Joint Versus Separate Returns. Carl has $60,000 of salary and $11,000 of itemized deductions. Carol has...
Joint Versus Separate Returns. Carl has $60,000 of salary and $11,000 of itemized deductions. Carol has $90,000 of salary and $16,200 of itemized deductions. They are married and under age 65. a. Compute their taxable incomes if they file separately and Carol claims itemized deductions on her return. b. Compute their taxable income if they file jointly. Assume their total itemized deductions equals the sum of their separate itemized deductions. Tax Year 2019.
Homework Answers
Their taxable incomes if they file separately and Carol claims itemized deductions on her return -
Taxable Income = Salary - Itemised deduction
Carl = $60,000 – $12,000 = $48,000
Carol= $90,000 - $16,200 = $73,800
Their taxable income if they file jointly, assume their total itemized deductions equals the sum of their separate itemized deductions.
Taxable Income = Total salary - Total of itemised deduction
Total Salary = 60000+90000 = $150,000
Total of itemised deducton =12000+16200 = $26,200
Taxable income if filed jointly= $150000-$26200=$123,800
Add Answer to:
Joint Versus Separate Returns. Carl has $60,000 of salary and
$11,000 of itemized deductions. Carol has...
This is 2018 tax rate. Please show all steps. :2-31 Joint Versus Separate Returns. Carl has...
This is 2018 tax rate. Please show all steps.
:2-31 Joint Versus Separate Returns. Carl has $60,000 of salary and $11,000 of itemized de- ductions. Carol has $90,000 of salary and $16,200 of itemized deductions. They are mar- ried and under age 65. a. Compute their taxable incomes if they file separately and Carol claims itemized deduc- tions on her return. b. Compute their taxable income if they file jointly. Assume their total itemized deduc- tions equals the sum of...
11 of 11 This Question: 5 pts Cory has $57,000 of salary and $10,000 of itemized...
11 of 11 This Question: 5 pts Cory has $57,000 of salary and $10,000 of itemized deductions Casey has $88,000 of salary and $17,000 of itemized deductions. They are married and under age 65. (Click the icon to view the standard deduction amounts) Read the requirements Requirement a, Compute their taxable incomes if they file separately and Casey claims itemized deductions on her return. First compute the taxable income for Cory Taxable income Now compute the taxable income for Casey...
Mr. Olaf earned an $89,000 salary, and Mrs. Olaf earned a $40,330 salary. The couple had...
Mr. Olaf earned an $89,000 salary, and Mrs. Olaf earned a
$40,330 salary. The couple had no other income and can’t itemize
deductions. Assume the taxable year is 2020. Use Individual Tax
Rate Schedules and Standard Deduction Table.
Required:
Compute their combined tax if they choose to file separate
returns.
Compute their tax if they file a joint return.
Married filing jointly and surviving spouses Married filing separately Head of household Single $24,800 12,400 18,650 12,400
Data Table Salary Taxable interest income Itemized deductions $ 2,300 800 450 STANDARD DEDUCTION Filing Status...
Data Table Salary Taxable interest income Itemized deductions $ 2,300 800 450 STANDARD DEDUCTION Filing Status Married individuals filing joint returns and surviving spouses Heads of households Unmarried individuals (other than surviving spouses and heads of households) Married individuals filing separate returns Additional standard deduction for the aged and the blinod $ 24,000 18,000 12,000 12,000 Individual who is married and surviving spouses Individual who is unmarried and not a surviving spouse ,300 ,600 Taxpayer claimed as dependent on another...
Paul and Sonja, who are married, had itemized deductions of $14,200 and $400, respectively, during 2018....
Paul and Sonja, who are married, had itemized deductions of $14,200 and $400, respectively, during 2018. Paul suggests that they file separately—he will itemize his deductions from AGI, and she will claim the standard deduction. Evaluate Paul’s suggestion. What should they do? Compute the taxable income for 2018 for Emily on the basis of the following information. Her filing status is single. Salary $85,000 Interest income from bonds issued by Xerox 1,100 Alimony payments received (divorce occurred in 2014) 6,000...
What is the taxable income liability? Jeremy earned $101,900 in salary and $7,900 in interest income...
What is the taxable income liability?
Jeremy earned $101,900 in salary and $7,900 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 $31,700 in itemized deductions, (Use the tax rate schedules.) Problem 4-28 Part-b b. Assume that in addition to the original facts, Jeremy has a long-term capital gain...
What is the taxable income liability? Jeremy earned $101,900 in salary and $7,900 in interest income...
What is the taxable income liability?
Jeremy earned $101,900 in salary and $7,900 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 $31,700 in itemized deductions, (Use the tax rate schedules.) Problem 4-28 Part-b b. Assume that in addition to the original facts, Jeremy has a long-term capital gain...
"Eric is single and has no dependents for 2020. He earned $60,000 and had deductions from...
