Theodore, age 74, and Maureen, age 59, are married taxpayers with two dependents. Their adjusted gross income for the 2020 tax year is $43,600, and they have itemized deductions of $7,800. Determine the following for Theodore and Maureen's 2020 income tax return: ​ a. The greater of the amount of their standard deduction or their itemized deductions b. Their taxable income

Q: Arthur and Cora are married and have 2 dependent children. They have a gross income of $92,500.…

A: The tax liability for the year 2020 of married and filed jointly assessees's should be determined by…

Q: During 2018, the Smiths and the Joneses both filed joint tax returns. For the tax year ended…

A: Answer:        Tax on Smith taxable income of $130000 based   on tax rates for joint returns…

Q: Drake and Davina are married and file a joint return for 2021 with taxable income of $100,000 and…

A: Introduction: Your tax liability is the sum of income you owe to taxing authorities such as your…

Q: Jane and Greg are married and file a joint return. They expect to have $520,000 of taxable income in…

A: We have, Taxable income = $520,000 Additional deduction, if residence is purchased = $104,000* Net…

Q: Mary is age 33 and a single taxpayer with adjusted gross income for 2020 of $29,400. Mary maintains…

A: Taxable income:-These is that income that is liable for tax payment after providing deductions as…

Q: in 2023 lisa and fred a married couple had taxable income of $401,200. if they were to file separate…

A: According to the question given, we need to determine the couple's marriage penalty or…

Q: Determine the amount of the standard deduction for each of the following taxpayers for tax year…

A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…

Q: American Opportunity tax credit

A: This is a multiple-choice question in which we have to select the correct option. This question is…

Q: Andrew and Ella are married and file a joint tax return claiming their three children, ages 4, 7,…

A: The Kid Tax Credit went boosted from $2,000 per qualified child to $3,600 for children aged 5 and…

Q: tina, who is single. Adrian and Carol, who are filing a joint return. Their son is blind. Peter and…

A: Standard deduction refers to that section of the income of an entity that is not subject to tax and…

Q: Annette, a resident has a dependant spouse with an adjusted taxable income of $30 000 and three…

A: Annette, a resident has dependent spouse with adjusted taxable income = $30000 Also has three…

Q: In 2022, Jasmine and Thomas, a married couple, had taxable income of $160,000. If they were to file…

A: Please see the answer below:  calculation of income tax of jasmine & Thomas when they filed…

Q: Mickey and Jenny

A: The investment represents the employment of funds to something from where the company would get some…

Q: Calculate the total 2020 tax liability for a surviving spouse with one dependent child with a gross…

A: To calculate the total 2020 tax liability for a surviving spouse with one dependent child, we need…

Q: Oscar and Mary have no dependents and file a joint income tax return for 2020. They have adjusted…

A: Formula: Taxable income = Gross income - itemized deductions

Q: Melissa and Whitney are married taxpayers with taxable income of $106,000 and file a joint tax…

A: Tax Liability: Tax liability is the amount of money you owe to tax authorities, such as your local,…

Q: Sandra and Nick, married taxpayers filing a joint return, have $180,000 in taxable income in 2019.…

A: For the 2019 the standard deduction for married filing jointly is $ 24,400.…

Q: 1.Tyler and Candice are married and file a joint tax return. They have adjusted gross income of…

A: Social security benefits as the name suggests are the benefits provided by the government for…

Q: Porter file a joint tax return, and they itemize deductions. The Porters incur $2,000 in investment…

A: Investment interest expense refers to the sum value of interest paid regarding a loan by an entity…

Q: Compute the taxable income for 2023 in each of the following independent situations:…

A: SOLUTION.To compute the taxable income for each of these individuals for 2023, we follow these…

Q: Zack is single and has collected the following information for preparing his 2020 taxes: Gross…

A: Taxable Income -The basic income that taxes are imposed upon is known as taxable income. It…

Q: Calculate their total tax as well as the child tax credit that they can claim for the 20202020

A: The Child Tax Credit is a tax benefit offered to eligible parents or guardians to help alleviate the…

Q: Rebecca and Gregory, a married couple filing a joint return, reported adjusted gross income of…

A: ANSWER Amount $ 500 of state income tax refund will be included in gross income of 2020.   Working…

Q: Chandler and Cassidy are married and file a joint return. Chandler is age 66, and Cassidy is age 68.…

A: Answer:- Taxable incomes meaning:- Taxable incomes are those income on which government of a…

Q: What is her tax liability

A: Income includes salary, capital gain, earning from business or profession, and income from other…

Q: Martha and Rob, a married couple, under 50 years of age, have adjusted gross income on their 2019…

A: In case of married filing jointly and under 50 years of age, contribution limit to IRA is $6,000 in…

Q: . John, age 26, married Diane, age 25, in 2021. Their salaries for the year amounted to $47,230 and…

A: Particulars Amount $  Amount $ Gross income:     Salary $ 47,230   Interest $ 3,500   Gross…

Q: Determine the taxable amount of social security benefits for the following situations. If an amount…

A: a.This works out as whichever is lesser of the following as shown below:1.

Q: Marco and Tatiana are married and file separate returns for 2020. Tatiana itemizes her deductions on…

A: Taxable income refers to the income on which the tax payer is liable to pay the desired tax as…

Q: Which of the following taxpayers is required to file a 2023 federal income tax return? Mateo (48)…

A: Some of the threshold are as follows :Filing status Taxpayers ageA taxpayer must file a return if…

Q: Jillian and Greg are married and file a joint return. They expect to have $420,000 of taxable income…

A: Requirement aWe have, Taxable income = $420,000Additional deduction, if residence is purchased =…

Q: Taylor, a single taxpayer, has $16, 700 AGI. Assume the taxable year is 2023. Use Standard Deduction…

A: From the standard deduction table, Taylor is NOT qualified for the following: Married filing jointly…

Q: Brian and Kim have a 12-year-old child, Stan. For 2018, Brian and Kim have taxable income of…

A: Taxable Income:Taxable income refers to the base upon which an income tax system imposes tax.…

Q: Sheila and Joe Wells are married with two dependent children. During 2021, they have gross income of…

A: Taxable income refers to the income on which the taxpayer is liable to pay the desired tax as stated…

Q: Cameron is single and has taxable income of $92,616. Determine his tax liability using the tax…

A: Progressive Slab Rate: It is a system in which the rate of taxation rises as taxable income rises.…

Q: Rahul and Ruby are married taxpayers. They are both under age 65 and in good health. For 2020 they…

A: The adjusted gross income of a person is equal to their total gross income less specific deductions.…