South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
42nd Edition
ISBN: 9781337702546
Author: James C. Young, William H. Hoffman, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
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Question
Chapter 9, Problem 1DQ
To determine
Explain the changes in employment status.
Expert Solution & Answer
Explanation of Solution
Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a civilized society.
Both Mrs. S and Mr. J were employed during 2017 and did not repay expenses related to work. Yet, during 2018 one spouse has become self-employed, so apparently that person is not employed. And another possibility is that one spouse is
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Students have asked these similar questions
Bart and Susan Forrest are married and have no dependents. They have asked you to advise them whether they should
file jointly or separately in 2017.They present you with the following information:
Salary
Business net income
Interest income
Deductions for AGI
Medical expenses
State income tax
Real estate tax
Mortgage interest
Unreimbursed employee expenses
Bart
$38,000
400
2,400
10,427
800
1,200
$110,000
1,200
14,000
3,358
1,800
Susan
$2,200
3,800
4,200
Joint
If they file separately, Bart and Susan will split the real estate tax and mortgage interest deductions equally.
A. Write Bart and Elizabeth a letter in which you make and explain a recommendation on filing status for 2017. Bart and
Elizabeth reside at 2003 highland drive durham NC 27707
B.
Complete Barts Schedule A for 2017( use the most current version of schedule A Available). For the this purpose Assume
that Bart and Elizabeth file separate returns Bart Social Security Number is 123-45-6789
Give true answer of this accounting question
In 2018, Lisa and Fred, a married couple, had taxable income of $337,500. If they were to file separate tax returns, Lisa would have reported taxable income of $137,500 and Fred would have reported taxable income of $200,000. Use Tax Rate Schedule for reference.
What is the couple’s marriage penalty or benefit? (Do not round intermediate calculations.)
Chapter 9 Solutions
South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
Ch. 9 - Prob. 1DQCh. 9 - Mason performs services for Isabella. In...Ch. 9 - Milton is a resident of Mobile (Alabama) and is...Ch. 9 - Prob. 4DQCh. 9 - Prob. 5DQCh. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 9DQCh. 9 - Prob. 10DQ
Ch. 9 - Prob. 11DQCh. 9 - Prob. 12DQCh. 9 - Prob. 13DQCh. 9 - Prob. 14DQCh. 9 - Prob. 15DQCh. 9 - Prob. 16CECh. 9 - Fred, a self-employed taxpayer, travels from...Ch. 9 - Prob. 18CECh. 9 - Prob. 19CECh. 9 - Prob. 20CECh. 9 - Prob. 21CECh. 9 - Prob. 22CECh. 9 - Cindy maintains an office in her home that...Ch. 9 - Prob. 24CECh. 9 - Prob. 25CECh. 9 - Prob. 26PCh. 9 - Prob. 27PCh. 9 - Prob. 28PCh. 9 - In June of this year, Dr. and Mrs. Bret Spencer...Ch. 9 - Prob. 30PCh. 9 - On Thursday, Justin flies from Baltimore (where...Ch. 9 - Monica, a self-employed taxpayer, travels from her...Ch. 9 - Prob. 33PCh. 9 - Prob. 34PCh. 9 - Prob. 35PCh. 9 - Prob. 36PCh. 9 - Prob. 37PCh. 9 - Prob. 38PCh. 9 - Prob. 39PCh. 9 - Prob. 40PCh. 9 - Prob. 41PCh. 9 - Prob. 42PCh. 9 - Prob. 43PCh. 9 - Prob. 44PCh. 9 - Prob. 45PCh. 9 - Prob. 46PCh. 9 - Prob. 47PCh. 9 - In the current year, Barlow moved from Chicago to...Ch. 9 - Prob. 2CPA
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- Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2019, they earn wages of 34,000 and no other income. Determine the amount of their earned income credit for 2019.arrow_forwardJoan, who was divorced in 2019, had filed a joint tax return with her husband in 2018. During 2019, she did not remarry and continued to maintain her home in which her five dependent children lived. In the preparation of her tax return for 2019, Joan should file as: A single individual A qualifying widow(er) Head of household Married, filing separately None of the abovearrow_forwardUlysses and Penelope are married and file separate returns for 2019. Penelope itemizes her deductions on her return. Ulysses' adjusted gross income was $17,400, his itemized deductions were $2,250. Neither have any dependents. Calculate Ulysses' income tax liability assuming the couple does not live in a community property state. $___________arrow_forward
- In 2021, Lisa and Fred, a married couple, had taxable income of $305,200. If they were to file separate tax returns, Lisa would have reported taxable income of $126,700 and Fred would have reported taxable income of $178,500. Use Tax Rate Schedule for reference. What is the couple’s marriage penalty or benefit?arrow_forwardIn 2023, Lisa and Fred, a married couple, had taxable income of $406,600. If they were to file separate tax returns, Lisa would have reported taxable income of $228,300 and Fred would have reported taxable income of $178,300. Use Tax Rate Schedule for reference. What is the couple's marriage penalty or benefit? Note: Do not round intermediate calculations. Marriage benefit Marriage penaltyarrow_forwardIn 2021, Jasmine and Thomas, a married couple, had taxable income of $101,000. If they were to file separate tax returns, Jasmine would have reported taxable income of $91,000 and Thomas would have reported taxable income of $10,000. Use Tax Rate Schedule for reference.What is the couple’s marriage penalty or benefit?arrow_forward
- in 2023 lisa and fred a married couple had taxable income of $401,200. if they were to file separate tax returns, Lisa would have reported taxable income of $225,600 and fred would have reported taxable income of $175,600. what is the couples marriage penalty or benefit?arrow_forwardIn 2023, Lisa and Fred, a married couple, had taxable income of $412,600. If they were to file separate tax returns, Lisa would have reported taxable income of $231,300 and Fred would have reported taxable income of $181,300. Use Tax Rate Schedule for reference. What is the couple's marriage penalty or benefit? Note: Do not round intermediate calculations. Marriage benefit Carrow_forwardUsing the married filing jointly status and their income and expense statement, calculate the 2017 tax liability for Shameka and Curtis Williams. First, use the standard deduction, and then use the following itemized deductions: Income Expenses Earned income $48,000.00 Home mortgage interest $7,800.00 Interest income 1,600.00 Real estate and state income taxes 3,850.00 Miscellaneous deductions 550.00 Explain to the Williams which method they should use and why. Shameka and Curtis' total gross income for the 2017 tax year is $____________. (Round to the nearest cent.)arrow_forward
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