Homework Answers
1. $6300 for single individuals and $12600 for married couples filing jointly.
Explanation: The standard deduction is the amount of deduction that a return filer can claim from his income while filing a tax return. The standard deduction is a fixed amount that can be deducted from income. Standard deduction is more beneficial as in most of the cases, the amount of standard deduction is higher than the amount of actual expenses incurred in cases the person doesn't own a house or owns a house for too long (all interest almost paid off).
2. The statement is True, which means that most taxpayers in this situation are better off itemizing their deduction rather than taking the standard deduction.
Explanation: In cases of homeowners, the actual amount of mortgage interest and property tax paid is almost higher than the amount of standard deduction allowed by IRS, hence it is more beneficial for them to claim itemized deduction rather than claiming the standard deduction. For cases the person doesn't own a house or owns a house for too long (all interest almost paid off), standard deduction is more beneficial as in most of the cases, the amount of standard deduction is higher than the amount of actual expenses incurred.
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The standard deduction for mortgage interest under the 2014 U.S. tax code is: $5,900 for single...
8. Rent versus buy analysis - Part 1 Which Is Better: To Rent or To Buy?...
8. Rent versus buy analysis - Part 1 Which Is Better: To Rent or To Buy? The decision of whether to rent or buy housing is a personal decision that is based on both your lifestyle and your finances. While most financial experts argue that the financial aspect of the decision is important, it is also important not to base your rent-or-buy decision solely on the numbers. Your personal needs and housing market conditions are important. However, it is still...
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rsus buy analysis Part 1 Which Is Better: To Rent or To Buy? The decision of whether to rent or buy housing is a personal decision that is based on both your lifestyle and your finances. While most financial experts argue that the financial aspect of the decision is important, it is also important not to base your rent-or-buy decision solely on the numbers Your personal needs and housing market conditions are important. However, it is still necessary to perform...
For 2016, the personal exemption amount is $4,050. The 2016 standard deduction is $6,300 for unmarried...
For 2016, the personal exemption amount is $4,050. The 2016 standard deduction is $6,300 for unmarried taxpayers or married taxpayers filing separately, $12,600 for married taxpayers filing jointly, and $9,300 for taxpayers filing as head of household. Calculating Zachary's Taxable Income Zachary is an unmarried person filing single. Calculate Zachary's 2016 taxable income by filling in the worksheet. Enter adjustments, deductions, and exemptions as negative numbers. 2016 Taxable Income Gross income • Zachary will earn $80,965 in wages this year....
For 2016, the personal exemption amount is $4,050. The 2016 standard deduction is $6,300 for unmarried...
For 2016, the personal exemption amount is $4,050. The 2016 standard deduction is $6,300 for unmarried taxpayers or married taxpayers filing separately, $12,600 for married taxpayers filing jointly, and $9,300 for taxpayers filing as head of household. Calculating Sarah and Helen's Taxable Income Sarah and Helen are a married couple filing jointly. Calculate Sarah and Helen's 2016 taxable income by filling in the worksheet. Enter adjustments, deductions, and exemptions as negative numbers. 2016 Taxable Income Gross income • Sarah and...
Notes: in 2018 single taxpayers and married taxpayers who file separate returns can claim a $12,000...
Notes: in 2018 single taxpayers and married taxpayers who file separate returns can claim a $12,000 standard deduction. Married couples filing jointly can claim an amount that's twice as large, $24,000, and taxpayers filing as "head of household" (single individuals with dependents) can claim a standard deduction of $18,000. Question: Paul and Sonja, who are married, reported 2018 itemized deductions of $13,200 and $400, respectively. Paul suggests that they file their Federal income tax returns separately- he will itemize his...
Explain the use of the standard deduction in computing taxable income. In choosing between the standard...
