Harry, age 29, and Mary, age 32, are married and have earned income of $54,780 and...
Harry, age 29, and Mary, age 32, are married and have earned income of $54,780 and interest income of $ 450. They also have student loan interest of $2,800. They have qualified itemized deductions of $15,670. What is their taxable income for 2018? 1. 28,430 2. 28,730 3. 39,110 4. 30,780 5. 31,460
Homework Answers
b) $ 28,730
Earned Income. $ 54,780
Interest Income. $ 450
Less: Student Loan Interest Deduction. $ 2,500
Less: Standard Deduction . $ 24,000
Taxable Income. $ 28,730
Add Answer to:
Harry, age 29, and Mary, age 32, are married and have earned
income of $54,780 and...
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...
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...
that is all the information is given Freya and Sebastian Hunter are married and have one...
that is all the information is given
Freya and Sebastian Hunter are married and have one child. Sebastian is putting together some figures so he can prepare the Hunters' joint 2018 tax retum. So far, he's been able to determine the following concerning income and possible deductions: $1,150 50,770 5,000 5,100 1,450 150 360 Total unreimbursed medical expenses incurred Gross wages and commissions earned IRA contribution Mortgage interest paid Capital gains realized on assets held less than 12 months Income...
Eugene and Velma are married. For 2019, Eugene earned $25,000 and Velma earned $30,000. They have...
Eugene and Velma are married. For 2019, Eugene earned $25,000 and Velma earned $30,000. They have decided to file separate returns. They have no deductions for adjusted gross income. Eugene's itemized deductions are $14,200 and Velma's are $4,000. Assuming Eugene and Velma do not live in a community property state and Eugene deducts the greater of the standard deduction or itemized deductions, what is Eugene's taxable income? Select one: a. $10,800 b. $18,000 c. $1,000 d. $21,000 e. None of...
1. Peter and Susan Dillon are married and have two children: Paul, age 22 and a...
1. Peter and Susan Dillon are married and have two children: Paul, age 22 and a full-time student during the entire year and Mary, age 18. Paul has $6,000 in taxable interest income and Mary has $5,000 in taxable dividend income. Peter and Susan provide over half of the support of both children, who live at home. Neither child is married. Which of the following statements is true? a. Paul qualifies as a dependent of the Dillons b. Mary qualifies...
PROBLEMS 1:2-29 Computation of Tax. The following information relates to two married couples: Smiths Millers Salary...
PROBLEMS 1:2-29 Computation of Tax. The following information relates to two married couples: Smiths Millers Salary (earned by one spouse) Taxable interest income Deductible IRA contribution Itemized deductions Withholding $95,000 1,000 5,500 20,000 8,500 $30,000 20 900 1,750 Compute the 2018 tax due or refund due for each couple. Assume that any restrictions on itemized deductions have been applied. Ignore credits. Truahle Iucous The following information relates to Tom, a single
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 Jr., Michael, and Candice). The couple received salary
income of $100,000 and 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...
pis possible Taxable income. Nick and Nora are married and file jointly. In 2018. they have...
pis possible Taxable income. Nick and Nora are married and file jointly. In 2018. they have an adjusted gross income of $41,900. If they have itemized deductions of $22,700 and the standard deduction is $24,000, what is their taxable income? Nick and Nora's taxable income is (Round to the nearest dollar)
Question 25 5 pts John and Margaret are married taxpayers. They are both under age 65...
Question 25 5 pts John and Margaret are married taxpayers. They are both under age 65 and in good health. For 2019, they have $55,000 in wages and $600 in interest income. John and Margaret's deductions for adjusted gross income amount to $5,900 and their itemized deductions equal $15,950. What is the amount of their adjusted gross income? 49,700 What is the amount of their itemized deductions OR standard deductions that they should use? [Select ] What is their 2019...
Harry and Ginny Potter have been married for 24 years and have three children who qualify...
