Total income $130,200 Excludable income 2,500 Deductions for adjusted gross income 2,700 Deductions from adjusted gross...
|
(Hint: The standard deduction for married filing jointly is $24,400.)
Do not round intermediate computations. Round the final tax liability to the nearest cent. Refer to the tax rate schedule to calculate the following.
Based on the above information, for a couple filing jointly, their adjusted gross income (AGI) is $; taxable income is $; and, their tax liability is $
Homework Answers
Ans:
| Particulars | Amount($) |
| Total Income | $130,200 |
| Excluded income | (2,500) |
| Deductions for adjusted gross income | (2,700) |
| Adjusted gross income | $ 125,000 |
| Standard deduction ( whichever is greater i.e. standard deduction or deductions from adjusted gross income) | ($24,400) |
| Taxable income | $100,600 |
| Tax liability -($9,086+ 22% (100,600-78,950)** | $13,849 |
** note: assume year to be 2019
Add Answer to:
Total income
$130,200
Excludable income
2,500
Deductions for adjusted gross income
2,700
Deductions from adjusted gross...
Total income $118,000 Excludable income 2,000 Deductions for adjusted gross income 2,500 Deductions from adjusted gross...
Total income $118,000 Excludable income 2,000 Deductions for adjusted gross income 2,500 Deductions from adjusted gross income 8,000 The standard deduction for filing single is $12,000.) Do not round intermediate computations. Round the final tax liability to the nearest cent. Based on the above information, for a single individual, adjusted gross income (AGI) is $, taxable income is $ and the tax liability is $.
Taxable Income and Tax Liability Calculations - Single (LO. 6) Total income $118,000 Excludable income 2,000...
Taxable Income and Tax Liability Calculations - Single (LO. 6) Total income $118,000 Excludable income 2,000 Deductions for adjusted gross income 2,500 Deductions from adjusted gross income 8,000 (Hint: The standard deduction for filing single is $12,200.) Do not round intermediate computations. Round the final tax liability to the nearest cent. Based on the above information, for a single individual, adjusted gross income (AGI) is $??????, taxable income is $ ??????? and the tax liability is $???????
Tax Planning - Income Shifting (Taxable Income/Tax Liability) (LO. 7) Leroy and Amanda are married and...
Tax Planning - Income Shifting (Taxable Income/Tax Liability) (LO. 7) Leroy and Amanda are married and have three dependent children. During the current year, they have the following income and expenses: Salaries $120,000 Interest income 45,000 Royalty income 27,000 Deductions for AGI 3,000 Deductions from AGI 9,000 (Hint: The standard deduction for married filing jointly is $ 24,400.) General instructions: (1) Do not round intermediate computations. Round your answers to the nearest dollar. (2) Ignore tax credits when calculating tax...
Tax Planning - Income Shifting (Taxable Income/Tax Liability) (LO. 7) Leroy and Amanda are married and...
Tax Planning - Income Shifting (Taxable Income/Tax Liability) (LO. 7) Leroy and Amanda are married and have three dependent children. During the current year, they have the following income and expenses: Salaries $120,000 Interest income 45,000 Royalty income 27,000 Deductions for AGI 3,000 Deductions from AGI 9,000 (Hint: The standard deduction for married filing jointly is $24,400.) General instructions: (1) Do not round intermediate computations. Round your answers to the nearest dollar. (2) Ignore tax credits when calculating tax liability....
Hongtao is single and has a gross income of $85,300. His allowable deductions for adjusted gross...
Hongtao is single and has a gross income of $85,300. His allowable deductions for adjusted gross income are $4,300, and his itemized deductions are $19,450. The standard deduction for 2019 is $12,200. Round all amounts to the nearest dollar. Refer to the Tax Rate Schedules to answer the following questions. a. Hangtao's taxable income is $______ and his tax liability is $_______ for 2019. b. If Hongtao has $10,100 withheld from his salary during 2019 then Hongtao has (refund or...
2. Harriet and Harry are married and have a total gross income of $65,000. Their allowable...
2. Harriet and Harry are married and have a total gross income of $65,000. Their allowable deductions or adjusted gross income total $1,500, and they have $4,400 of allowable itemized deductions What are Harriet and Harry's taxable income and income tax liability? Table 1. Tax Brackets and Rates, 2019 Rate For Unmarried Individuals, Taxable Income Over For Married Individuals Filing Joint Returns, Taxable income Over For Heads of Households, Taxable Income Over 10% Se $0 12% $9,700 $19,400 $13,850 $78,950...
For AGI Deductions Vs. From AGI Deductions (LO. 6) Reba's 2018 income tax calculation is as...
