Married couples filing jointly can claim exemption of $3,950 per person and they are allowed a...
Married couples filing jointly can claim exemption of $3,950 per
person and they are allowed a standard deduction of $13,400. Polly
and Steve had joint earned income of $18,600 this year, as they are
both graduate students. Based on their status and income, Polly and
Steve
| will satisfy the IRS rules if only one of them files a single return. |
| are not required to file a tax return, but should do so if they are owed a refund. |
| are required to file a tax return. |
| none of the answers are correct. |
Homework Answers
| are not required to file a tax return, but should do so if they are owed a refund. |
Add Answer to:
Married couples filing jointly can claim exemption of $3,950 per
person and they are allowed a...
EXHIBIT 8-5 2019 AMT Exemptions Filing Status Exemption Phase-Out Begins at This Level of AMTI Phase-Out...
EXHIBIT 8-5 2019 AMT Exemptions
Filing Status
Exemption
Phase-Out Begins at This Level of
AMTI
Phase-Out Complete for This Level of
AMTI
Married filing jointly
$111,700
$1,020,600
$1,467,400
Married filing separately
55,850
510,300
733,700
Head of household and single
71,700
510,300
797,100
Required information [The following information applies to the questions displayed below.) Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she deduct under each of the following alternative circumstances?...
David and Ruby are engaged and plan to get married. During 2017, David is a full-time...
David and Ruby are engaged and plan to get married. During 2017, David is a full-time student and earns $9,400 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Ruby is employed and reports $74,600 in wages. The personal exemption amount for 2017 is $4,050. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0"....
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...
Toby and Nancy are engaged and plan to get married. During 2017, Toby is a full-time...
Toby and Nancy are engaged and plan to get married. During 2017, Toby is a full-time student and earns $8,500 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Nancy is employed and reports $65,000 in wages. The personal exemption amount for 2017 is $4,050. Click here to access the standard deduction table to use. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your...
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...
Gabriella and Steve have adjusted gross incomes of $47,100 and $32,700, respectively. Assume that each person...
Gabriella and Steve have adjusted gross incomes of $47,100 and $32,700, respectively. Assume that each person takes one exemption and the standard deduction. Answer parts (a) through (c) below Tax Rate Single Married Filing Jointly 10% up to $8,925 up to $17,850 15% up to $36,250 up to $72,500 25% up to $87,850 up to $146,400 28% up to $183,250 up to $223,050 Standard Deduction $6,100 $12,200 Exemptions (per person) $3,900 $3,900 a. Calculate the tax owed by the couple...
EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold Filing Status Phase-Out Threshold Married filing jointly $400,000 Marr...
EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold Filing Status Phase-Out Threshold Married filing jointly $400,000 Married filing separately Head of household and single 200,000 200,000 Source: $24(a) Required information [The following information applies to the questions displayed below. Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with his wife. What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations? Use...
Notes: in 2018 single taxpayers and married taxpayers who file separate returns can claim a $12,000...
Notes: in 2018 single taxpayers and married taxpayers who file separate returns can claim a $12,000 standard deduction. Married couples filing jointly can claim an amount that's twice as large, $24,000, and taxpayers filing as "head of household" (single individuals with dependents) can claim a standard deduction of $18,000. Question: Paul and Sonja, who are married, reported 2018 itemized deductions of $13,200 and $400, respectively. Paul suggests that they file their Federal income tax returns separately- he will itemize his...
Consider the following couple, who are engaged to be married. Assume that each person takes one...
Consider the following couple, who are engaged to be married. Assume that each person takes one exemption and the standard deduction. Answer the questions below using the tax rates in the table to the right. Mia and Steve each have an adjusted gross income of $186,000. Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption Single up to $9325 up to $37.950 up to $91,900 up to $191,650 up to $410.700 up to $418,400 above $418,400 $6350...
(python only) Write a program that asks the user for their filing status (single or married)...
(python only) Write a program that asks the user for their filing status (single or married) and their taxable income. Then, using the below table, compute the tax owed and display the filing status, taxable income, and tax owed. If the filing status is single and the taxable income is overbut not over the tax is of the amount over$0$9,52510%0$9,526$38,700$952.50 + 12%$9,525$38,701$82,500$4,453.50 +22% $38,700 $82,501unlimited$14,089.50 +24% $82,500 If the filing status is married filing jointly and the taxable income is overbut...
EXHIBIT 8-5 2019 AMT Exemptions
Filing Status
Exemption
Phase-Out Begins at This Level of
AMTI
Phase-Out Complete for This Level of
AMTI
Married filing jointly
$111,700
$1,020,600
$1,467,400
Married filing separately
55,850
510,300
733,700
Head of household and single
71,700
510,300
797,100
Required information [The following information applies to the questions displayed below.) Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she deduct under each of the following alternative circumstances?...
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...
EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold Filing Status Phase-Out Threshold Married filing jointly $400,000 Married filing separately Head of household and single 200,000 200,000 Source: $24(a) Required information [The following information applies to the questions displayed below. Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with his wife. What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations? Use...
Consider the following couple, who are engaged to be married. Assume that each person takes one exemption and the standard deduction. Answer the questions below using the tax rates in the table to the right. Mia and Steve each have an adjusted gross income of $186,000. Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption Single up to $9325 up to $37.950 up to $91,900 up to $191,650 up to $410.700 up to $418,400 above $418,400 $6350...
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