Question

Don, age 65, is married to Melanie, age 35. In 2019 they will have ordinary income of $120,000 and no other income. They have
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Ordinary income

$120000

Standard deduction (24400+1300)

25700

Taxable income

94300

Tax liability (9086+(22%*(94300-78950)))

$12463

Add a comment
Know the answer?
Add Answer to:
Don, age 65, is married to Melanie, age 35. In 2019 they will have ordinary income...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Don and Cynthia are married, and they will file a joint federal income tax return for...

    Don and Cynthia are married, and they will file a joint federal income tax return for 2018. Their 21-year-old daughter, Matilda, is a full-time student at their state university. She is their only dependent. Don and Cynthia are most likely to benefit from which of the following? The personal and dependent exemption. A refundable family tax credit. An adjustment for non-child dependents, reported on Schedule 1. A nonrefundable credit for other dependents.

  • 15. Ben is married and in 2019 will file a joint federal income tax return with...

    15. Ben is married and in 2019 will file a joint federal income tax return with his wife, Gerri. They have twin sons, age 18, who qualify as their dependents, and no other children. Their taxable income in 2019 is $425.000, all of which is ordinary income. Using the federal tax rate schedules for 2019. Ben and Gerri's gross federal income tax liability for 2019 (before any additional taxes or tax credits) will be: A. $96,197 B. $99,137 C. $100,129...

  • Don and Deirdre are married but they have not lived together for the last three years....

    Don and Deirdre are married but they have not lived together for the last three years. Don and Deidre are not legally separated and she will agree to file a joint return. For the past two years Don’s father Wyatt has lived with him. Wyatt’s only income is a pension of $2,500 and social security of $3,950. Don pays all the costs of keeping up the home and can claim Wyatt as a dependant. Son has no other dependents and...

  • Chandler and his wife Monica use the filing status of married filing joint. Both are under...

    Chandler and his wife Monica use the filing status of married filing joint. Both are under the age of 65 and neither are blind. They have two dependents and Chandler retired during the year.            They had the following items of income and expense for 2019: Chandler’s Salary, prior to retirement 100,000 Interest income from Bank of Albuquerque 8,900 Interest income from State of California bonds 6,800 Pension (use a 65% exclusion ratio) 24,000 Qualified dividends from Intel Corporation...

  • Question 26 O pts Fred and Wilma are married taxpayers in 2019 and file a joint...

    Question 26 O pts Fred and Wilma are married taxpayers in 2019 and file a joint return. They are age 65 and 67 and in good health. For 2019, they have $59,000 in wages, $1,200 in interest income, and won $1,500 in a prize drawing. Fred and Wilma's deductions for adjusted gross income amount to $4,000 and their itemized deductions equal $12,000. They have no other dependents. What is Fred and Wilma's 2019 tax? O 3,296 O 1,940 O 1,356...

  • • Noah, age 65, and Ella, age 54, are married. They elect to fle Married Filing...

    • Noah, age 65, and Ella, age 54, are married. They elect to fle Married Filing Jointly. • Their son Leo is 23 years old and a full-time college student in his third year of study He is pursuing a degree in Business Administration and does not have a felony drug conviction His 2018 Form 1098-T did not have an amount entered in box 2 • Their son Freddie is 26 years old and graduated from college in June 2019...

  • Greg and Sue are married with two children under the age of 10 that are their...

    Greg and Sue are married with two children under the age of 10 that are their only dependents. They are both 45 years of age and filing jointly. They had combined California gross income of $64,500. Which of the following is true about their filing requirement in California? A. On the basis of gross income, they do not have an obligation to file a California returnB. Solely on the combination of their age and number of dependents means they must...

  • 1) A dependent child, age 18 and single has wages of $3,900 and dividend income of...

    1) A dependent child, age 18 and single has wages of $3,900 and dividend income of $3,300 in tax ... Assume that she is subject to the kiddie tax, and her father, her sole surviving parent, has taxable income of $49,000 and files his 2014 return using the head of household filing status. What is the child's tax liability? 2) A taxpayer who provides 40% of the support of her parents and claims them as dependents because of a multiple...

  • 1) A dependent child, age 18 and single has wages of $3,900 and dividend income of...

    1) A dependent child, age 18 and single has wages of $3,900 and dividend income of $3,300 in tax year 2014. What is her standard deduction? 2) Refer to question 1. Assume that she is subject to the kiddie tax, and her father, her sole surviving parent, has taxable income of $49,000 and files his 2014 return using the head of household filing status. What is the child's tax liability? 3) A taxpayer who provides 40% of the support of...

  • what amount goes on 12a Tax? 1040 of 2019 1040 for a couple Married Filing Jointly...

    what amount goes on 12a Tax? 1040 of 2019 1040 for a couple Married Filing Jointly with no dependents. 1040 PG 1 1040 PG 2 Page 2 of Form 1040. Some information does not carry over from Page 1 Form 1040 (2019) Holloway Holloway 412-34-5670 Page 2 John 12a Tax (see inst. Check it any from Form(s) (1) 8814 Martha 12) 4972 (3) 3,677 ® b Add Schedule 2. line 3, and line 12 and enter the total 3,677 13a...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT