Homework Answers
a.
| Particulars | Amount (in $) |
| Wages( of Sarah) | 54000 |
| Wages (of malik) | 48000 |
| Interest from savings account | 2600 |
| Gross income | 104600 |
b..
| Gross income | 104600 | |
| Less | Tax deferred savings plan | 4500 |
| Adjusted Gross income | 71600 |
c.
| Adjusted Gross income | 71600 | |
| Less | Itemized dedutions | 28500 |
| Taxable income | 43100 |
d.
| Taxable income | 43100 |
| Tax @ 12% | 5172 |
| (as the slab rate is 12% from taxable income $19051 to $77400) | |
e.
| Particulars | Amount (in $) |
| Taxable income | 43100 |
| Withheld | 13100 |
| Credits | 1400 |
| total balance | 28600 |
| As the balance left is $28600 , they will owe moanye & will not received any refund as the tax slab rate is mentioned below | ||
| Rate | Individuals | Married Filing Jointly |
| 12% | $9,526 to $38,700 | $19,051 to $77,400 |
Add Answer to:
5. Sarah and Malik are married and filing jointly. In 2018, Sarah earned $54,000 in wages,...
In 2018 what is the amount of tax liability for a married couple filing jointly with...
In 2018 what is the amount of tax liability for a married couple filing jointly with taxable income of 135,500?
Daniel and Sarah are a married couple, filing join. Their Gross Income for the year is...
Daniel and Sarah are a married couple, filing join. Their Gross Income for the year is $120,000 and adjustments and deductions to their gross income on their tax return total $55,000. First Calculate Daniel and Sarah Taxable Income and then calculate Daniel and Sarah's tax due for 2019. What is their tax liability? Round up!! Rate table for Married Filing Joint: 0-9% - on income below $45,000 15% - on income up to $75,000 20% - on income up to...
Using the married filing jointly status and their income and expense statement, calculate the 2014 tax...
Using the married filing jointly status and their income and expense statement, calculate the 2014 tax liability for Shameka and Curtis Williams. First use the standard deduction, and then use the following itemized deductions: Income: Earned- $50,000 Interest- 2500 Expense: Home mortgage interest- $8000 Real estate and state income taxes- 3800 Miscellaneous deductions- 650 Explain to the Williams which method they should use and why. Shameka and Curtis' total gross income for the 2014 tax year is $__________. Round to...
61. Melody and Todd are married and have employee wages of $250,000 each in 2018. They...
61. Melody and Todd are married and have employee wages of $250,000 each in 2018. They have no other income. How much additional 0.9% Medicare tax will Melody and Todd have to pay or receive as a refund when they file their 2018 income tax return? a. $1,350 will be due with their return in addition to amounts withheld. b. $1,350 will be refunded with their return. c. $900 will be refunded with their return. d. $3,600 will be due...
Using the married filing jointly status and their income and expense statement, calculate the 2017 tax...
Using the married filing jointly status and their income and expense statement, calculate the 2017 tax liability for Shameka and Curtis Williams. First, use the standard deduction, and then use the following itemized deductions: Income Expenses Earned income $49,000.00 Home mortgage interest $7,800.00 Interest income 1,700.00 Real estate and state income taxes 3,800.00 Miscellaneous deductions 750.00 Explain to the Williams which method they should use and why. Shameka and Curtis' total gross income for the 2017 tax year is $nothing....
John and Sarah are married and earned salaries this year of $64,000 and $12,000, respectively. In...
John and Sarah are married and earned salaries this year of
$64,000 and $12,000, respectively. In addition to their salaries,
they received interest of $350 from municipal bonds and $500 from
corporate bonds. John contributed $2,500 to an individual
retirement account, and John paid alimony to a prior spouse in the
amount of $1,500 (under a divorce decree effective June 1, 2005).
John and Sarah have a 10-year-old son, Michael, who lived with them
throughout the entire year. Thus, John...
Q6 What is the tax refund? Mr. and Mrs. Kigali's AGI (earned income) was $15,010. Their...
Q6
What is the tax refund?
Mr. and Mrs. Kigali's AGI (earned income) was $15,010. Their federal income tax withholding was $890. They had no itemized deductions and two dependent children, ages 18 and 19. If Mr. and Mrs. Kigali are entitled to a $4,724 earned income credit, compute their income tax refund. Assume the taxable year is 2019. Use Standard Deduction Table. Tax refund Married filing jointly and surviving spouses Married filing separately Head of household Single $24,400 12,200...
