ZuoTi.Pro
Question

2 points Saved Salary QUESTION 55 Jose is married, filing jointly. $50,000 Interest and dividends $4,000 IRA Contributions (d
also jose's agi is?
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Above-the-line deductions are traditional IRA contributions and alimony payments.
Total above the line deduction = ($2000 + $10000) = 12000

salary $ 50,000.00
Interest and dividend $   4,000.00
Gross Income $ 54,000.00
Less:
IRA $   2,000.00
Alimony paid $ 10,000.00 $ 12,000.00
AGI $ 42,000.00
0 0
Add a comment
Know the answer?
Add Answer to:
also jose's agi is? 2 points Saved Salary QUESTION 55 Jose is married, filing jointly. $50,000...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

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

  • In 2017, Deon and NeNe are married filing jointly. They have three dependent children under 18...

    In 2017, Deon and NeNe are married filing jointly. They have three dependent children under 18 years of age. Deon and NeNe’s AGI is $915,600, their taxable income is $838,100, and they itemize their deductions as follows: real property taxes of $14,800, state income taxes of $59,000, miscellaneous itemized deductions of $4,200 (subject to but in excess of 2 percent AGI floor), charitable contributions of $7,600, and mortgage interest expense of $60,800 ($20,700 of which is attributable to a home-equity...

  • Financial Planning Exercise 6 Calculating taxable income for a married couple filing jointly Ethan and Zoe...

    Financial Planning Exercise 6 Calculating taxable income for a married couple filing jointly 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 $1,155 Gross wages and commissions earned 50,700 IRA contribution 5,000 Mortgage...

  • In 2018, Deon and NeNe are married filing jointly. Deon and NeNe’s taxable income is $1,150,300, and they itemize their...

    In 2018, Deon and NeNe are married filing jointly. Deon and NeNe’s taxable income is $1,150,300, and they itemize their deductions as follows: real property taxes of $13,200, charitable contributions of $27,050, and mortgage interest expense of $57,600 ($700,000 acquisition debt for home). Use Exhibit 8-5 and Tax Rate Schedule for reference. a. What is Deon and NeNe's AMT?

  • Karin and Chad (ages 30 and 31, respectively) are married and together have $110,000 of AGI....

    Karin and Chad (ages 30 and 31, respectively) are married and together have $110,000 of AGI. This year they have recorded the following expenses: Home mortgage interest (acquisition debt of $300,000) $16,640 Real estate taxes 5,400 State income taxes paid 6,300 Medical expenses (unreimbursed) 1,800 Employee business expenses (unreimbursed) 450 Charitable contributions (cash to their church) 760 Karin and Chad will file married jointly. Calculate their taxable income. This question does not ask for the standard deduction found on other...

  • 2. Jake is married filing jointly and has AGI in 2018 of $200,000. He wants to...

    2. Jake is married filing jointly and has AGI in 2018 of $200,000. He wants to know if he should itemize deductions in 2018. Jake has paid $20,000 in 2018 for mortgage interest for principal of $1 Million of a mortgage taken out on November 12, 2017. In 2018, Jake paid $13,000 in property taxes and gave $5,000 in cash gifts to charity. Should Jake itemize his deductions, and if so, what would his deduction be? Yes, Jake should itemize...

  • A married couple with 3 children is filing taxes jointly. They have a gross income of...

    A married couple with 3 children is filing taxes jointly. They have a gross income of $348,198, and they made the following tax-deductible purchases: . Charitable contributions: $7,857 • Medical expenses: $2,392 . Mortgage interest: $4,020 Compute their final income tax using the following information: Married Individuals Filing Joint Returns and Surviving Spouses Taxable Income Is Between! The Tax Due is: 0 - $19.750 10% of taxable income $19,751 - $80,250 $1.975 +12% of the amount over $19.750 $80,251 -...

  • Daniel and Donna Coleman are married filing jointly. Daniel is 53 years old and the Vice...

    Daniel and Donna Coleman are married filing jointly. Daniel is 53 years old and the Vice President of sales at a small start up company. Donna is 55 years old and a former advertising executive who currently consults with former clients. The Colemans have two children, Rachel (age 20) and Adam (age 18). Rachel does not work as she is a full time college student. Adam is a high school student and works weekends and summers. He earned $8500 in...

  • that is all the information is given Freya and Sebastian Hunter are married and have one...

    that is all the information is given Freya and Sebastian Hunter are married and have one child. Sebastian is putting together some figures so he can prepare the Hunters' joint 2018 tax retum. So far, he's been able to determine the following concerning income and possible deductions: $1,150 50,770 5,000 5,100 1,450 150 360 Total unreimbursed medical expenses incurred Gross wages and commissions earned IRA contribution Mortgage interest paid Capital gains realized on assets held less than 12 months Income...

  • 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....

  • 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...

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