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Question 26 O pts Fred and Wilma are married taxpayers in 2019 and file a joint...
1.Steven is a student and age 25. He is claimed as a dependent by his parents...
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...
Notes: in 2018 single taxpayers and married taxpayers who file separate returns can claim a $12,000...
Notes: in 2018 single taxpayers and married taxpayers who file separate returns can claim a $12,000 standard deduction. Married couples filing jointly can claim an amount that's twice as large, $24,000, and taxpayers filing as "head of household" (single individuals with dependents) can claim a standard deduction of $18,000. Question: Paul and Sonja, who are married, reported 2018 itemized deductions of $13,200 and $400, respectively. Paul suggests that they file their Federal income tax returns separately- he will itemize his...
Theodore, age 74, and Maureen, age 59, are married taxpayers with two dependents. Their adjusted gross...
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
Sarah and Timothy are married, have four dependent children, and file a joint return in 2019....
Sarah and Timothy are married, have four dependent children, and file a joint return in 2019. If they have adjusted gross income (AGI) of $85,000 and itemized deductions of $12,000, what is their taxable income for 2019? (Click the icon to view the standard deduction amounts.) (If an input field is not used, leave the input field(s) empty Do not select a label or enter a zero) Minus Taxable income
Question 25 5 pts John and Margaret are married taxpayers. They are both under age 65...
Question 25 5 pts John and Margaret are married taxpayers. They are both under age 65 and in good health. For 2019, they have $55,000 in wages and $600 in interest income. John and Margaret's deductions for adjusted gross income amount to $5,900 and their itemized deductions equal $15,950. What is the amount of their adjusted gross income? 49,700 What is the amount of their itemized deductions OR standard deductions that they should use? [Select ] What is their 2019...
1. Fred and Anna are married and file a joint return for 2018. Fred is over...
1. Fred and Anna are married and file a joint return for 2018. Fred is over age 65 and Anna is legally blind. They have AGI for the year of $50,000. They also have mortgage interest of $13,000, charitable contributions of $1,500 and real property taxes on their home of $11,000. What is their taxable income for 2018? a. $24,500 b. $23,400 C. $25,500 d. $26,000 e. None of the above
John and Kate are 67 and 60, respectively. John is blind. They file a joint return....
John and Kate are 67 and 60, respectively. John is blind. They file a joint return. They have itemized deductions totaling $25,000.00. Their sources of income and deductions are: Wages-----------------------------------------------------$210,000.00 Interest from savings accounts------------------------ 10,000.00 Interest from NY qualified bonds--------------------- 8,000.00 Gift from Kate’s dad-------------------------- 20,000.00 Prize won on a game show----------------------------- 750.00 Determine John and Kate’s: Standard Deduction AGI Taxable Income Tax Liability
30 2. Deductions. Donna and Brian are married and file a joint return and together have...
30 2. Deductions. Donna and Brian are married and file a joint return and together have an Adjusted Gross Income of $180,000. Married filing jointly standard deduction is $24,400 for 2019. They own their home. They have the following itemized deductions: Should Donna and Brian itemize their deductions or use the standard deduction? Medical Bills and Health Insurance Real Estate Tax Interest expense State income taxes Miscellaneous deductions $18,250 $6,250 $5,250 $11,500 $3,575 Work:
15. Ben is married and in 2019 will file a joint federal income tax return with...
15. Ben is married and in 2019 will file a joint federal income tax return with his wife, Gerri. They have twin sons, age 18, who qualify as their dependents, and no other children. Their taxable income in 2019 is $425.000, all of which is ordinary income. Using the federal tax rate schedules for 2019. Ben and Gerri's gross federal income tax liability for 2019 (before any additional taxes or tax credits) will be: A. $96,197 B. $99,137 C. $100,129...
John (age 66) and Mary (age 59) Smith are married and file a joint federal tax...
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...
Sarah and Timothy are married, have four dependent children, and file a joint return in 2019. If they have adjusted gross income (AGI) of $85,000 and itemized deductions of $12,000, what is their taxable income for 2019? (Click the icon to view the standard deduction amounts.) (If an input field is not used, leave the input field(s) empty Do not select a label or enter a zero) Minus Taxable income
Question 25 5 pts John and Margaret are married taxpayers. They are both under age 65 and in good health. For 2019, they have $55,000 in wages and $600 in interest income. John and Margaret's deductions for adjusted gross income amount to $5,900 and their itemized deductions equal $15,950. What is the amount of their adjusted gross income? 49,700 What is the amount of their itemized deductions OR standard deductions that they should use? [Select ] What is their 2019...
30 2. Deductions. Donna and Brian are married and file a joint return and together have an Adjusted Gross Income of $180,000. Married filing jointly standard deduction is $24,400 for 2019. They own their home. They have the following itemized deductions: Should Donna and Brian itemize their deductions or use the standard deduction? Medical Bills and Health Insurance Real Estate Tax Interest expense State income taxes Miscellaneous deductions $18,250 $6,250 $5,250 $11,500 $3,575 Work:
15. Ben is married and in 2019 will file a joint federal income tax return with his wife, Gerri. They have twin sons, age 18, who qualify as their dependents, and no other children. Their taxable income in 2019 is $425.000, all of which is ordinary income. Using the federal tax rate schedules for 2019. Ben and Gerri's gross federal income tax liability for 2019 (before any additional taxes or tax credits) will be: A. $96,197 B. $99,137 C. $100,129...
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