Homework Answers
| Particulars | Amount | W.N |
| Marc's Salary | $ 64,000 | |
| Michelle's Salary | $ 12,000 | |
| Municipal bond Interest | $ 350 | |
| Corporation Bond Interest | $ 500 | |
| Gross Income | $ 76,850 | |
| For AGI Deductions | $ 4,000 | 2500+1500 |
| AGI | $ 72,850 | |
| Standard Deduction | $ 24,400 | For the year 2019. |
| Taxable Income | $ 48,450 | |
| Tax Liability | $ 5,426 | 1940+(48450-19400)*12% |
| Child Tax Credit | $ 2,000 | |
| Federal Income Tax Withheld | $ 3,500 | |
| Tax Refund | $ 74 |
Itemized Deduction is eliminated for 2019
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Required information The following information applies to the questions displayed below.) 30 Marc and Michelle are...
Required information The following information applies to the questions displayed below.) Marc and Michelle are married...
Required information The following information applies to the questions displayed below.) Marc and Michelle are married and earned salaries this year of $70,400 and $14,400, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1,300 from corporate bonds. Marc contributed $3,300 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $2,300. Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire...
Required information The following information applies to the questions displayed below) Marc and Michelle are married...
Required information The following information applies to the questions displayed below) Marc and Michelle are married and earned salaries this year of $70,400 and $14.400, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1,300 from corporate bonds. Marc contributed $3,300 to an individual retirement account and Mare paid alimony to a prior spouse in the amount of $2,300. Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire...
I'm struggling to find 'part e' which is, taxes payable or refund due for the year....
I'm struggling to find 'part e' which is, taxes
payable or refund due for the year.
Required information (The following information applies to the questions displayed below) Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of...
Required information [The following information applies to the questions displayed below) Lacy is a single taxpayer...
Required information [The following information applies to the questions displayed below) Lacy is a single taxpayer In 2019, her taxable income is $42.900. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates. Estates and Trusts for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.) a. All of her income is salary from her employer. Tarabaty 39,415 5970 plus 12% of the excess...
Required information [The following information applies to the questions displayed below.] Jeremy earned $100,000 in salary...
Required information [The following information applies to the questions displayed below.] Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy's employer withheld $11,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $23,000 in itemized deductions. (Use the tax rate schedules.) c. Assume the original facts except that Jeremy has only $7,000 in itemized...
Required information [The following information applies to the questions displayed below.) Jeremy earned $100,000 in salary...
Required information [The following information applies to the questions displayed below.) Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy's employer withheld $11,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $23,000 in itemized deductions. (Use the tax rate sch a. Determine Jeremy's tax refund or taxes due. Amount 106.000 106,000 Description (1)...
Required information The following information applies to the questions displayed below.) Lacy is a single taxpayer....
Required information The following information applies to the questions displayed below.) Lacy is a single taxpayer. In 2019, her taxable income is $42.900. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates. Estates and Trusts for reference (Do not round intermediate calculations. Round your answer to 2 decimal places.) b. Her $42.900 of taxable income includes $6,600 of qualified dividends. Tax lability Tax Rates for Net Capital...
Required information [The following information applies to the questions displayed below.) Lacy is a single taxpayer....
Required information [The following information applies to the questions displayed below.) Lacy is a single taxpayer. In 2019, her taxable income is $42.900. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates. Estates and Trusts for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.) c. Her $42.900 of taxable income includes $7,300 of qualified dividends. Tax Baby Estates and Trusts If taxable...
Required information Problem 8-47 (LO 8-1) [The following information applies to the questions displayed below.] Whitney...
Required information
Problem 8-47 (LO 8-1)
[The following information applies to the questions
displayed below.]
Whitney received $74,200 of taxable income in 2019. All of the
income was salary from her employer. What is her income tax
liability in each of the following alternative situations? Use Tax
Rate Schedule for reference. (Do not round intermediate
calculations. Round your answer to 2 decimal places.)
a. She files under the single filing
status.
A. Income tax liability: ???
b. She files a...
Required information (The following information applies to the questions displayed below.) Camille Sikorski was divorced in...
Required information (The following information applies to the questions displayed below.) Camille Sikorski was divorced in 2017. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille's home for the entire year, and Camille paid for all the costs of maintaining the home. She received a salary of $70,000 and contributed $4,800 of it to a qualified retirement account (a for AGI deduction). She also received $9,000 of alimony from her former husband (per divorce decree...
Required information The following information applies to the questions displayed below.) Marc and Michelle are married and earned salaries this year of $70,400 and $14,400, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1,300 from corporate bonds. Marc contributed $3,300 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $2,300. Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire...
Required information The following information applies to the questions displayed below) Marc and Michelle are married and earned salaries this year of $70,400 and $14.400, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1,300 from corporate bonds. Marc contributed $3,300 to an individual retirement account and Mare paid alimony to a prior spouse in the amount of $2,300. Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire...
I'm struggling to find 'part e' which is, taxes
payable or refund due for the year.
Required information (The following information applies to the questions displayed below) Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of...
Required information [The following information applies to the questions displayed below) Lacy is a single taxpayer In 2019, her taxable income is $42.900. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates. Estates and Trusts for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.) a. All of her income is salary from her employer. Tarabaty 39,415 5970 plus 12% of the excess...
Required information [The following information applies to the questions displayed below.] Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy's employer withheld $11,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $23,000 in itemized deductions. (Use the tax rate schedules.) c. Assume the original facts except that Jeremy has only $7,000 in itemized...
Required information [The following information applies to the questions displayed below.) Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy's employer withheld $11,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $23,000 in itemized deductions. (Use the tax rate sch a. Determine Jeremy's tax refund or taxes due. Amount 106.000 106,000 Description (1)...
Required information The following information applies to the questions displayed below.) Lacy is a single taxpayer. In 2019, her taxable income is $42.900. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates. Estates and Trusts for reference (Do not round intermediate calculations. Round your answer to 2 decimal places.) b. Her $42.900 of taxable income includes $6,600 of qualified dividends. Tax lability Tax Rates for Net Capital...
Required information [The following information applies to the questions displayed below.) Lacy is a single taxpayer. In 2019, her taxable income is $42.900. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates. Estates and Trusts for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.) c. Her $42.900 of taxable income includes $7,300 of qualified dividends. Tax Baby Estates and Trusts If taxable...
Required information
Problem 8-47 (LO 8-1)
[The following information applies to the questions
displayed below.]
Whitney received $74,200 of taxable income in 2019. All of the
income was salary from her employer. What is her income tax
liability in each of the following alternative situations? Use Tax
Rate Schedule for reference. (Do not round intermediate
calculations. Round your answer to 2 decimal places.)
a. She files under the single filing
status.
A. Income tax liability: ???
b. She files a...
Required information (The following information applies to the questions displayed below.) Camille Sikorski was divorced in 2017. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille's home for the entire year, and Camille paid for all the costs of maintaining the home. She received a salary of $70,000 and contributed $4,800 of it to a qualified retirement account (a for AGI deduction). She also received $9,000 of alimony from her former husband (per divorce decree...
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