Homework Answers
False. This threshold applies to a single individual.
For a married couple filing jointly, the threshold before which they have to pay tax is $20,600 if they are both under 65.
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A married couple (filing jointly and not itemizing) could make up to $10,300 in 2015 before...
In 2018 what is the amount of tax liability for a married couple filing jointly with...
In 2018 what is the amount of tax liability for a married couple filing jointly with taxable income of 135,500?
Question 11 (1 point) True or false: A couple cannot claim married filing jointly as their...
Question 11 (1 point) True or false: A couple cannot claim married filing jointly as their filing status if they were not married more than half of the taxable year. True False Question 12 (1 point) Josh took care of his 5 year old brother for 5 months in 2019. During that time, Josh provided all of the housing and support for his brother. His mother took care of his brother the rest of the year. What would Josh claim...
A married couple with 3 children is filing taxes jointly. They have a gross income of...
A married couple with 3 children is filing taxes jointly. They have a gross income of $348,198, and they made the following tax-deductible purchases: . Charitable contributions: $7,857 • Medical expenses: $2,392 . Mortgage interest: $4,020 Compute their final income tax using the following information: Married Individuals Filing Joint Returns and Surviving Spouses Taxable Income Is Between! The Tax Due is: 0 - $19.750 10% of taxable income $19,751 - $80,250 $1.975 +12% of the amount over $19.750 $80,251 -...
A married couple filing jointly with a taxable income of $295,000 and a $6000 tax credit...
A married couple filing jointly with a taxable income of
$295,000 and a $6000 tax credit
The tax code is
mathxl.com mat142 26758 Test: Module 6A Test This Question: 1 pt 9 of 20 (17 complete) Use the 2016 marginal tax rates to compute the tax owed by the following couple. A married couple filing jointly with a taxable income of $295,000 and a $6000 tax credit Click the icon to view the 2016 marginal tax rates. The tax owed...
Filing 2015 Marginal Tax Rates Married Married Head of Single Filing Filing Household Jointly Separately Status...
Filing 2015 Marginal Tax Rates Married Married Head of Single Filing Filing Household Jointly Separately Status Tax Rate Income Brackets 10% 0—13,150 15% 0–9,225 18 450 0–9,225 9.226— 18,451– 9,226 37,450 74,900 37,450 37,451–74,901—37,451— 90,750 151,200 75,600 13,151— 50,200 50,201— 129,600 25% 90,7514 151,201 129,601— 209.850 75,601- 28% 189,300 230,450 115,225 189,301 230,451 115,226— 33% 411,500 411,500 205,750 411,501 411,501 205,751- 35% 413,200 464,850 232,425 ||39.6% 413,201+ 464,851+ 232,426+ 209,851- 411,500 411,501- 439,000 439,001+ Use the marginal tax rates to...
Financial Planning Exercise 6 Calculating taxable income for a married couple filing jointly Ethan and Zoe...
Financial Planning Exercise 6 Calculating taxable income for a married couple filing jointly Ethan and Zoe Wilson are married and have one child. Ethan is putting together some figures so that he can prepare the Wilson’s joint 2014 tax return. He can claim three personal exemptions (including himself). So far, he’s been able to determine the following with regard to income and possible deductions: Total unreimbursed medical expenses incurred $1,155 Gross wages and commissions earned 50,700 IRA contribution 5,000 Mortgage...
Harry and Larry are a married couple in California. They itemize deductions. Before making a charitable...
Harry and Larry are a married couple in California. They itemize deductions. Before making a charitable contribution in 2018 their taxable income is $182,000. Their average tax rate is 20% and their effective tax rate is 18%. If they decide to make a deductible charitable contribution of $10,000 their federal income tax for 2018 will decrease by $2,800. True or False
Marginal (Taxable income] Tax Rate Single Married Filing Jointly 10% $0-$8,350 $0-$16,700 15% $8,350-$33,950 16,700-$67,900 25%...