"Eric is single and has no dependents for 2020. He earned
$60,000 and had deductions from gross income of $1,800 and itemized
deductions of $12,600. Compute Eric’s income tax for the year using
the Tax Rate Schedules."
2020 Tax Rates and Amounts Tax Rate Schedules for 2020 + % on Excess 10% 12 Schedule X: Single Individuals Taxable income Over But Not Over $0 $9,875 9,875 40,125 40,125 85,525 85,525 163,300 163,300 207,350 207,350 518,400 518,400 Pay $0.00 987.50 4,617.50...
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....
Jonathan and Patric a are mar ed and lejonty. In 2018 Jonathan earned a salary $94,000....
Jonathan and Patric a are mar ed and lejonty. In 2018 Jonathan earned a salary $94,000. Patnc a เร self-employed. Her gross business ncome was $96 000 and her business expenses totaled S53000 Their itemized deductions total $27,500. Compute Parts a, b, and c without regard to self-employment tax. ac contributed S5 00 to a deductible IRA (Click the icon to view the standard deduction and child credit amounts.) click the icon to view the 2018 tax rate schedule tor...
This is 2018 tax rate. Please show all steps.
:2-31 Joint Versus Separate Returns. Carl has $60,000 of salary and $11,000 of itemized de- ductions. Carol has $90,000 of salary and $16,200 of itemized deductions. They are mar- ried and under age 65. a. Compute their taxable incomes if they file separately and Carol claims itemized deduc- tions on her return. b. Compute their taxable income if they file jointly. Assume their total itemized deduc- tions equals the sum of...
11 of 11 This Question: 5 pts Cory has $57,000 of salary and $10,000 of itemized deductions Casey has $88,000 of salary and $17,000 of itemized deductions. They are married and under age 65. (Click the icon to view the standard deduction amounts) Read the requirements Requirement a, Compute their taxable incomes if they file separately and Casey claims itemized deductions on her return. First compute the taxable income for Cory Taxable income Now compute the taxable income for Casey...
Mr. Olaf earned an $89,000 salary, and Mrs. Olaf earned a
$40,330 salary. The couple had no other income and can’t itemize
deductions. Assume the taxable year is 2020. Use Individual Tax
Rate Schedules and Standard Deduction Table.
Required:
Compute their combined tax if they choose to file separate
returns.
Compute their tax if they file a joint return.
Married filing jointly and surviving spouses Married filing separately Head of household Single $24,800 12,400 18,650 12,400
Data Table Salary Taxable interest income Itemized deductions $ 2,300 800 450 STANDARD DEDUCTION Filing Status Married individuals filing joint returns and surviving spouses Heads of households Unmarried individuals (other than surviving spouses and heads of households) Married individuals filing separate returns Additional standard deduction for the aged and the blinod $ 24,000 18,000 12,000 12,000 Individual who is married and surviving spouses Individual who is unmarried and not a surviving spouse ,300 ,600 Taxpayer claimed as dependent on another...
What is the taxable income liability?
Jeremy earned $101,900 in salary and $7,900 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 $31,700 in itemized deductions, (Use the tax rate schedules.) Problem 4-28 Part-b b. Assume that in addition to the original facts, Jeremy has a long-term capital gain...
What is the taxable income liability?
Jeremy earned $101,900 in salary and $7,900 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 $31,700 in itemized deductions, (Use the tax rate schedules.) Problem 4-28 Part-b b. Assume that in addition to the original facts, Jeremy has a long-term capital gain...
"Eric is single and has no dependents for 2020. He earned
$60,000 and had deductions from gross income of $1,800 and itemized
deductions of $12,600. Compute Eric’s income tax for the year using
the Tax Rate Schedules."
2020 Tax Rates and Amounts Tax Rate Schedules for 2020 + % on Excess 10% 12 Schedule X: Single Individuals Taxable income Over But Not Over $0 $9,875 9,875 40,125 40,125 85,525 85,525 163,300 163,300 207,350 207,350 518,400 518,400 Pay $0.00 987.50 4,617.50...
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....
Jonathan and Patric a are mar ed and lejonty. In 2018 Jonathan earned a salary $94,000. Patnc a เร self-employed. Her gross business ncome was $96 000 and her business expenses totaled S53000 Their itemized deductions total $27,500. Compute Parts a, b, and c without regard to self-employment tax. ac contributed S5 00 to a deductible IRA (Click the icon to view the standard deduction and child credit amounts.) click the icon to view the 2018 tax rate schedule tor...
Most questions answered within 3 hours.
-
The energy required to remove an electron from a surface of a
solid element is called...
asked 46 minutes ago -
How would you train your employees to avoid risks of using
mobile devices?
asked 1 hour ago -
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 2 hours ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 2 hours ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 3 hours ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 5 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 4 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 6 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 7 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 7 hours ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 7 hours ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 7 hours ago