Explain the use of the standard deduction in computing taxable income. In choosing between the standard deduction and itemizing deductions from AGI, what effect, if any, does each of the following variables have? The age of the taxpayer(s). The health (i.e., physical condition) of the taxpayer(s). Whether the taxpayer(s) rent or own their personal residence. Taxpayer's filing status (e.g., single; married, filing jointly). Whether married taxpayers decide to file separate returns. The taxpayer's uninsured personal residence that recently was destroyed...
Problem 1-5 The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO...
Problem 1-5 The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.7) Diego, age 28, married Dolores, age 27, in 2018. Their salaries for the year amounted to $47,230 and they had interest income of $3,500. Diego and Dolores' deductions for adjusted gross income amounted to $2,000; their itemized deductions were $16,000, and they have no dependents. Table for the standard deduction Filing Status 2018 Standard Deduction Single $ 12,000 Married, filing jointly...
Compute the 2020 standard deduction for the following taxpayers. If an amount is zero, enter "0"....
Compute the 2020 standard deduction for the following taxpayers. If an amount is zero, enter "0". Click here to access the standard deduction table to use. $ $ a. Ellie is 15 and claimed as a dependent by her parents. She has $500 in dividends income and $3,440 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $11,325....
Problem 1-11 The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO...
Problem 1-11 The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.7) Christine is a single 50-year-old taxpayer with no dependents. Her only income is $40,750 of wages. Calculate her taxable income and her tax liability. Table for the standard deduction Filing Status Standard Deduction Single $ 12,200 Married, filing jointly 24,400 Married, filing separately 12,200 Head of household 18,350 Qualifying widow(er) 24,400 Click here to access the tax tables. Taxable income: ?...
Using the married filing jointly status and their income and expense statement, calculate the 2014 tax...
Using the married filing jointly status and their income and expense statement, calculate the 2014 tax liability for Shameka and Curtis Williams. First use the standard deduction, and then use the following itemizeddeductions: Income Expenses Earned income $57,000.00 Home mortgage interest $8,500.00 Interest income $1,700.00 Real estate and state income taxes 3,800.00 Miscellaneous deductions 350.00 Explain to the Williams which method they should use and why.
8. Rent versus buy analysis - Part 1 Which Is Better: To Rent or To Buy? The decision of whether to rent or buy housing is a personal decision that is based on both your lifestyle and your finances. While most financial experts argue that the financial aspect of the decision is important, it is also important not to base your rent-or-buy decision solely on the numbers. Your personal needs and housing market conditions are important. However, it is still...
rsus buy analysis Part 1 Which Is Better: To Rent or To Buy? The decision of whether to rent or buy housing is a personal decision that is based on both your lifestyle and your finances. While most financial experts argue that the financial aspect of the decision is important, it is also important not to base your rent-or-buy decision solely on the numbers Your personal needs and housing market conditions are important. However, it is still necessary to perform...
For 2016, the personal exemption amount is $4,050. The 2016 standard deduction is $6,300 for unmarried taxpayers or married taxpayers filing separately, $12,600 for married taxpayers filing jointly, and $9,300 for taxpayers filing as head of household. Calculating Zachary's Taxable Income Zachary is an unmarried person filing single. Calculate Zachary's 2016 taxable income by filling in the worksheet. Enter adjustments, deductions, and exemptions as negative numbers. 2016 Taxable Income Gross income • Zachary will earn $80,965 in wages this year....
For 2016, the personal exemption amount is $4,050. The 2016 standard deduction is $6,300 for unmarried taxpayers or married taxpayers filing separately, $12,600 for married taxpayers filing jointly, and $9,300 for taxpayers filing as head of household. Calculating Sarah and Helen's Taxable Income Sarah and Helen are a married couple filing jointly. Calculate Sarah and Helen's 2016 taxable income by filling in the worksheet. Enter adjustments, deductions, and exemptions as negative numbers. 2016 Taxable Income Gross income • Sarah and...
Compute the 2020 standard deduction for the following taxpayers. If an amount is zero, enter "0". Click here to access the standard deduction table to use. $ $ a. Ellie is 15 and claimed as a dependent by her parents. She has $500 in dividends income and $3,440 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $11,325....
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