Homework Answers
Medical expenses are allowed as deduction only above 10% of AGI. Hence only $ 250 may be allowed.
Miscellaneous deductions are not allowed.
State and local income, sales and personal property taxes upto $10,000 allowed as deduction.
Hence it is more beneficial to claim standard deduction of $ 24400.
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30 2. Deductions. Donna and Brian are married and file a joint return and together have...
Chandler and Monica file their taxes Married Filing Jointly Each earns $52,000 after employee deductions (Box...
Chandler and Monica file their taxes Married Filing Jointly Each earns $52,000 after employee deductions (Box 1 income is $52,000 each) They earn bank interest of $1,000 in their joint account. Each contributes $6,000 to a Roth IRA Monica adds $2,000 to her HSA account each year. Chandler does not have an HSA option. The maximum allowed Monica can contribute is $7,000. Total of itemized deductions is $18,000. Their standard deduction is $24,400. They have no...
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...
Sharon and Tray are married, have two dependent children, and file a joint return in 2018....
Sharon and Tray are married, have two dependent children, and file a joint return in 2018. If they have adjusted gross income (AGI) of $80,000 and itemized deductions of $8,500, what is their taxable income for 2018? (Click the icon to view the standard deduction amounts.) (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero.) Adjusted gross income Minus: Standard deduction 80,000 (24,000) 56,000 Taxable income STANDARD DEDUCTION...
Using the married filing jointly status and their income and expense statement, calculate the 2017 tax...
Using the married filing jointly status and their income and expense statement, calculate the 2017 tax liability for Shameka and Curtis Williams. First, use the standard deduction, and then use the following itemized deductions: Income Expenses Earned income $49,000.00 Home mortgage interest $7,800.00 Interest income 1,700.00 Real estate and state income taxes 3,800.00 Miscellaneous deductions 750.00 Explain to the Williams which method they should use and why. Shameka and Curtis' total gross income for the 2017 tax year is $nothing....
Please help. Sarah and Ted are married, have four dependent children, and file a joint return...
Please help.
Sarah and Ted are married, have four dependent children, and file a joint return in 2018. If they have adjusted gross income (AGI) of $94,000 and itemized deductions of $8,000, what is theirtaxable income for 2018? (Click the icon to view the standard deduction amounts) (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero.) Minus Taxable income STANDARD DEDUCTION Filing Status Married individuals filing joint returns...
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...
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.
Sarah and Timothy are married, have four dependent children, and file a joint return in 2019....
Sarah and Timothy are married, have four dependent children, and file a joint return in 2019. If they have adjusted gross income (AGI) of $85,000 and itemized deductions of $12,000, what is their taxable income for 2019? (Click the icon to view the standard deduction amounts.) (If an input field is not used, leave the input field(s) empty Do not select a label or enter a zero) Minus Taxable income
Sharon and Tray are married, have two dependent children, and file a joint return in 2018....
Sharon and Tray are married, have two dependent children, and file a joint return in 2018. If they have adjusted gross income (AGI) of S80,000 and itemized deductions of $8,500, what is their taxable income for 2018 (Click the icon to view the standard deduction amounts.) (If an input field is not used, leave the input field(s) empty. Do notselect a label or enter a zero.) Minus: Taxable income
Sharon and Tray are married, have two dependent children, and file a joint return in 2018....
Sharon and Tray are married, have two dependent children, and file a joint return in 2018. If they have adjusted gross income (AGI) of $80,000 and itemized deductions of $8,500, what is their taxable income for 2018? (Click the icon to view the standard deduction amounts.) (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero.) Minus: Taxable income
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...
Sharon and Tray are married, have two dependent children, and file a joint return in 2018. If they have adjusted gross income (AGI) of $80,000 and itemized deductions of $8,500, what is their taxable income for 2018? (Click the icon to view the standard deduction amounts.) (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero.) Adjusted gross income Minus: Standard deduction 80,000 (24,000) 56,000 Taxable income STANDARD DEDUCTION...
Please help.
Sarah and Ted are married, have four dependent children, and file a joint return in 2018. If they have adjusted gross income (AGI) of $94,000 and itemized deductions of $8,000, what is theirtaxable income for 2018? (Click the icon to view the standard deduction amounts) (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero.) Minus Taxable income STANDARD DEDUCTION Filing Status Married individuals filing joint returns...
Sarah and Timothy are married, have four dependent children, and file a joint return in 2019. If they have adjusted gross income (AGI) of $85,000 and itemized deductions of $12,000, what is their taxable income for 2019? (Click the icon to view the standard deduction amounts.) (If an input field is not used, leave the input field(s) empty Do not select a label or enter a zero) Minus Taxable income
Sharon and Tray are married, have two dependent children, and file a joint return in 2018. If they have adjusted gross income (AGI) of S80,000 and itemized deductions of $8,500, what is their taxable income for 2018 (Click the icon to view the standard deduction amounts.) (If an input field is not used, leave the input field(s) empty. Do notselect a label or enter a zero.) Minus: Taxable income
Sharon and Tray are married, have two dependent children, and file a joint return in 2018. If they have adjusted gross income (AGI) of $80,000 and itemized deductions of $8,500, what is their taxable income for 2018? (Click the icon to view the standard deduction amounts.) (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero.) Minus: Taxable income
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