Victor and Roberta Sanchez file jointly and had a combined income of $85,700 last year. They contributed $4,200 to their retirement plan and had itemized deductions of $19,420. Their combined income tax withheld last year amounted to $9,555. Are they entitled to a refund or do they owe additional taxes? O owe additional taxes O entitled to a refund How much (in $)? $ Need Help? Read It Watch It Master It

Victor and Roberta Sanchez file jointly and had a combined income of $85,700 last year. They contributed $4,200 to their retirement plan and had itemized deductions of $19,420. Their combined income tax withheld last year amounted to $9,555. Are they entitled to a refund or do they owe additional taxes? O owe additional taxes O entitled to a refund How much (in $)? $ Need Help? Read It Watch It Master It

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 64P: Leroy and Amanda are married and have three dependent children. During the current year, they have...

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Similar questions

Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.
Leroy and Amanda are married and have three dependent children. During the current year, they have the following income and expenses: Salaries 120,000 Interest income 45,000 Royalty income 27,000 Deductions for AGI 3,000 Deductions from AGI 9,000 a. What is Leroy and Amandas current year taxable income and income tax liability? b. Leroy and Amanda would like to lower their income tax. How much income tax will they save if they validly transfer 5,000 of the interest income to each of their children? Assume that the children have no other income and that they are entitled to a 1,050 standard deduction.
Jason and Mary are married taxpayers in 2019. They are both under age 65 and in good health. For 2019 they have a total of $41,000 in wages and $700 in interest in come. Jason and Mary's deductions for adjusted gross income amount to $5,000 and their itemized deductions equal $18,700. They have two children, ages 32 and 28, that are married and provide support for themselves. What is the amount of Jason and Mary's adjusted gross income?$____________ What is the amount of their itemized deductions or standard deduction? $____________ What is their taxable income? $____________
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