The following information is available for Tyler and Beau Nicky, a married couple filing a joint return, for 2021. Both Tyler and Beau are age 32 and have no dependents. Tyler' s Salary $120,000 plus a bonus of $74963 Beau is an unemployed artist Interest income $12,000 Ordinary Dividends $5,750 Capital Losses $53,000 Gambling Winnings $97,600 Do not worry about the phase out of exemptions. Withholding
1. The following information is available for Tyler and Beau Nicky, a married couple filing a joint return, for 2021. Both Tyler and Beau are age 32 and have no dependents.
Tyler' s Salary $120,000 plus a bonus of $74963
Beau is an
Interest income $12,000
Ordinary Dividends $5,750
Capital Losses $53,000
Gambling Winnings $97,600
Do not worry about the phase out of exemptions.
Withholding $33,000
a. What is the amount withheld for each element of FICA taxes (Social Security and Medicare)?
b. What is the amount of their adjusted gross income?
c. What is the amount of their taxable income?
d. What is the amount of their tax liability (gross tax)?
e. What is the amount of their tax due or (refund due)?
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