• 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...
Compute the 2018 CT tax liability using the info below. Assume married filing jointly. Age 66...
Compute the 2018 CT tax liability using the info below. Assume married filing jointly. Age 66 W-2 income $85,000 Teachers pension( teachers retirement board)$15,000 social security $30,000 military pension $22,000 INTEREST: Bank $2,000 state of CT Municipal Bond $3,000 State of Massachusetts Municipal Bond $1,000 Common wealth of Puerto Rico tax exempt $5,000 U.S savings Bond $4,000 Loss on the sale of CT Municipal Bond ($2,000) Schedule C income (construction) $30,000 ADJUSTED GROSS INCOME $186,000 OTHER INFORMATION: R.E. taxes paid...
Q1) Jenna is a single taxpayer. During 2018, she earned wages of $108,000. She doesn't itemize...
Q1) Jenna is a single taxpayer. During 2018, she earned wages of
$108,000. She doesn't itemize deductions, so she will take the
standard deduction to calculate 2018 taxable income. In addition,
during the year she sold common stock that she had owned for five
years for a net profit of $4,700. How much does Jenna owe to the
IRS for taxes? Do not round intermediate calculations. Round your
answer to the nearest cent
federal taxes) is taxed as ordinary income,...
61. Melody and Todd are married and have employee wages of $250,000 each in 2018. They have no other income. How much additional 0.9% Medicare tax will Melody and Todd have to pay or receive as a refund when they file their 2018 income tax return? a. $1,350 will be due with their return in addition to amounts withheld. b. $1,350 will be refunded with their return. c. $900 will be refunded with their return. d. $3,600 will be due...
John and Sarah are married and earned salaries this year of
$64,000 and $12,000, respectively. In addition to their salaries,
they received interest of $350 from municipal bonds and $500 from
corporate bonds. John contributed $2,500 to an individual
retirement account, and John paid alimony to a prior spouse in the
amount of $1,500 (under a divorce decree effective June 1, 2005).
John and Sarah have a 10-year-old son, Michael, who lived with them
throughout the entire year. Thus, John...
Q6
What is the tax refund?
Mr. and Mrs. Kigali's AGI (earned income) was $15,010. Their federal income tax withholding was $890. They had no itemized deductions and two dependent children, ages 18 and 19. If Mr. and Mrs. Kigali are entitled to a $4,724 earned income credit, compute their income tax refund. Assume the taxable year is 2019. Use Standard Deduction Table. Tax refund Married filing jointly and surviving spouses Married filing separately Head of household Single $24,400 12,200...
Q1) Jenna is a single taxpayer. During 2018, she earned wages of
$108,000. She doesn't itemize deductions, so she will take the
standard deduction to calculate 2018 taxable income. In addition,
during the year she sold common stock that she had owned for five
years for a net profit of $4,700. How much does Jenna owe to the
IRS for taxes? Do not round intermediate calculations. Round your
answer to the nearest cent
federal taxes) is taxed as ordinary income,...
Most questions answered within 3 hours.
-
n January 1, Coldwater Company has a net book value of
$1,683,000 as follows:
1,050 shares...
asked 26 seconds ago -
True or False?
1) The superfund legislation established a national trust fund
to pay for the...
asked 1 minute ago -
Robert was able to travel 166.0 miles in 4.000 hours and used 38
liters of gasoline....
asked 6 minutes ago -
Explain the differences between FIND and FINDSTR command in
windows:
[write in a few sentences]
asked 16 minutes ago -
A 200g block attached to a horizontal spring is oscillating with
an amplitude of 2.0cm and...
asked 20 minutes ago -
When solving for an optimal bundle using the Hicksian and
Marshallian demand, should you get the...
asked 20 minutes ago -
1. The standard width between rails on North American and most
European railroads is 5 ft...
asked 18 minutes ago -
Which of these is a pure compound, which is an element, and
which is neither?
helium...
asked 24 minutes ago -
How much energy is required to vaporize 175 g of butane at its
boiling point? The...
asked 35 minutes ago -
X has a normal distribution with the given mean and
standard deviation. Find the indicated probability....
asked 37 minutes ago -
Calculate the probability that a particle will be found in a
tiny slice of space between...
asked 40 minutes ago -
Developed countries with some of the highest GDPs per
capita:
a)are not found outside of Europe...
asked 41 minutes ago