Hi
Question 25 5 pts John and Margaret are married taxpayers. They are both under age 65...
Question 26 O pts Fred and Wilma are married taxpayers in 2019 and file a joint return. They are age 65 and 67 and in good health. For 2019, they have $59,000 in wages, $1,200 in interest income, and won $1,500 in a prize drawing. Fred and Wilma's deductions for adjusted gross income amount to $4,000 and their itemized deductions equal $12,000. They have no other dependents. What is Fred and Wilma's 2019 tax? O 3,296 O 1,940 O 1,356...
Theodore, age 74, and Maureen, age 59, are married taxpayers with two dependents. Their adjusted gross income for the 2019 tax year is $43,600, and they have itemized deductions of $7,800. Determine the following for Theodore and Maureen's 2019 income tax return: a. The greater of the amount of their standard deduction or their itemized deductions b. Their taxable income
Question 20 3 pts Calculate the 2019 tax amount for the following taxpayers: John and Mary, ages 30 and 32, married filing joint with taxable income of $55,000 [Select] Brian, age 29 and single, with taxable income of $40,000 (Select] Paula, age 55 filing as head of household, with taxable income of $67,000 [Select ]
1.Steven is a student and age 25. He is claimed as a dependent by his parents on their tax return in 2019. Steven has interest income of $1,800 and no other income. What is Steven's taxable income? Group of answer choices 1,800 0 1,100 700 2. Rosemary received $1,000 graduation gift from her grandmother. This must be included in her gross taxable income. Group of answer choices True False 3.Sherry won a $500 cash prize from a drawing at the...
Leslie is a single taxpayer who is under age 65 and in good health. For 2019, she has a salary of $24,000 and itemized deductions of $1,000. Leslie allows her mother to live with her during the winter months (3–4 months per year), but her mother provides all of her own support otherwise. a. How much is Leslie’s adjusted gross income? $_________ b. What amount of itemized or standard deduction(s) should she claim? $________ c. What is the amount of...
Question 24 3 pts Carrie is a single taxpayer who is under 65 and in good health. For 2019, she has a salary of $25,000 and itemized deductions of $7,000. How much is Carrie's adjusted gross income? 18,000 What amount of either itemized or standard deduction should she claim? 12,200 < What is the amount of Carrie's taxable income 12,800 Question 25 5 pts
John and Lynn both of whom are under age 65, file a joint return reporting $140,000 of adjusted gross income for 2019 in this total is $15,000 of long-term capital gain and $55,000 of qualified dividend income. The couple uses the standard deduction. The couples income tax liability for 2019 is: A) $17,149 B) $15,584 C) $10,611.50 D) $16,099
In 2019, Margaret and John Murphy (age 66 and 68, respectively) are married taxpayers who file a joint tax return with AGl of $26,100. During the year they incurred the following expenses: Medical insurance premiums $1,300 Premiums on an insurance policy that pays $100 per day for each day Margaret is hospitalized 400 Medical care lodging (two people, one night) 65 Hospital bills 2,100 Doctor bills 850 Dentist bills 200 Prescription drugs and medicines 340 Psychiatric care 350 In addition,...
John (age 66) and Mary (age 59) Smith are married and file a joint federal tax return. They have 2 dependent children in college ages 20 & 22. John and Mary have the following information for 2019: Income: John’s Salary $ 120,000 Mary’s Salary $ 80,000 Interest Income from taxable bonds $ 8,000 Proceeds from a life insurance policy $ 50,000 (John’s aunt passed away) Deductions: Alimony paid to Mary’s ex-spouse $ 25,000 (pre 1/1/19 divorce) Itemized deductions Charitable donations $ 5,000 NJ State Income Tax $ 11,000 Real Estate Taxes $ 9,000 John had $ 19,500...
In 2018, Margaret and John Murphy (age 66 and 68, respectively) are married taxpayers who file a joint tax return with Al of $25,400. During the year they incurred the following expenses: Medical insurance premiums $1,150 400 Premiums on an insurance policy that pays $100 per day for each day Margaret is hospitalized Medical care lodging (two people, one night) Hospital bills 2,100 Doctor bills Dentist bills 175 Prescription drugs and medicines 340 Psychiatric care 350 In addition, they drove...