Marginal (Taxable income] Tax Rate Single Married Filing Jointly 10% $0-$8,350 $0-$16,700 15% $8,350-$33,950 16,700-$67,900 25% $33,950-$82,250 $67,900-$137,050 28% $82,250-$171,550 $137,050-$208,850 33% $171,550-$372,950 $208,850-$372,950 35% > $372,950 > $372,950 Above is a chart showing the Federal Income Tax Rates for Single and Married couples. How much would a SINGLE INDIVIDUAL pay in taxes if they made $150,000 in income? $42,000 $17,375 $35,720 $25,000 $36,275
Daniel and Sarah are a married couple, filing join. Their Gross Income for the year is...
Daniel and Sarah are a married couple, filing join. Their Gross Income for the year is $120,000 and adjustments and deductions to their gross income on their tax return total $55,000. First Calculate Daniel and Sarah Taxable Income and then calculate Daniel and Sarah's tax due for 2019. What is their tax liability? Round up!! Rate table for Married Filing Joint: 0-9% - on income below $45,000 15% - on income up to $75,000 20% - on income up to...
1) For 2018, what is the gross income filing requirement for a married couple, where one...
1) For 2018, what is the gross income filing requirement for a married couple, where one is age 64 and the other is age 65, using the married filing jointly status? a) $18,000 b) $24,000 c) $25,300 d) $26,600 2) The maximum amount a taxpayer may claim for the lifetime learning credit is: a) $2,500 per qualifying student. b) $2,500 per return. c) $2,000 per qualifying student. d) $2,000 per return.
Question 11 (1 point) True or false: A couple cannot claim married filing jointly as their filing status if they were not married more than half of the taxable year. True False Question 12 (1 point) Josh took care of his 5 year old brother for 5 months in 2019. During that time, Josh provided all of the housing and support for his brother. His mother took care of his brother the rest of the year. What would Josh claim...
A married couple with 3 children is filing taxes jointly. They have a gross income of $348,198, and they made the following tax-deductible purchases: . Charitable contributions: $7,857 • Medical expenses: $2,392 . Mortgage interest: $4,020 Compute their final income tax using the following information: Married Individuals Filing Joint Returns and Surviving Spouses Taxable Income Is Between! The Tax Due is: 0 - $19.750 10% of taxable income $19,751 - $80,250 $1.975 +12% of the amount over $19.750 $80,251 -...
A married couple filing jointly with a taxable income of
$295,000 and a $6000 tax credit
The tax code is
mathxl.com mat142 26758 Test: Module 6A Test This Question: 1 pt 9 of 20 (17 complete) Use the 2016 marginal tax rates to compute the tax owed by the following couple. A married couple filing jointly with a taxable income of $295,000 and a $6000 tax credit Click the icon to view the 2016 marginal tax rates. The tax owed...
Filing 2015 Marginal Tax Rates Married Married Head of Single Filing Filing Household Jointly Separately Status Tax Rate Income Brackets 10% 0—13,150 15% 0–9,225 18 450 0–9,225 9.226— 18,451– 9,226 37,450 74,900 37,450 37,451–74,901—37,451— 90,750 151,200 75,600 13,151— 50,200 50,201— 129,600 25% 90,7514 151,201 129,601— 209.850 75,601- 28% 189,300 230,450 115,225 189,301 230,451 115,226— 33% 411,500 411,500 205,750 411,501 411,501 205,751- 35% 413,200 464,850 232,425 ||39.6% 413,201+ 464,851+ 232,426+ 209,851- 411,500 411,501- 439,000 439,001+ Use the marginal tax rates to...
Marginal (Taxable income] Tax Rate Single Married Filing Jointly 10% $0-$8,350 $0-$16,700 15% $8,350-$33,950 16,700-$67,900 25% $33,950-$82,250 $67,900-$137,050 28% $82,250-$171,550 $137,050-$208,850 33% $171,550-$372,950 $208,850-$372,950 35% > $372,950 > $372,950 Above is a chart showing the Federal Income Tax Rates for Single and Married couples. How much would a SINGLE INDIVIDUAL pay in taxes if they made $150,000 in income? $42,000 $17,375 $35,720 $25,000 $36,275
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