For AGI Deductions Vs. From AGI Deductions (LO. 6) Reba's 2018 income tax calculation is as follows: Gross income $120,000 Deductions for adjusted gross income (3,000) Adjusted gross income $117,000 Deductions from adjusted gross income: Standard deduction (12,000) (Total itemized deductions are $2,300) Taxable income $105,000 Before filing her return, Reba finds an $8,000 deduction that she omitted from these calculations. Although the item is clearly deductible, she is unsure whether she should deduct it for or from adjusted gross...
Hongtao is single and has a gross income of $87,200. His allowable deductions for adjusted gross...
Hongtao is single and has a gross income of $87,200. His
allowable deductions for adjusted gross income are $4,300, and his
itemized deductions are $18,550. The standard deduction for 2019 is
$12,200.
Round all amounts to the nearest dollar. Refer to the Tax Rate
Schedules to answer the following questions.
a. Hangtao's taxable income is $________and his tax liability is
$_______for 2019.
b. If Hongtao has $10,700 withheld from his salary during 2019
then Hongtao has a refund of $________...
Jonathan is a 35-year-old single taxpayer with adjusted gross income in 2018 of $46,300. He uses...
Jonathan is a 35-year-old single taxpayer with adjusted gross income in 2018 of $46,300. He uses the standard deduction and has no dependents. Table for the standard deduction Filing Status 2018 Standard Deduction Single $ 12,000 Married, filing jointly 24,000 Married, filing separately 12,000 Head of household 18,000 Qualifying widow(er) 24,000 Click here to access the tax tables. a. Calculate Jonathan's taxable income. $ b. When you calculate Jonathan's tax liability are you required to use the tax tables or...
These links are to the tax table and tax rate schedule. http://lectures.mhhe.com/connect/cruz13e_1259969622/cruz13e_app_d.pdf http://lectures.mhhe.com/connect/cruz13e_1259969622/cruz13e_app_f.pdf please show your...
These links are to the tax table and tax rate schedule.
http://lectures.mhhe.com/connect/cruz13e_1259969622/cruz13e_app_d.pdf
http://lectures.mhhe.com/connect/cruz13e_1259969622/cruz13e_app_f.pdf
please show your work and thank you in advance!
Return to question Required: Determine the tax liability for tax year 2019 in each of the following instances. In each case, assume the taxpayer can take only the standard deduction. Use the appropriate Tax Tables and Tax Rate Schedules. a. A single taxpayer, not head of household, with AGI of $23,493 and one del endent. b. A single...
Tax Planning - Income Shifting (Taxable Income/Tax Liability) (LO. 7) Leroy and Amanda are married and have three dependent children. During the current year, they have the following income and expenses: Salaries $120,000 Interest income 45,000 Royalty income 27,000 Deductions for AGI 3,000 Deductions from AGI 9,000 (Hint: The standard deduction for married filing jointly is $ 24,400.) General instructions: (1) Do not round intermediate computations. Round your answers to the nearest dollar. (2) Ignore tax credits when calculating tax...
2. Harriet and Harry are married and have a total gross income of $65,000. Their allowable deductions or adjusted gross income total $1,500, and they have $4,400 of allowable itemized deductions What are Harriet and Harry's taxable income and income tax liability? Table 1. Tax Brackets and Rates, 2019 Rate For Unmarried Individuals, Taxable Income Over For Married Individuals Filing Joint Returns, Taxable income Over For Heads of Households, Taxable Income Over 10% Se $0 12% $9,700 $19,400 $13,850 $78,950...
For AGI Deductions Vs. From AGI Deductions (LO. 6) Reba's 2018 income tax calculation is as follows: Gross income $120,000 Deductions for adjusted gross income (3,000) Adjusted gross income $117,000 Deductions from adjusted gross income: Standard deduction (12,000) (Total itemized deductions are $2,300) Taxable income $105,000 Before filing her return, Reba finds an $8,000 deduction that she omitted from these calculations. Although the item is clearly deductible, she is unsure whether she should deduct it for or from adjusted gross...
Hongtao is single and has a gross income of $87,200. His
allowable deductions for adjusted gross income are $4,300, and his
itemized deductions are $18,550. The standard deduction for 2019 is
$12,200.
Round all amounts to the nearest dollar. Refer to the Tax Rate
Schedules to answer the following questions.
a. Hangtao's taxable income is $________and his tax liability is
$_______for 2019.
b. If Hongtao has $10,700 withheld from his salary during 2019
then Hongtao has a refund of $________...
These links are to the tax table and tax rate schedule.
http://lectures.mhhe.com/connect/cruz13e_1259969622/cruz13e_app_d.pdf
http://lectures.mhhe.com/connect/cruz13e_1259969622/cruz13e_app_f.pdf
please show your work and thank you in advance!
Return to question Required: Determine the tax liability for tax year 2019 in each of the following instances. In each case, assume the taxpayer can take only the standard deduction. Use the appropriate Tax Tables and Tax Rate Schedules. a. A single taxpayer, not head of household, with AGI of $23,493 and one del endent. b. A single...
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