Homework Answers
| Adjusted gross income | =Gross income less adjustments |
| Taxable income | =Adjusted gross income |
| Less: Deductions | |
| Less: Exemption |
| Particulars | Amount |
| Wages | 46,500 |
| Adjustments:- | |
| Add: Interest | 1,850 |
| Add: Income from TV show | 15,000 |
| Adjusted Gross Income | 63,350 |
| Particulars | Amount |
| Adjusted Gross Income | 63,350 |
| Deductions/Exemptions:- | |
| Less: Tax deferred savings plan | -3,300 |
| Less: Personal exemption | -4,050 |
| Less: Standard deduction | -6,300 |
| Less: Interest on home mortgage | -6,500 |
| Less: Property Tax | -2,100 |
| Less: State Tax | -1,855 |
| Less: Charirty contrubution | -3,000 |
| Taxable Income | 36,245 |
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8.2. Personal Income Tax Finance is a fixed amount on your retam Lal A each person...
For 2016, the personal exemption amount is $4,050. The 2016 standard deduction is $6,300 for unmarried...
For 2016, the personal exemption amount is $4,050. The 2016 standard deduction is $6,300 for unmarried taxpayers or married taxpayers filing separately, $12,600 for married taxpayers filing jointly, and $9,300 for taxpayers filing as head of household. Calculating Zachary's Taxable Income Zachary is an unmarried person filing single. Calculate Zachary's 2016 taxable income by filling in the worksheet. Enter adjustments, deductions, and exemptions as negative numbers. 2016 Taxable Income Gross income • Zachary will earn $80,965 in wages this year....
For 2016, the personal exemption amount is $4,050. The 2016 standard deduction is $6,300 for unmarried...
For 2016, the personal exemption amount is $4,050. The 2016 standard deduction is $6,300 for unmarried taxpayers or married taxpayers filing separately, $12,600 for married taxpayers filing jointly, and $9,300 for taxpayers filing as head of household. Calculating Sarah and Helen's Taxable Income Sarah and Helen are a married couple filing jointly. Calculate Sarah and Helen's 2016 taxable income by filling in the worksheet. Enter adjustments, deductions, and exemptions as negative numbers. 2016 Taxable Income Gross income • Sarah and...
A man earned wages of $34 comma 900, received $2800 in interest from a savings account,...
A man earned wages of $34 comma 900, received $2800 in interest from a savings account, and contributed $3800 to a tax-deferred retirement plan. He was entitled to a personal exemption of $3800 and a standard deduction of $5950. The interest on his home mortgage was $8400, he contributed $2700 to charity, and he paid $1325 in state taxes. Find his gross income, adjusted gross income, and taxable income. Base the taxable income on the greater of a standard deduction...
A man earned wages of $55,900, received $1800 in interest from a savings account, and contributed...
A man earned wages of $55,900, received $1800 in interest from a savings account, and contributed $3300 to a tax-deferred retirement plan. He was entitled to a personal exemption of $2800 and had deductions totaling $5220. Find his gross income, adjusted gross income, and taxable income. His gross income was $ (Simplify your answer.) His adjusted gross income was $ (Simplify your answer.) His taxable income was $ (Simplify your answer.)
For tax purposes, "gross income" is all the money a person receives in a given year from any sour...
If any could please help with
question E & F
Answer for Question C is $37,500
For tax purposes, "gross income" is all the money a person receives in a given year from any source. But income taxes are levied or "taxable income" rather than gross income. The difference between the two is the result of many exemptions and deductions. To see how they work, suppose you made $50,000 last year in wages, earned $10,000 from investments, and were given...
A man earned wages of $45000, received $1200 in interest from a savings account, and contributed...
A man earned wages of $45000, received $1200 in interest from a savings account, and contributed $3000 to a tax-deferred retirement plan. He was entitled to a personal exemption of $3200. His deductible expenditures include $7500 for interest on a home mortgage, $3455 for contributions to charity, and $650 for state income taxes. His filing status allows him to take a standard deduction of $11600. He is in the 35% tax bracket. a. What is his gross income? b. What...
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...
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 $1,160 Gross wages and commissions earned 50,770 IRA contribution 5,000 Mortgage interest paid 5,100 Capital gains realized on assets held less than 12 months...
Jamie Lee Jackson, age 26, is in her last semester of college and is waiting for...
Jamie Lee Jackson, age 26, is in her last semester of college and is waiting for graduation day that is just around the corner! It is the time of year again when Jamie Lee must file her annual federal income taxes. Last year, she received an increase in salary from the bakery, which brought her gross monthly earnings to $2,600, and also opened up an IRA, to which she contributed $350 last year. Her savings accounts earn 2% Interest per...
