Homework Answers
Calculation of total tax liability
PARTICULARS. $
salary. 81000
Regular interest income. 5500
Long term capital gain. 11000
Short term capital gain. (12000)
Gross total income. 85500
Less : adjustments
Qualified dividend income. 5525
[6500-(6500×15%)]
Total taxable income. 79975
Less :deductions
Itemized deductions. (5200)
Standardized deduction. (12200)
Deductions for AGI. (4500)
Taxable income 58075
Tax liability 12776.50
[ 58075 ×22%]
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Hollace is single and has the following to complete her taxes. Use the the following to...
Achoices: Total tax liability owed, Adjusted gross income (AGI), Gross income (all income subject to income...
Achoices: Total tax liability owed, Adjusted gross income (AGI),
Gross income (all income subject to income taxes]
Bchoices: Total personal exemptions, (AGI), Adjustments to
(gross) income
Cchoices: Total tax liability owed, Itemized deductions,
(AGI)
Dchoices: Taxable income Total personal exemptions Total tax
liability owed
E: Taxable income (AGI) Other taxes
F: Other taxes Total personal exemptions Tax credits
G: Tax credits Other credits Tax liability owed
H: Taxable income Total tax liability owed Adjestments to
(gross) income
Ch 03: Assignment...
Term Answer Description Adjustments A. This is mortgage interest expense. Adjusted gross income B. This is...
Term Answer Description Adjustments A. This is mortgage interest expense. Adjusted gross income B. This is taxed as ordinary income if held less than 12 months. C. Examples of this term include charitable deductions,, state and local taxes, and moving Deductions expenses. D. This is a claim made by the taxpayer for each person supported by the taxpayer's Standard deduction income. Itemized deduction E. This term equals gross income less adjustments. Exemption F. Reduce AGI by the standard deduction and...
8. Jane files as a single individual in 2018. She has wage income of $150,000; long-term...
8. Jane files as a single individual in 2018. She has wage income of $150,000; long-term capital gains of $20,000; short-term capital losses of $2,000; ordinary cash dividends of $3,000; qualifying cash dividends of $6,000; stock dividends worth $5,000; deductions for AGI(Adjusted Gross Income) of $10,000; itemized deductions of $10,000; credits of $500; and estimated tax payments and withholding of $30,000. Jane's applicable standard deduction is $12,000. Using the appropriate tax schedule, compute hertax due or refund. [Note-for credit, you...
Melissa is a single taxpayer. Her salary is $40,000. Melissa realized a short-term capital loss of...
Melissa is a single taxpayer. Her salary is $40,000. Melissa realized a short-term capital loss of $6,000. Her itemized deductions total $3,000. (The tax year is 2019.) (Click the icon to view the standard deduction amounts.) (Click the icon to view the tax rate schedule.) Read the requirements. Requirements a. and b. Compute Melissa's adjusted gross income and her taxable income. Start by computing Melissa's adjusted gross income and then her taxable income. (Use parentheses or a minus sign to...
Income tax Net investment income tax Total tax liability Henrich is a single taxpayer. In 2019,...
Income tax Net investment income tax Total tax liability Henrich is a single taxpayer. In 2019, his taxable income is $453,000. What is his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no answer blank Enter zero if applicable.) A. His $453,000 of taxable income...
S. Steps to taxable income and tax liability owed What steps should you take when completing...
S. Steps to taxable income and tax liability owed What steps should you take when completing a tax return? When preparing a tax return, it is important to complete each step in the order prescribed. Identify each step in completing a tax return by choosing the step from the drop-down fields below. Step A: Determine Adjusted Gross Income Step B: Calculate Taxable Income Larger of itemized deductions or standard deduction Step C: Calculate Tax Liability Calculate tax using tax tables...
Tax Season 2019 Please use 2019 Tax Rates Required information [The following information applies to the...
Tax Season 2019 Please use 2019 Tax Rates
Required information [The following information applies to the questions displayed below.] Jeremy earned $101,300 in salary and $7,300 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 $28,700 in itemized deductions. (Use the tax rate schedules.) b. Assume that in addition...
Jamie Lee Jackson, age 26, is in her last semester of college and is waiting for...