Harry and Ginny Potter have been married for 24 years and have three children who qualify as their dependents (Albus, 4; James, 16; and Lily, 19). The couple received salary income of $265,000 and they sold their home this year. They initially purchased the home 8 years ago for $220,000 and have lived in it ever since. They sold it for $690,000. They sold some stock they had owned for 4 years and had a $8,000 gain on the sale....
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...
that is all the information is given
Freya and Sebastian Hunter are married and have one child. Sebastian is putting together some figures so he can prepare the Hunters' joint 2018 tax retum. So far, he's been able to determine the following concerning income and possible deductions: $1,150 50,770 5,000 5,100 1,450 150 360 Total unreimbursed medical expenses incurred Gross wages and commissions earned IRA contribution Mortgage interest paid Capital gains realized on assets held less than 12 months Income...
1. Peter and Susan Dillon are married and have two children: Paul, age 22 and a full-time student during the entire year and Mary, age 18. Paul has $6,000 in taxable interest income and Mary has $5,000 in taxable dividend income. Peter and Susan provide over half of the support of both children, who live at home. Neither child is married. Which of the following statements is true? a. Paul qualifies as a dependent of the Dillons b. Mary qualifies...
PROBLEMS 1:2-29 Computation of Tax. The following information relates to two married couples: Smiths Millers Salary (earned by one spouse) Taxable interest income Deductible IRA contribution Itemized deductions Withholding $95,000 1,000 5,500 20,000 8,500 $30,000 20 900 1,750 Compute the 2018 tax due or refund due for each couple. Assume that any restrictions on itemized deductions have been applied. Ignore credits. Truahle Iucous The following information relates to Tom, a single
Demarco and Janine Jackson have been married for 20 years and
have four children who qualify as their dependents (Damarcus,
Janine Jr., Michael, and Candice). The couple received salary
income of $100,000 and 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...
pis possible Taxable income. Nick and Nora are married and file jointly. In 2018. they have an adjusted gross income of $41,900. If they have itemized deductions of $22,700 and the standard deduction is $24,000, what is their taxable income? Nick and Nora's taxable income is (Round to the nearest dollar)
Question 25 5 pts John and Margaret are married taxpayers. They are both under age 65 and in good health. For 2019, they have $55,000 in wages and $600 in interest income. John and Margaret's deductions for adjusted gross income amount to $5,900 and their itemized deductions equal $15,950. What is the amount of their adjusted gross income? 49,700 What is the amount of their itemized deductions OR standard deductions that they should use? [Select ] What is their 2019...
Most questions answered within 3 hours.
-
Hello, regarding the photoelectric effect I had a couple
questions:
Red light is shining on a...
asked 9 minutes ago -
build a sample navigation Sprite in css ?
asked 8 minutes ago -
Please write a C# program for an concert sale with the
requirements below in Console Form:...
asked 10 minutes ago -
use linux follow instructions , put the commands at each step
and screenshot at each step...
asked 24 minutes ago -
Suppose producer’s production function let q(K, E) =
K0.5E0.5
Suppose producer’s cost function if w=w’ and...
asked 20 minutes ago -
Using the information given below for the fictitious country
"Alpha," find the national saving rate.
...
asked 11 minutes ago -
What is the advantage(s) of using iPS instead of ES cells for stem
cell therapies?
asked 20 minutes ago -
1. The return on assets
(ROA) for XYZ Hospital Systems Inc, below, for the year 20XX
was...
asked 23 minutes ago -
Chelsea, a vegan woman, has just found out she is pregnant. What
nutrient deficiencies are common...
asked 19 minutes ago -
1.
In the laws of optics experiment, a student measured the
intensity of a light source...
asked 27 minutes ago -
What is the length of a box in which the minimum energy of an
electron is...
asked 29 minutes ago -
A Government of Canada bond will pay $50 at the end of every six
months for...
asked 29 minutes ago