Homework Answers
|
Bonnie |
Jake |
Joint |
|
|
AGI |
43250 |
26750 |
47000 |
|
Total itemized deductions |
19000 |
12225 |
29200 |
|
Taxable income |
24250 |
14525 |
17800 |
|
Tax |
2716 |
1549 |
1780 |
If they file separately, total tax paid by them = 2716+1549 = $4265
If they file jointly , total tax paid by them = $1780
Therefore,
Bonnie and Jake should file jointly for 2019.
Explanation:
|
Bonnie |
Jake |
Joint |
|
|
Income: |
|||
|
Salaries |
42500 |
26000 |
68500 |
|
Interest income |
750 |
750 |
1500 |
|
Rental loss |
(23000) |
||
|
Adjusted gross income |
43250 |
26750 |
47000 |
Itemized deduction for Jake = medical expense + all other = (8500-(26750*10%))+6400 = 5825+6400 = 12225
Itemized deduction for joint = 19000+6400+(8500-(10%*47000)) = 19000+6400 +3800 = 29200
Tax for Bonnie = 970+(12%*(24250-9700)) = $2716
Tax for Jake = 970+(12%*(14525-9700)) = $1549
Tax for joint = 17800*10% = $1780
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Comprehensive Problem 6-52 (LO 6-1, LO 6-2, LO 6-3)
[The following information applies to the questions
displayed below.]
Read the following letter and help Shady Slim with his tax
situation. Please assume that his gross income is $172,900 (which
consists only of salary) for purposes of this problem.
December 31, 2019
To the friendly student tax preparer:
Hi, it’s Shady Slim again. I just got back from my 55th birthday
party, and I’m told that you need some more information...
False 1. Pete and Shirley are filing a joint return. They have two dependent children. The...
False 1. Pete and Shirley are filing a joint return. They have two dependent children. The total amount of their exemptions for tax year 2019 is $16,800. 2. Bill and Martha are filing a joint return. They are both over 65 years old. Neither of them are blind. What is their standard deduction? $ 27000 A. $0 (Do not enter dollar signs, commas, periods, or decimal points in your answer.) 3. Sarah's divorce was finalized on March 4, 2019. As...
Comprehensive Problem 8-84 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO 8-5) [The following information applies to the questions displayed below.] Reba Dixon is a fifth-grade school teacher who earned a salar...
Comprehensive Problem 8-84 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO
8-5)
[The following information applies to the questions
displayed below.]
Reba Dixon is a fifth-grade school teacher who earned a salary of
$38,000 in 2018. She is 45 years old and has been divorced for four
years. She receives $1,200 of alimony payments each month from her
former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,000 of rental
payments...
can someone check this for me False 1. Pete and Shirley are filing a joint return....
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Reba Dixon is a fifth-grade school teacher who earned a salary of $38,400 in 2018. She...
Reba Dixon is a fifth-grade school teacher who earned a salary
of $38,400 in 2018. She is 45 years old and has been divorced for
four years. She receives $1,300 of alimony payments each month from
her former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,200 of rental
payments from tenants and she incurred $19,578 of expenses
associated with the rental. Reba and her daughter Heather (20 years
old at the...
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2. PR.06-34. Algo (Algorithmic) Problem 6-34 (Algorithmic) (LO. 1) Daniel, age 38, is single and has the following income and expenses in 2020: Salary income $195,000 Net rent income 1,500 Dividend income 700 Payment of alimony (divorce finalized in March 2019) 26,000 Mortgage interest on residence 4,400 Property tax on residence 3,800 Contribution to traditional IRA (assume the amount is fully deductible) 4,200 Contribution to United Church 2,900 Loss on the sale of real estate (held for investment) 2,700 Medical...
Comprehensive Problem 6-52 (LO 6-1, LO 6-2, LO 6-3)
[The following information applies to the questions
displayed below.]
Read the following letter and help Shady Slim with his tax
situation. Please assume that his gross income is $172,900 (which
consists only of salary) for purposes of this problem.
December 31, 2019
To the friendly student tax preparer:
Hi, it’s Shady Slim again. I just got back from my 55th birthday
party, and I’m told that you need some more information...
False 1. Pete and Shirley are filing a joint return. They have two dependent children. The total amount of their exemptions for tax year 2019 is $16,800. 2. Bill and Martha are filing a joint return. They are both over 65 years old. Neither of them are blind. What is their standard deduction? $ 27000 A. $0 (Do not enter dollar signs, commas, periods, or decimal points in your answer.) 3. Sarah's divorce was finalized on March 4, 2019. As...
Comprehensive Problem 8-84 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO
8-5)
[The following information applies to the questions
displayed below.]
Reba Dixon is a fifth-grade school teacher who earned a salary of
$38,000 in 2018. She is 45 years old and has been divorced for four
years. She receives $1,200 of alimony payments each month from her
former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,000 of rental
payments...
can someone check this for me
False 1. Pete and Shirley are filing a joint return. They have two dependent children. The total amount of their exemptions for tax year 2019 is $16,800. 2. Bill and Martha are filing a joint return. They are both over 65 years old. Neither of them are blind. What is their standard deduction? 27000 A. 50 (Do not enter dollar signs, commas, periods, or decimal points in your answer.) 3. Sarah's divorce was finalized...
is problem is for the 2018 tax year. Alfred E. Old and Beulah A. Crane, each age 12, married on September 7, 2016. Alfred and Beulah will file a joint return for 2018. Alfred's Social Security number is 111-11-1109. Beulah's Social Security number is 123-45-6780, and she adopted old as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304 Alfred was divorced from Sarah Old in March 2016. Under the divorce agreement, Alfred is to pay Sarah...
Reba Dixon is a fifth-grade school teacher who earned a salary
of $38,400 in 2018. She is 45 years old and has been divorced for
four years. She receives $1,300 of alimony payments each month from
her former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,200 of rental
payments from tenants and she incurred $19,578 of expenses
associated with the rental. Reba and her daughter Heather (20 years
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