Calculate the 2017 total tax for Gordon Geist, a single taxpayer without dependents and no itemized deductions. He has active income of $43,000, a short-term capital gain income of $4,400 from the sa...
Calculate the 2017 total tax for Gordon Geist, a single taxpayer without dependents and no itemized deductions. He has active income of $43,000, a short-term capital gain income of $4,400 from the sale of stock, and S6,400 from book royalties. What is Gordon's average tax rate? Gordon's total gross income for the 2017 tax year is (Round to the nearest cent) Assuming Gordon's filing status is single, his standard deduction for the 2017 tax year is (Enter the amount to...
Need help figuring out the GROSS INCOME please Jamie Lee Jackson, age 26, is in her...
Need help figuring out the GROSS INCOME please
Jamie Lee Jackson, age 26, is in her last semester of college and is waiting for graduation day that is just around the corner! It is the time of year again when Jamie Lee must file her annual federal income taxes. Last year, she received an increase in salary from the bakery, which brought her gross monthly earnings to $2,800, and also opened up an IRA, to which she contributed $200 last...
For 2016, the personal exemption amount is $4,050. The 2016 standard deduction is $6,300 for unmarried taxpayers or married taxpayers filing separately, $12,600 for married taxpayers filing jointly, and $9,300 for taxpayers filing as head of household. Calculating Zachary's Taxable Income Zachary is an unmarried person filing single. Calculate Zachary's 2016 taxable income by filling in the worksheet. Enter adjustments, deductions, and exemptions as negative numbers. 2016 Taxable Income Gross income • Zachary will earn $80,965 in wages this year....
For 2016, the personal exemption amount is $4,050. The 2016 standard deduction is $6,300 for unmarried taxpayers or married taxpayers filing separately, $12,600 for married taxpayers filing jointly, and $9,300 for taxpayers filing as head of household. Calculating Sarah and Helen's Taxable Income Sarah and Helen are a married couple filing jointly. Calculate Sarah and Helen's 2016 taxable income by filling in the worksheet. Enter adjustments, deductions, and exemptions as negative numbers. 2016 Taxable Income Gross income • Sarah and...
A man earned wages of $55,900, received $1800 in interest from a savings account, and contributed $3300 to a tax-deferred retirement plan. He was entitled to a personal exemption of $2800 and had deductions totaling $5220. Find his gross income, adjusted gross income, and taxable income. His gross income was $ (Simplify your answer.) His adjusted gross income was $ (Simplify your answer.) His taxable income was $ (Simplify your answer.)
If any could please help with
question E & F
Answer for Question C is $37,500
For tax purposes, "gross income" is all the money a person receives in a given year from any source. But income taxes are levied or "taxable income" rather than gross income. The difference between the two is the result of many exemptions and deductions. To see how they work, suppose you made $50,000 last year in wages, earned $10,000 from investments, and were given...
A man earned wages of $45000, received $1200 in interest from a savings account, and contributed $3000 to a tax-deferred retirement plan. He was entitled to a personal exemption of $3200. His deductible expenditures include $7500 for interest on a home mortgage, $3455 for contributions to charity, and $650 for state income taxes. His filing status allows him to take a standard deduction of $11600. He is in the 35% tax bracket. a. What is his gross income? b. What...
Jamie Lee Jackson, age 26, is in her last semester of college and is waiting for graduation day that is just around the corner! It is the time of year again when Jamie Lee must file her annual federal income taxes. Last year, she received an increase in salary from the bakery, which brought her gross monthly earnings to $2,600, and also opened up an IRA, to which she contributed $350 last year. Her savings accounts earn 2% Interest per...
Calculate the 2017 total tax for Gordon Geist, a single taxpayer without dependents and no itemized deductions. He has active income of $43,000, a short-term capital gain income of $4,400 from the sale of stock, and S6,400 from book royalties. What is Gordon's average tax rate? Gordon's total gross income for the 2017 tax year is (Round to the nearest cent) Assuming Gordon's filing status is single, his standard deduction for the 2017 tax year is (Enter the amount to...
Need help figuring out the GROSS INCOME please
Jamie Lee Jackson, age 26, is in her last semester of college and is waiting for graduation day that is just around the corner! It is the time of year again when Jamie Lee must file her annual federal income taxes. Last year, she received an increase in salary from the bakery, which brought her gross monthly earnings to $2,800, and also opened up an IRA, to which she contributed $200 last...
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