.50 b.$19,217.00 c.$8,012.00 d.$16,262.00Sarika(35) is single. Her 2020 federal itemized deductions totaled $14,400, of which she claimed $1,000 of state income taxes paid in 2020. She filed her tax return on April 10, 2021, and on May 1, 2021, she received a $1,000 state income tax refund. How much of her 2020 state refund is taxable on her 2021 federal return? $0 $500 $1,000 $2,000Arabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $55,000 as a sales representative forPlanning Associates; $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 taxowed for 2018.
- Jeremy (unmarried) earned $107,500 in salary and $6,400 in interest income during the year. Jeremy's employer withheld $10,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child (age 14) who lives with him. Jeremy qualifies to file as head of household and has $31,420 in itemized deductions. (Use the tax rate schedules, Tax rates for Net Capital Gains and Qualified Dividends.) Required: a. Determine Jeremy's tax refund or taxes due. b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,180. What is Jeremy's tax refund or tax due including the tax on the capital gain? c. Assume the original facts except that Jeremy has only $7,750 in itemized deductions. What is Jeremy's tax refund or tax due? Complete this question by entering your answers in the tabs below. Required A X Answer is complete but not entirely correct. Required B Required C Assume that in addition to the original facts, Jeremy has…Rahul and Ruby are married taxpayers. They are both under age 65 and in good health. For 2021 they have a total of $42,000 in wages and $300 in interest income. Rahul and Ruby's deductions for adjusted gross income amount to $6,000 and their itemized deductions equal $18,700. They have two children, ages 32 and 28, that are married and provide support for themselves. Table for the standard deduction Filing Status Standard Deduction Single $12,550 Married, filing jointly 25,100 Married, filing separately 12,550 Head of household 18,800 Qualifying widow(er) 25,100 a. What is the amount of Rahul and Ruby's adjusted gross income?In December 2021, Ben and Jeri (married filing jointly) have a long-term capital gain of $55,000 on the sale of stock held for 4 years. They have no other capital gains and losses for the year. After the standard deduction, their ordinary income for the year, before the capital gain, is $70,000, making their total income for the year $125,000. In 2021, married taxpayers who file jointly pay tax of $8,005 on the first $70,000 of ordinary taxable income and 15% on long-term capital gains above $80,800. What is their total tax liability?