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You are 35 years old You have a non-working spouse (same age) You have one child,...
Y ou are 35 years old You have a non-working spouse (same age) You have one...
Y ou are 35 years old You have a non-working spouse (same age) You have one child, age 3 Annual gross income S110,000 Your monthly expenses total S3,500 Monthly debt payments are S400 (counted in the S3,500) Tax-specific Information Adjusted gross income- S75,500 Itemized deductions-$15,500 Child care tax credit = $500 Federal income tax withheld S6,250 Amount for personal exemptions- S12,500 The kids are getting too big for your apartment, so it's time to buy a house! Your bank is...
Y ou are 35 years old You have a non-working spouse (same age) You have one...
Y ou are 35 years old You have a non-working spouse (same age) You have one child, age 3 Annual gross income S110,000 Your monthly expenses total S3,500 Monthly debt payments are S400 (counted in the S3,500) Tax-specific Information Adjusted gross income- S75,500 Itemized deductions = $15,500 Child care tax credit $500 Federal income tax withheld- S6,2560 Amount for personal exemptions- S12,500 Y ou and your spouse wantto start an emergency fund a) b) How much should the emergency fund...
You are 35 years old You have a non-working spouse (same age) You have one child,...
You are 35 years old You have a non-working spouse (same age) You have one child, age 3 Annual gross income S110,000 Your monthly expenses total S3,500 Monthly debt payments are S400 (counted in the S3,500) Tax-specific Information Adjusted gross income S75,500 Itemized deductions-$15,500 Child care tax credit $500 Federal income tax withheld S6,250 Amount for personal exemptions S12,500 You are exhausted at this point from buying a house, managing your taxes, learning about life insurance and saving for college....but...
Y ou are 35 years old You have a non-working spouse (same age) You have one...
Y ou are 35 years old You have a non-working spouse (same age) You have one child, age 3 Annual gross income = $110,000 Your monthly expenses total S3,500 Monthly debt payments are S400 (counted in the S3,500) Tax-specific Information Adjusted gross income S75,500 Itemized deductions-$15,500 Child care tax credit = $500 Federal income tax withheld S6,250 Amount for personal exemptions- S12,500 You and your spouse wish to start a sa vings plan so that you can buy a house...
You are 35 years old You have a non-working spouse (same age) You have one child,...
You are 35 years old You have a non-working spouse (same age) You have one child, age 3 Annual gross income = $110,000 Your monthly expenses total S3,500 Monthly debt payments are S400 (counted in the S3,500) Tax-specific Information Adjusted gross income S75,500 Itemized deductions-$15,500 Child care tax credit $500 Federal income tax withheld S6,250 Amount for personal exemptions S12,500 You want to ensure your children's futures are protected a) Use the "non-working spouse" method of calculating how much life...
You are a single parent living in Florida, with one dependent child and one dog as...
You are a single parent living in Florida, with one dependent child and one dog as a pet. You have gross income is $48,000 per year You have itemized deductions of $9,000 You have child care expenses (such as day care) that result in a child tax credit of $600. You had federal income tax withholdings of $4,900. Please calculate your refund, or amount owed, using 2019 tax brackets: _____________ Please also calculate the amount of FICA taxes you would...
Sheila and Joe Wells are married with one dependent child. During 2020, they have gross income...
Sheila and Joe Wells are married with one dependent child. During 2020, they have gross income of $159,800, deductions for AGI of $5,500, itemized deductions of $25,000 and a dependent tax credit of $2,000. The Wells' had $22,000 withheld by their employer for federal income tax. They have a tax (due/refund) of $
Injured spouse relief allows Couples to file jointly, but only have certain debts (including child support...
Injured spouse relief allows Couples to file jointly, but only have certain debts (including child support and past-due taxes) taken portion of the refund Taxpayers to take the refund of another taxpayer in satisfaction of their alimony payment Taxpayers to exclude personal injury claims from gross income. Spouses to file married filing separately so that the injured spouse can get their share of the tax refund. from the liable spouse's Mark for follow up tarpayer. Assume this person is a...
John (age 66) and Mary (age 59) Smith are married and file a joint federal tax...
