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| 1. Gross Income | $65,000 |
| FICA Tax Rate | 7.65% |
| FICA Tax | $4,972.50 |
| 2. Gross Income | $65,000 |
| Individual Retirement Account (IRA) Contribution | 0 |
| Adjusted Gross Income | $65,000 |
| Standard Deduction | $24,000 |
| Taxable Income | $41,000 |
| 3. Marginal Tax Rate (Upto $77,400 will be taxed at 12%) | 12% |
| 4. Taxable Income | $41,000 |
| Income Tax (1905+(41000-19050)*12%) | $4,539 |
| Child Tax Credit | $4,000 |
| Income Tax Due | $539 |
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Chapter 4: Using Tax Concepts for Planning 1. Help the Sampsons estimate their...
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Dave and Sharon Sampson want to determine their taxes for this year. Their combined income will be $65,000 for the entire year. They did not make any individual retirement account (IRA) contributions. The Sampsons are filing jointly. Help the Sampsons estimate their Federal Income Contributions Act (FICA) tax, which consists of Social Security and Medicare taxes. For 2018, the FICA tax rate is 7.65% for annual incomes less than $128,400. Gross Income $ FICA Tax Rate x % FICA Tax $ ...
T THE SAMPSONS-A Continuing Case Dave and Sharon Sampson want to determine their taxes for the...
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T THE SAMPSONS-A Continuing Case Dave and Sharon Sampson want to determine their taxes for the current year. Dave will earn $48,000 this year, while Sharon's earnings from her part-time job will be $12,000. Neither Dave nor Sharon contributes to a retirement plan at this time. Recall that they have two children. Assume child tax credits are currently $1,000 per child. The Sampsons will pay $6,300 in home mortgage interest and $1,200 in real estate taxes this year, and they...
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