ZuoTi.Pro
Question

35) Marlee, a single parent of one dependent child, has $19,000 in itemized deductions and files...

35) Marlee, a single parent of one dependent child, has $19,000 in itemized deductions and files as head of household for 2019. Determine her taxable income and income tax liability if she has a salary of $71,000 and interest income of $1,500.

Answer = 6,208

Please show work

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1
Gross Income 72,500 =71000+1500
Less: Greater of standard deduction or itemized deductions 19,000 Higher of 19,000 or Standard ded. $ 18,350
Taxable Income $ 53,500
Income Tax liability $ 6,208 =13850*10%+(52850-13850)*12%+(53500-52850)*22%
0 0
Add a comment
Know the answer?
Add Answer to:
35) Marlee, a single parent of one dependent child, has $19,000 in itemized deductions and files...
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

  • Laura is single and claims three dependent children.Her AGI is $83,500 and she has itemized deductions...

    Laura is single and claims three dependent children.Her AGI is $83,500 and she has itemized deductions of $17,550. What is her taxable income for 2019?

  • 1) A dependent child, age 18 and single has wages of $3,900 and dividend income of...

    1) A dependent child, age 18 and single has wages of $3,900 and dividend income of $3,300 in tax ... Assume that she is subject to the kiddie tax, and her father, her sole surviving parent, has taxable income of $49,000 and files his 2014 return using the head of household filing status. What is the child's tax liability? 2) A taxpayer who provides 40% of the support of her parents and claims them as dependents because of a multiple...

  • Calculate the total 2017 tax liability for a surviving spouse with one dependent child with a...

    Calculate the total 2017 tax liability for a surviving spouse with one dependent child with a gross income of ​$45,860​, no salary reductions for​ employer-provided benefits, and no itemized deductions. Assuming the single parent​ taxpayer's filing status is Married Filing Jointly or Surviving​ Spouse, the​ taxpayer's standard deduction for the 2017 tax year is ​$ Standard Deduction Amounts Filing Status        2017 Single ​$6,350 Married Filing Jointly or Surviving Spouse   ​$12,700 Head of Household ​$9,350 Married Filing Separately ​$6,350 Personal Exemptions...

  • 1) A dependent child, age 18 and single has wages of $3,900 and dividend income of...

    1) A dependent child, age 18 and single has wages of $3,900 and dividend income of $3,300 in tax year 2014. What is her standard deduction? 2) Refer to question 1. Assume that she is subject to the kiddie tax, and her father, her sole surviving parent, has taxable income of $49,000 and files his 2014 return using the head of household filing status. What is the child's tax liability? 3) A taxpayer who provides 40% of the support of...

  • You are a single parent living in Florida, with one dependent child and one dog as...

    You are a single parent living in Florida, with one dependent child and one dog as a pet. You have gross income is $48,000 per year You have itemized deductions of $9,000 You have child care expenses (such as day care) that result in a child tax credit of $600. You had federal income tax withholdings of $4,900. Please calculate your refund, or amount owed, using 2019 tax brackets: _____________ Please also calculate the amount of FICA taxes you would...

  • Hongtao is single and has a gross income of $85,300. His allowable deductions for adjusted gross...

    Hongtao is single and has a gross income of $85,300. His allowable deductions for adjusted gross income are $4,300, and his itemized deductions are $19,450. The standard deduction for 2019 is $12,200. Round all amounts to the nearest dollar. Refer to the Tax Rate Schedules to answer the following questions. a. Hangtao's taxable income is $______ and his tax liability is $_______ for 2019. b. If Hongtao has $10,100 withheld from his salary during 2019 then Hongtao has (refund or...

  • Mr. and Mrs. Wilson are married with one dependent child. They report the following information for...

    Mr. and Mrs. Wilson are married with one dependent child. They report the following information for 2019: Compute AGI, taxable income, and total tax liability (including self-employment tax). Assume that Schedule C net profit is qualified business income under Section 199A. Assume the taxable year is 2019. Please help find Total tax liability. Schedule C net profit Interest income from certificate of deposit (CD) Self-employment tax on Schedule C net profit Dividend eligible for 15% rate Mrs. Wilson's salary from...

  • Hortense who files as single had the following income and deductions for 2020 $82,000 4,000 Salary...

    Hortense who files as single had the following income and deductions for 2020 $82,000 4,000 Salary Interest on local government bonds qualifies as a tax exclusion) Allowable itemized deductions QBI deduction 11,000 1,500 500 Deduction for IRA contribution What is Hortense's taxable income? Select one: O a. $67,600 O b. None of the other choices O c. $67,000 O d. $69,000

  • 8. Calculate the total 2017 tax liability for a surviving spouse with one dependent child with...

    8. Calculate the total 2017 tax liability for a surviving spouse with one dependent child with a gross income of $49660, no salary reductions for employer provided benefits, and no itemized deductions. Assuming the single parent taxpayer's filing status is married filing jointly or surviving spouse, the taxpayer's standard deduction for the 2017 tax year is $_______ Round to the nearest dollar! Thanks!

  • Jeremy earned $101,300 in salary and $7,300 in interest income during the year. Jeremy’s employer withheld $11,200 of federal income taxes from Jeremy’s paychecks during the year. Jeremy has one quali...

    Jeremy earned $101,300 in salary and $7,300 in interest income during the year. Jeremy’s employer withheld $11,200 of federal income taxes from Jeremy’s paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $28,700 in itemized deductions. (Use the tax rate schedules.) Determine Jeremy’s tax refund or taxes due. Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5)...

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