Description | Amount |
(1)Gross Income | $120,000 |
(2)For AGI Deductions | 0 |
(3)Adjusted Gross Income | $120,000 |
(4)Standard Deduction | $24,400 |
(5)Itemized deductions | $0 |
(6)Greater of standard deduction and itemized deductions | $24,400 |
(7)Taxable Income | $95,600 |
(8)Federal Income Tax Tax(9086+(95600-78950)*22%) | $ 12,749 |
Base your answers on this scenario: Sally and Jim Jones are married in Texas, a state...
Base your answers on this scenario: Sally and Jim Jones are married in Texas, a state with no state income tax. They have no children they can claim as dependents. In 2019, the household had no other source of income other than what is shown on Sally's W-2. They rent their home, and made no charitable contributions in 2019. If no information is provided for an item needed on the return, assume that it is zero, e.g., no contribution to...
Base your answers on this scenario: Sally and Jim Jones are married in Texas, a state with no state income tax. They have no children they can claim as dependents. In 2019, the household had no other source of income other than what is shown on Sally's W-2. They rent their home, and made no charitable contributions in 2019. If no information is provided for an item needed on the return, assume that lit is zero, e.g., no contribution to...
Base your answers on this scenario: Sally and Jim Jones are married in Texas, a state with no state income tax. They have two children, age 14 and 16, who are claimed by them as dependents. In 2019, the household had no other source of income other than what is shown on Sally's W-2. They rent their home, and made no charitable contributions in 2019. If no information is provided for an item needed on the return, assume that it...
Question 5 6 pts Base your answers on this scenario: Sally and Jim Jones are marned in Texas, a state with no state income tax. They have no children they can claim as dependents. In 2019, the household had no other source of income other than what is shown on Sally's W2. They rent their home, and made no charitable contributions in 2019. If no information is provided for an item needed on the return, assume that It is zero,...
Jim and Pat are married, file jointly, and have one dependent (12-year-old qualifying child). Jim receives a $92,000 salary. Pat is self-employed. Her sole proprietorship’s revenues are $98,000, and its expenses are $48,000. Jim and Pat each make a $6,000 deductible contribution to a traditional IRA. Their itemized deductions are $26,000. Federal income taxes of $7,000 are withheld from Jim’s paychecks, and Pat makes $3,000 of estimated tax payments. Determine the additional tax due or refund when Jim and Pat...
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 $100,000, qualified business income of $10,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $200,000 and they sold it for $250,000. The gain on the sale qualified for the exclusion from the sale of a principal...
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...
Tax return. Fill out a 2019 form 1040, as well as Schedule A, for the following situation: Married couple, filing jointly, with two minor dependent children Wife had W-2 salary income of $150,000; husband had W-2 salary income of $110,000 The couple had a capital loss on selling stock of $8.900 The mother received an inheritance from her deceased aunt of $98,000 The couple made an IRA contribution of $4,000 (this is a payment) The couple had the following potential...
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 $100,000, qualified business income of $10,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $200,000 and they sold it for $250,000. The gain on the sale qualified for the exclusion from the sale of a principal...
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 $100,000, qualified business income of $10,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $200,000 and they sold it for $250,000. The gain on the sale qualified for the exclusion from the sale of a principal...