Sharon and Tray are married, have two dependent children, and file a joint return in 2018....
Sharon and Tray are married, have two dependent children, and file a joint return in 2018. If they have adjusted gross income (AGI) of $80,000 and itemized deductions of $8,500, what is their taxable income for 2018? (Click the icon to view the standard deduction amounts.) (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero.) Minus: Taxable income
Sharon and Tray are married, have two dependent children, and file a joint return in 2018. If they have adjusted gross income (AGI) of $80,000 and itemized deductions of $8,500, what is their taxable income for 2018? (Click the icon to view the standard deduction amounts.) (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero.) Adjusted gross income Minus: Standard deduction 80,000 (24,000) 56,000 Taxable income STANDARD DEDUCTION...
Sarah and Timothy are married, have four dependent children, and file a joint return in 2019. If they have adjusted gross income (AGI) of $85,000 and itemized deductions of $12,000, what is their taxable income for 2019? (Click the icon to view the standard deduction amounts.) (If an input field is not used, leave the input field(s) empty Do not select a label or enter a zero) Minus Taxable income
Please help. Sarah and Ted are married, have four dependent children, and file a joint return in 2018. If they have adjusted gross income (AGI) of $94,000 and itemized deductions of $8,000, what is theirtaxable income for 2018? (Click the icon to view the standard deduction amounts) (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero.) Minus Taxable income STANDARD DEDUCTION Filing Status Married individuals filing joint returns...
Mark and Michelle are married, file a joint return, and have two dependent children. Michelle is a lawyer working for a corporation. Mark works as a college science teacher. During 2019, they report the following items: Mark’s Salary 83,000 Michelle’s salary 120,000 Interest earned on municipal bonds 2,000 Interest earned on Federal bonds 5,000 IRA Contribution 10,000 Itemized deductions 21,000 Compute adjusted gross income, taxable income and tax...
Can someone help me with this question, please? the 1st 2 pictures are the same but I just wanted to include the 1st picture because it shows the scroll down options( adjusted gross income, gross income, standard deduction, and itemized deduction). The 3rd picture shows a table and that is relevant to the standard deduction( i think in this case the standard deduction would be 24,400 because it's a married couple that files a joint return as given in question)....
John and May are married with two dependent children, file a joint return. They provide you with the following information: Medical and dental expenses (not reimbursed) $ 3,650 State income taxes 7,950 Real estate taxes 4,710 Personal property taxes (ad valorem) 1,325 Interest on home mortgage 17,800 Form 4952 shows deductible investment interest 800 Charitable contributions (made by cash or check) 2,000 Form 4684 shows a casualty loss deduction 600 AGI 188,850 What is the taxable income and tax liability...
QI:1-17 (book/static) Question Help Distinguish between taxpaying entities and flow through entities from the standpoint of the federal income tax law. entities, such as entities, such as merely pass the income on to a are required to pay income taxes on their taxable income generally do not directly pay income taxes on their taxable income but entity. QI:1-18 (book/static) Question Help Sally and Tom are married, have three dependent children, and file a joint return in 2019. If they have...
The KER Partnership earned ordinary income of $195,000 in 2018. The partnership has three equal partners, Kevin, Eli, and Robert. Robert, who is single, uses the standard deduction, and has other income of $13,000 (not connected with the partnership) in 2018. He receives a $28,000 distribution from the partnership during the year. What is Robert's taxable income in 2018? (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero....
pis possible Taxable income. Nick and Nora are married and file jointly. In 2018. they have an adjusted gross income of $41,900. If they have itemized deductions of $22,700 and the standard deduction is $24,000, what is their taxable income? Nick and Nora's taxable income is (Round to the nearest dollar)