Homework Answers
A. $ 1000 Refundable Tax Credits: $ 1000
Refundable Tax credits can be used at full to reduce tax liability and balance credits after setting off with tax liability if any remains will be refunded by Internal Revenue department to tax payer.
B. $ 1000 Nonrefundable Tax Credits: $ 1000
Refundable Tax credits can be used at full to reduce tax liability but balance credits after setting off with tax liability if any remains will not be refunded by Internal Revenue department to tax payer.
C. $ 1000 FOR AGI Deduction: $ 240
FOR AGI Deductions are Above the line deductions which are reduced from gross income to arrive at adjusted total income, since tax payer falls in 24% marginal tax bracket it will reduce the tax liability by 24% of total FOR AGI Deductiosn i.e. $240. (Assuming flat 24% income tax rate.)
D. $ 1000 FROM AGI Deduction : NIL
FROM AGI deductions are below the line deductions which is standard deduction or itemized deductions which ever is higer, but in our questions since the tax payer opt for standard deduction so there will no reduction in tax liability due to $ 1000 itemized deduction.
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Current Attempt in Progress Let's assume your marginal tax rate is 24% and you claim the...
Let's assume your marginal tax rate is 24% and you claim the standard deduction because you...
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much!
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THX!!
Kendra Thayer: Waitress or Tax Expert? Kendra Thayer, who is single, goes to graduate school part-time and works as a waitress at the Backwater Grill in New York. During the past year (2014), her gross income was $18,600 in wages and tips. She has decided to prepare her own tax return because she cannot afford the services of a tax expert. After preparing her retum, she comes to you for advice. Here's a summary of the figures she has...
Please and thank you list with clean writing thank you so
much!
What is Taxable? Learning Objectives: sort out taxable/nontaxable income streams and calculate taxable income We return make ends streams. They have both sat down and written out a general picture of everything they anticipate to Emerson and Nevada who are between career jobs. They are now married, and in order to meet, they are working a number of part-time jobs and have some additional income needing for tax...
to find estimated tax, I was multiplying my taxable income
with the percent (12%). its wrong so how do i figure it out ?
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