Taxpayer: Gregory and Brenda Morris, filing 1040 Filing Status: married, filing jointly Exemptions: 2 children Taxes withheld: $5,300 Income: Mr. Morris: $32,000 Mrs. Morris: $20,000 Interest income: $500 Bonus for Mr. Morris: $4,000 Deductions: ● Medical expenses: Drugs: $400 Hospitalization insurance: $1,000 Doctor bills: $2,000 Dentist bills: $1,600 Eyeglasses: $200 Medical supplies: $800 ● Interest expenses: Home mortgage: $6,000 ● Contributions: Calvary Church: $5,000 Oakdale Children's Home: $1,000 How much is the taxable income? Do they owe additional taxes, or do they get a refund? How much?
Taxpayer: Gregory and Brenda Morris, filing 1040 Filing Status: married, filing jointly Exemptions: 2 children Taxes withheld: $5,300 Income: Mr. Morris: $32,000 Mrs. Morris: $20,000 Interest income: $500 Bonus for Mr. Morris: $4,000 Deductions: ● Medical expenses: Drugs: $400 Hospitalization insurance: $1,000 Doctor bills: $2,000 Dentist bills: $1,600 Eyeglasses: $200 Medical supplies: $800 ● Interest expenses: Home mortgage: $6,000 ● Contributions: Calvary Church: $5,000 Oakdale Children's Home: $1,000 How much is the taxable income? Do they owe additional taxes, or do they get a refund? How much?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Taxpayer:
Gregory and Brenda Morris, filing 1040
Filing Status:
married, filing jointly
Exemptions:
2 children
Taxes withheld:
$5,300
Income:
Mr. Morris: $32,000
Mrs. Morris: $20,000
Interest income: $500
Bonus for Mr. Morris: $4,000
Deductions:
● Medical expenses:
Drugs: $400
Hospitalization insurance: $1,000
Doctor bills: $2,000
Dentist bills: $1,600
Eyeglasses: $200
Medical supplies: $800
● Interest expenses:
Home mortgage: $6,000
● Contributions:
Calvary Church: $5,000
Oakdale Children's Home: $1,000
How much is the taxable income? Do they owe additional taxes, or do they get a refund? How much?
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