Jamie Lee Jackson, age 26, is in her last semester of college and is waiting for graduation day that is just around the corner! It is the time of year again when Jamie Lee must file her annual federal income taxes. Last year, she received an increase in salary from the bakery, which brought her gross monthly earnings to $2,600, and also opened up an IRA, to which she contributed $350 last year. Her savings accounts earn 2% Interest per...
its matching PPPLPPPH 4 Jearch this Lomponents to Taxable Income Terminology Match the terms relating to...
its matching
PPPLPPPH 4 Jearch this Lomponents to Taxable Income Terminology Match the terms relating to the basic terminology and concepts of personal taxation on the left with the descriptions of the terms on the right. Read each description carefully and type the letter of the description in the Answer column next to the correct term. These are not necessarily complete definitions, but there is only one possible answer for each term. Term Answer Description Adjustments A. This term includes...
Jeremy earned $101,600 in salary and $7,600 in interest income during the year. Jeremy’s employer withheld...
Jeremy earned $101,600 in salary and $7,600 in interest income during the year. Jeremy’s employer withheld $11,200 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 $30,200 in itemized deductions. (Use the tax rate schedules.) 2018. 1.. Determine Jeremy’s tax refund or taxes due. Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard...
Achoices: Total tax liability owed, Adjusted gross income (AGI),
Gross income (all income subject to income taxes]
Bchoices: Total personal exemptions, (AGI), Adjustments to
(gross) income
Cchoices: Total tax liability owed, Itemized deductions,
(AGI)
Dchoices: Taxable income Total personal exemptions Total tax
liability owed
E: Taxable income (AGI) Other taxes
F: Other taxes Total personal exemptions Tax credits
G: Tax credits Other credits Tax liability owed
H: Taxable income Total tax liability owed Adjestments to
(gross) income
Ch 03: Assignment...
Term Answer Description Adjustments A. This is mortgage interest expense. Adjusted gross income B. This is taxed as ordinary income if held less than 12 months. C. Examples of this term include charitable deductions,, state and local taxes, and moving Deductions expenses. D. This is a claim made by the taxpayer for each person supported by the taxpayer's Standard deduction income. Itemized deduction E. This term equals gross income less adjustments. Exemption F. Reduce AGI by the standard deduction and...
8. Jane files as a single individual in 2018. She has wage income of $150,000; long-term capital gains of $20,000; short-term capital losses of $2,000; ordinary cash dividends of $3,000; qualifying cash dividends of $6,000; stock dividends worth $5,000; deductions for AGI(Adjusted Gross Income) of $10,000; itemized deductions of $10,000; credits of $500; and estimated tax payments and withholding of $30,000. Jane's applicable standard deduction is $12,000. Using the appropriate tax schedule, compute hertax due or refund. [Note-for credit, you...
Melissa is a single taxpayer. Her salary is $40,000. Melissa realized a short-term capital loss of $6,000. Her itemized deductions total $3,000. (The tax year is 2019.) (Click the icon to view the standard deduction amounts.) (Click the icon to view the tax rate schedule.) Read the requirements. Requirements a. and b. Compute Melissa's adjusted gross income and her taxable income. Start by computing Melissa's adjusted gross income and then her taxable income. (Use parentheses or a minus sign to...
Income tax Net investment income tax Total tax liability Henrich is a single taxpayer. In 2019, his taxable income is $453,000. What is his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no answer blank Enter zero if applicable.) A. His $453,000 of taxable income...
S. Steps to taxable income and tax liability owed What steps should you take when completing a tax return? When preparing a tax return, it is important to complete each step in the order prescribed. Identify each step in completing a tax return by choosing the step from the drop-down fields below. Step A: Determine Adjusted Gross Income Step B: Calculate Taxable Income Larger of itemized deductions or standard deduction Step C: Calculate Tax Liability Calculate tax using tax tables...
Tax Season 2019 Please use 2019 Tax Rates
Required information [The following information applies to the questions displayed below.] Jeremy earned $101,300 in salary and $7,300 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 $28,700 in itemized deductions. (Use the tax rate schedules.) b. Assume that in addition...
Jamie Lee Jackson, age 26, is in her last semester of college and is waiting for graduation day that is just around the corner! It is the time of year again when Jamie Lee must file her annual federal income taxes. Last year, she received an increase in salary from the bakery, which brought her gross monthly earnings to $2,600, and also opened up an IRA, to which she contributed $350 last year. Her savings accounts earn 2% Interest per...
its matching
PPPLPPPH 4 Jearch this Lomponents to Taxable Income Terminology Match the terms relating to the basic terminology and concepts of personal taxation on the left with the descriptions of the terms on the right. Read each description carefully and type the letter of the description in the Answer column next to the correct term. These are not necessarily complete definitions, but there is only one possible answer for each term. Term Answer Description Adjustments A. This term includes...
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