What is Marc and Mikkel's taxable income? What is Marc and Mikkel's taxes payable or refund due for the year?
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- What is Marc and Mikkel's taxable income?
- What is Marc and Mikkel's taxes payable or refund due for the year?
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- In 2022, Lisa and Fred, a married couple, had taxable income of $303,600. If they were to file separate tax returns, Lisa would have reported taxable income of $126,800 and Fred would have reported taxable income of $176,800. Use Tax Rate Schedule for reference. What is the couple's marriage penalty or benefit?3. Fess receives wages totaling $75,700 and has net earnings from self-employment amounting to $61,300. In determining her taxable self-employment income for the OASDI tax, how much of her net self-employment earnings must Fess count?1. Theodore, age 74, and Maureen, age 59, are married taxpayers with two dependents. Their adjusted gross income for the 2018 tax year is $43,600, and they have itemized deductions of $7,800. Determine the following for Theodore and Maureen's 2018 income tax return: a. The greater of the amount of their standard deduction or their itemized deductions b. Their taxable income 2. Jeri is single and supports her 45-year-old son who has income of $350 from working in a pumpkin patch during October and lives in his own apartment. a. Can she claim him as a dependent? b. Can she claim head of household filing status? Why or why not?
- Tax Drill - Social Security Benefits Determine the taxable amount of social security benefits for the following situations. If an amount is zero, enter "0". a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $36,000, no tax-exempt interest, and $12,400 of Social Security benefits. As a result, s 0X of the Social Security benefits are taxable. b. Assume Erwin and Eleanor have adjusted gross income of $12,000, no tax-exempt interest, and $16,000 of Social Security benefits. As a result, s O✓ of the Social Security benefits are taxable. c. Assume Erwin and Eleanor have adjusted gross income of $85,000, no tax-exempt interest, and $15,000 of Social Security benefits. As a result, s 0X of the Social Security benefits are taxable.What is toms net pay per month and what does he pay in FICA taxes?Chuck, a single taxpayer, earns $75,600 in taxable income and $10,700 in interest from an investment in City of Heflin bonds. A.how much federal tax will he owe. B. What is his average tax rate? C. What is his effective tax rate? D. What is his current marginal tax rate?
- Compute the gross income, adjusted gross income, and taxable income in the following situation. Use the exemptions and deductions in the table to the right. Explain how it was decided whether to itemize deductions or use the standard deduction. A man is single and earned wages of $63,600. He received $390 in interest from a savings account. He contributed $510 to a tax-deferred retirement plan. He had $1650 in itemized deductions from charitable contributions. Solve His gross income is $ Tax Rate Single 10% up to $9325 15% up to $37,950 25% up to $91,900 28% up to $191,650 33% up to $416,700 35% up to $418,400 39.6% above $418,400 Standard deduction $6350 Exemption (per person) $4050c. Assume Tyler and Candice have adjusted gross income of $88,000 before considering their Social Security benefits, no tax-exempt interest, and $13,200 of Social Security benefits. As a result, $ 6,600 X of the Social Security benefits are taxable.Determine the taxable amount of social security benefits for the following situations. a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $39,200, no tax-exempt interest, and $13,720 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. b. Assume Erwin and Eleanor have adjusted gross income of $19,800, no tax-exempt interest, and $21,780 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. c. Assume Erwin and Eleanor have adjusted gross income of $116,500, no tax-exempt interest, and $17,475 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.
- What is the maximum investment income a taxpayer is allowed to have and still be allowed to claim the earned income credit?$ Why is there an investment income limit in the tax law regarding the credit? The earned income credit is meant to assistYou pay personal taxes on your calculated ____ income. a. adjusted gross b. marginal c. taxable d. grossQuestion: a. Norm and Linda are married, file a joint return, and have one 5-year-old child. Their adjusted gross income is $436,000. What is their child credit for the year 2018?b. If Norm and Linda had a 3-year-old as well as the 5-year-old and an 18-year-old from Linda’s first marriage, what would their total child tax credit and other dependent credit be for the year 2018?
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