Tyler and Nicole are age 32
The following information is available for Tyler and Nicole, a married couple filing a joint return, for 2021. Both Tyler and Nicole are age 32 and have no dependents.
Tylers Salary $120,000 plus a bonus of Digits (5,4,3,2,1)
Nicole is an
Interest income $12,000
Ordinary Dividends $(Digit 8),750
Capital Losses $(Digits 8,1),000
Gambling Winnings $(Digits 3,5),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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