John (age 66) and Mary (age 59) Smith are married and file a joint federal tax return. They have 2 dependent children in college ages 20 & 22. John and Mary have the following information for 2019: Income: John’s Salary $ 120,000 Mary’s Salary $ 80,000 Interest Income from taxable bonds $ 8,000 Proceeds from a life insurance policy $ 50,000 (John’s aunt passed away) Deductions: Alimony paid to Mary’s ex-spouse $ 25,000 (pre 1/1/19 divorce) Itemized deductions Charitable donations $ 5,000 NJ State Income Tax $ 11,000 Real Estate Taxes $ 9,000 John had $ 19,500...
Demarco and Janine Jackson have been married for 20 years and have four children who qualify...
Demarco and Janine Jackson have been married for 20 years and have
four children who qualify as their dependents (Damarcus, Janine,
Michael, and Candice). The couple received salary income of
$130,000, qualified business income of $20,500 from an investment
in a partnership, and they sold their home this year. They
initially purchased the home three years ago for $252,500 and they
sold it for $302,500. The gain on the sale qualified for the
exclusion from the sale of a principal...
Y ou are 35 years old You have a non-working spouse (same age) You have one child, age 3 Annual gross income S110,000 Your monthly expenses total S3,500 Monthly debt payments are S400 (counted in the S3,500) Tax-specific Information Adjusted gross income- S75,500 Itemized deductions-$15,500 Child care tax credit = $500 Federal income tax withheld S6,250 Amount for personal exemptions- S12,500 The kids are getting too big for your apartment, so it's time to buy a house! Your bank is...
Y ou are 35 years old You have a non-working spouse (same age) You have one child, age 3 Annual gross income S110,000 Your monthly expenses total S3,500 Monthly debt payments are S400 (counted in the S3,500) Tax-specific Information Adjusted gross income- S75,500 Itemized deductions = $15,500 Child care tax credit $500 Federal income tax withheld- S6,2560 Amount for personal exemptions- S12,500 Y ou and your spouse wantto start an emergency fund a) b) How much should the emergency fund...
You are 35 years old You have a non-working spouse (same age) You have one child, age 3 Annual gross income S110,000 Your monthly expenses total S3,500 Monthly debt payments are S400 (counted in the S3,500) Tax-specific Information Adjusted gross income S75,500 Itemized deductions-$15,500 Child care tax credit $500 Federal income tax withheld S6,250 Amount for personal exemptions S12,500 You are exhausted at this point from buying a house, managing your taxes, learning about life insurance and saving for college....but...
Y ou are 35 years old You have a non-working spouse (same age) You have one child, age 3 Annual gross income = $110,000 Your monthly expenses total S3,500 Monthly debt payments are S400 (counted in the S3,500) Tax-specific Information Adjusted gross income S75,500 Itemized deductions-$15,500 Child care tax credit = $500 Federal income tax withheld S6,250 Amount for personal exemptions- S12,500 You and your spouse wish to start a sa vings plan so that you can buy a house...
You are 35 years old You have a non-working spouse (same age) You have one child, age 3 Annual gross income = $110,000 Your monthly expenses total S3,500 Monthly debt payments are S400 (counted in the S3,500) Tax-specific Information Adjusted gross income S75,500 Itemized deductions-$15,500 Child care tax credit $500 Federal income tax withheld S6,250 Amount for personal exemptions S12,500 You want to ensure your children's futures are protected a) Use the "non-working spouse" method of calculating how much life...
Sheila and Joe Wells are married with one dependent child. During 2020, they have gross income of $159,800, deductions for AGI of $5,500, itemized deductions of $25,000 and a dependent tax credit of $2,000. The Wells' had $22,000 withheld by their employer for federal income tax. They have a tax (due/refund) of $
Injured spouse relief allows Couples to file jointly, but only have certain debts (including child support and past-due taxes) taken portion of the refund Taxpayers to take the refund of another taxpayer in satisfaction of their alimony payment Taxpayers to exclude personal injury claims from gross income. Spouses to file married filing separately so that the injured spouse can get their share of the tax refund. from the liable spouse's Mark for follow up tarpayer. Assume this person is a...
Demarco and Janine Jackson have been married for 20 years and have
four children who qualify as their dependents (Damarcus, Janine,
Michael, and Candice). The couple received salary income of
$130,000, qualified business income of $20,500 from an investment
in a partnership, and they sold their home this year. They
initially purchased the home three years ago for $252,500 and they
sold it for $302,500. The gain on the sale qualified for the
exclusion from the sale of a principal...
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