Description |
Amount |
Explanation |
|
Taxable benefits |
|||
1 |
Salary |
133000 |
Given |
2 |
Restricted stock grant |
2500 |
500 Shares X $5 on grant date with §83(b) election |
3 |
Bonus |
5600 |
Given |
4 |
Hawaii trip |
4600 |
Given |
5 |
Life insurance (taxable portion) |
276 |
($100000 X (0.23 Cents per $) X 12 months |
6 |
Parking |
504 |
$42 per month ($ 307 per month - $265) (statutory limit) X 12 months |
7 |
AGI |
146480 |
Sum of items (1) through (6) |
8 |
Standard deduction |
12200 |
2019 single standard deduction |
9 |
Taxable income |
134280 |
(7) – (8) |
10 |
Income tax liabilities |
26402 |
[14382.50+((24%*(134280-84200)))] |
Santini's new contract for 2019 indicates the following compensation and benefits: Benefit Description Salary Health insurance...
In 2019, Lisa and Fred, a married couple, had taxable income of $300,000. If they were to file separate tax returns, Lisa would have reported taxable income of $125,000 and Fred would have reported taxable income of $175,000. Use Tax Rate Schedule for reference. What is the couple’s marriage penalty or benefit? (Do not round intermediate calculations.) 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ ...
Scot and Vidia, married taxpayers, earn $240,000 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. (Use the U.S. tax rate schedule for married filing jointly). 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 $970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22%...
1. Gill and Molly are married and for 2019, they each made $50,000 and $30,000 of taxable income in wages, respectively. In addition, Molly received $13,000 of interest income from a municipal bond investment that is not taxable. Use the appropriate Federal Tax Rate Schedule in Appendix D towards the back of your book to answer the following. Round dollar amounts to the nearest cent ($3,500.0372 → $3,500.04). Round percentages to the second decimal place (e.g. 35.027956% → 35.03%). a....
Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2019, she sells the following long-term assets used in her business: Asset Sales Price Cost Accumulated Depreciation Building $230,000 $200,000 $52,000 Equipment 80,000 148,000 23,000 Lily's taxable income before these transactions is $190,500. What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) TAXABLE...
2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 $970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160,725 S14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46,628.50 plus 35% of the excess over...
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In 2019. Lisa and Fred, a married couple, had taxable income of $309.700. If they were to file separate tax returns, Lisa would have reported taxable income of $128.200 and Fred would have reported taxable income of $181,500. Use Tax Rate Schedule for reference What is the couple's marriage penalty or benefit? (Do not round intermediate calculations.) Marriage benefit 39,415 5970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475...
Required information [The following information applies to the questions displayed below) Lacy is a single taxpayer In 2019, her taxable income is $42.900. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates. Estates and Trusts for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.) a. All of her income is salary from her employer. Tarabaty 39,415 5970 plus 12% of the excess...