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Q6
What is the tax refund?
Mr. and Mrs. Kigali's AGI (earned income) was $15,010. Their...
Mr. Olaf earned an $89,000 salary, and Mrs. Olaf earned a $40,330 salary. The couple had...
Mr. Olaf earned an $89,000 salary, and Mrs. Olaf earned a
$40,330 salary. The couple had no other income and can’t itemize
deductions. Assume the taxable year is 2020. Use Individual Tax
Rate Schedules and Standard Deduction Table.
Required:
Compute their combined tax if they choose to file separate
returns.
Compute their tax if they file a joint return.
Married filing jointly and surviving spouses Married filing separately Head of household Single $24,800 12,400 18,650 12,400
10. Mr. and Mrs. K’s AGI was $23,000. Their federal income tax withholding was $850. They had no ...
10. Mr. and Mrs. K’s AGI was $23,000. Their federal income tax withholding was $850. They had no itemized deductions and two dependent children, ages 14 and 15. If they are entitled to a $5,572earned income credit, compute their tax refund, including the refundable tax credit.
Mr. and Mrs. Daku have the following income items. Mr. Daku's salary Mrs. Daku's Schedule C...
Mr. and Mrs. Daku have the following income items. Mr. Daku's salary Mrs. Daku's Schedule C net profit Interest income $ 64,750 45,200 2,500 Mrs. Daku's self-employment tax was $6,387. Mrs. Daku's Schedule C net business profit is qualified business income under Section 199A. The couple have $10,470 itemized deductions and no children or other dependents. Compute their income tax on a joint return. Assume the taxable year is 2019. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round...
What is the taxable income liability? Jeremy earned $101,900 in salary and $7,900 in interest income...
What is the taxable income liability?
Jeremy earned $101,900 in salary and $7,900 in interest income during the year. Jeremy's employer withheld $11,200 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $31,700 in itemized deductions, (Use the tax rate schedules.) Problem 4-28 Part-b b. Assume that in addition to the original facts, Jeremy has a long-term capital gain...
What is the taxable income liability? Jeremy earned $101,900 in salary and $7,900 in interest income...
What is the taxable income liability?
Jeremy earned $101,900 in salary and $7,900 in interest income during the year. Jeremy's employer withheld $11,200 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $31,700 in itemized deductions, (Use the tax rate schedules.) Problem 4-28 Part-b b. Assume that in addition to the original facts, Jeremy has a long-term capital gain...
Apply the tax benefit rule to determine the amount of the state income tax refund included...
Apply the tax benefit rule to determine the amount of the state income tax refund included in gross income in 2020. If an amount is zero, enter "0". a. Myrna and Geoffrey filed a joint tax return in 2019. Their AGI was $85,000, and itemized deductions were $25,100, which included $7,000 in state income tax and no other state or local taxes. In 2020, they received a $1,800 refund of the state income taxes that they paid in 2019. The standard...
Jan is a single, cash-method taxpayer. On April 11 2018, Joyce paid $140 in state income...
Jan is a single, cash-method taxpayer. On April 11 2018,
Joyce paid $140 in state income taxes with her 2017 state income
tax return. During 2018 Jan had $2,000 in state income taxes
withheld. On April 13, 2019, Jan paid $250 with her 2018 state
tax return. During 2019 she had $2,600 in state income taxes
withheld from her paycheck. Upon filing her 2019 tax return on
April 15, 2020 she received a refund of $350 for excess state
income...
Problem 1-11 The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO...
Problem 1-11 The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.7) Christine is a single 50-year-old taxpayer with no dependents. Her only income is $40,750 of wages. Calculate her taxable income and her tax liability. Table for the standard deduction Filing Status Standard Deduction Single $ 12,200 Married, filing jointly 24,400 Married, filing separately 12,200 Head of household 18,350 Qualifying widow(er) 24,400 Click here to access the tax tables. Taxable income: ?...
Compute the 2020 standard deduction for the following taxpayers. If an amount is zero, enter "0"....
Compute the 2020 standard deduction for the following taxpayers. If an amount is zero, enter "0". Click here to access the standard deduction table to use. $ $ a. Ellie is 15 and claimed as a dependent by her parents. She has $500 in dividends income and $3,440 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $11,325....
Problem 1-8 The Tax Formula for Individuals, Filing Status and Tax Computation, Personal and Dependency Exemptions...
Problem 1-8 The Tax Formula for Individuals, Filing Status and Tax Computation, Personal and Dependency Exemptions (LO 1.3, 1.5, 1.7) Jonathan is a 35-year-old single taxpayer with adjusted gross income in 2019 of $46,300. He uses the standard deduction and has no dependents. Table for the standard deduction Filing Status Standard Deduction Single $ 12,200 Married, filing jointly 24,400 Married, filing separately 12,200 Head of household 18,350 Qualifying widow(er) 24,400 Click here to access the tax tables. a. Calculate Jonathan's...
Mr. Olaf earned an $89,000 salary, and Mrs. Olaf earned a
$40,330 salary. The couple had no other income and can’t itemize
deductions. Assume the taxable year is 2020. Use Individual Tax
Rate Schedules and Standard Deduction Table.
Required:
Compute their combined tax if they choose to file separate
returns.
Compute their tax if they file a joint return.
Married filing jointly and surviving spouses Married filing separately Head of household Single $24,800 12,400 18,650 12,400
Mr. and Mrs. Daku have the following income items. Mr. Daku's salary Mrs. Daku's Schedule C net profit Interest income $ 64,750 45,200 2,500 Mrs. Daku's self-employment tax was $6,387. Mrs. Daku's Schedule C net business profit is qualified business income under Section 199A. The couple have $10,470 itemized deductions and no children or other dependents. Compute their income tax on a joint return. Assume the taxable year is 2019. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round...
What is the taxable income liability?
Jeremy earned $101,900 in salary and $7,900 in interest income during the year. Jeremy's employer withheld $11,200 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $31,700 in itemized deductions, (Use the tax rate schedules.) Problem 4-28 Part-b b. Assume that in addition to the original facts, Jeremy has a long-term capital gain...
What is the taxable income liability?
Jeremy earned $101,900 in salary and $7,900 in interest income during the year. Jeremy's employer withheld $11,200 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $31,700 in itemized deductions, (Use the tax rate schedules.) Problem 4-28 Part-b b. Assume that in addition to the original facts, Jeremy has a long-term capital gain...
Jan is a single, cash-method taxpayer. On April 11 2018,
Joyce paid $140 in state income taxes with her 2017 state income
tax return. During 2018 Jan had $2,000 in state income taxes
withheld. On April 13, 2019, Jan paid $250 with her 2018 state
tax return. During 2019 she had $2,600 in state income taxes
withheld from her paycheck. Upon filing her 2019 tax return on
April 15, 2020 she received a refund of $350 for excess state
income...
Compute the 2020 standard deduction for the following taxpayers. If an amount is zero, enter "0". Click here to access the standard deduction table to use. $ $ a. Ellie is 15 and claimed as a dependent by her parents. She has $500 in dividends income and $3,440 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $11,325....
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