Homework Answers
1. False
Always Filing of tax return using itemized deductions to reduce taxable income is not an recommendable nature. Only the one who allowed and classified for using itemized deductions would be appropriated to use itemized deductions.
2. False
the goal of computing and paying income tax is not to legally minimise taxes.
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10 Question 1 You should always file your tax return using itemized deductions to reduce your...
Harvey itemized deductions on his 2018 income tax return and was able to deduct all state...
Harvey itemized deductions on his 2018 income tax return and was able to deduct all state and local income taxes paid. Harvey plans to itemize deductions again in 2019 and the following information is available regarding state and local income taxes: Taxes withheld in 2019 $12,500 Refund received in 2019 for 2018 tax $500 Assessment paid in 2019 for 2017 tax $300 Assuming he deducts state and local income taxes, the above information should be reported by Harvey in his...
2. If Lola Harper had the following itemized deductions, should she use Schedule A or the...
2. If Lola Harper had the following itemized deductions, should she use Schedule A or the standard deduction? The standard deduction for her tax situation is $12,000. Donations to church and other charities, $6,050 Medical and dental expenses exceeding 10 percent of adjusted gross income, $2,400 State income tax, $4,690 5. What would be the average tax rate for a person who paid taxes of $4,584 on a taxable income of $41,670? 8. If $4,026 was withheld during the year...
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:
What steps should you take when completing a tax return? When preparing a tax return, it...
What steps should you take when completing a tax return? When preparing a tax return, it is important to complete each step in the order prescribed. Click in each entry field then type the prescribed step. Step A: Determine Adjusted Gross Income Less Equals Less Larger of itemized deductions or standard deduction Step B: Calculate Taxable Income Less Equals Step C: Calculate Tax Liability Calculate tax using tax tables or tax rate schedules | Less Plus Equals
1. Daniel Simmons arrived at the following tax information: Gross salary: $62,250 Dividend income $140 Itemized...
1. Daniel Simmons arrived at the following tax information: Gross salary: $62,250 Dividend income $140 Itemized deductions: $7,000 Interest earnings $75 One personal exemption $4050 Adjustments to income $850 What amount would Daniel report as taxable income? 2. If Samantha jones had the following itemized deductions, should she use schedule A or standard deduction. The standard deduction for her tax situation is $6350. Donations to the church and other charities $3050. Medical and dental expenses exceeding 10% of adjusted gross...
S. Steps to taxable income and tax liability owed What steps should you take when completing...
S. Steps to taxable income and tax liability owed What steps should you take when completing a tax return? When preparing a tax return, it is important to complete each step in the order prescribed. Identify each step in completing a tax return by choosing the step from the drop-down fields below. Step A: Determine Adjusted Gross Income Step B: Calculate Taxable Income Larger of itemized deductions or standard deduction Step C: Calculate Tax Liability Calculate tax using tax tables...
The IRS allows you to reduce your adjusted gross income by either the amount of your...
The IRS allows you to reduce your adjusted gross income by either the amount of your standard deduction based on your filing status, or by the sum of your itemized deductions. The following statement refers to deductions from adjusted gross income. The government estimates a likely amount of tax-deductible expenses for each filing status to determine the The U.S. Individual Income Tax Return (Form 1040) Schedule A lists six areas of itemized deductions. Which of the following can be included...
Zach and Melissa Nieland file a joint tax return, and they itemize deductions. Assume their marginal...
Zach and Melissa Nieland file a joint tax return, and they itemize deductions. Assume their marginal tax rate on ordinary income is 25 percent. The Nielands incur $2,400 in miscellaneous itemized deductions, excluding investment expenses. They also incur $1,300 in noninterest investment expenses during the year. What tax savings do they receive from the investment expenses under the following assumptions: (Round your answer to the nearest whole dollar amount.)
Return to question Jeremy earned $100,000 in salary and $6,000 in interest income during the year....
Return to question Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy's employer withheld $11,000 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 $23,000 in itemized deductions. (Use the tax rate schedules.) a. Determine Jeremy's tax refund or taxes due. Answer is complete but not entirely correct. (2) (3) (4) (5) (6) (7)...
Problem I: John and Jill Johnson are married and file a joint return. They anticipate having...
Problem I: John and Jill Johnson are married and file a joint return. They anticipate having taxable income of 178,000 in the next year and are considering whether or not to purchase a personal residence. The residence would provide John and Jill with additional tax deductions for mortgage interest and real estate taxes of $28,500. a. Considering the 2018 tax rates, what is their marginal tax rate for purposes of making this decision? Since the $178,000 is taxable income (not...
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:
What steps should you take when completing a tax return? When preparing a tax return, it is important to complete each step in the order prescribed. Click in each entry field then type the prescribed step. Step A: Determine Adjusted Gross Income Less Equals Less Larger of itemized deductions or standard deduction Step B: Calculate Taxable Income Less Equals Step C: Calculate Tax Liability Calculate tax using tax tables or tax rate schedules | Less Plus Equals
S. Steps to taxable income and tax liability owed What steps should you take when completing a tax return? When preparing a tax return, it is important to complete each step in the order prescribed. Identify each step in completing a tax return by choosing the step from the drop-down fields below. Step A: Determine Adjusted Gross Income Step B: Calculate Taxable Income Larger of itemized deductions or standard deduction Step C: Calculate Tax Liability Calculate tax using tax tables...
The IRS allows you to reduce your adjusted gross income by either the amount of your standard deduction based on your filing status, or by the sum of your itemized deductions. The following statement refers to deductions from adjusted gross income. The government estimates a likely amount of tax-deductible expenses for each filing status to determine the The U.S. Individual Income Tax Return (Form 1040) Schedule A lists six areas of itemized deductions. Which of the following can be included...
Zach and Melissa Nieland file a joint tax return, and they itemize deductions. Assume their marginal tax rate on ordinary income is 25 percent. The Nielands incur $2,400 in miscellaneous itemized deductions, excluding investment expenses. They also incur $1,300 in noninterest investment expenses during the year. What tax savings do they receive from the investment expenses under the following assumptions: (Round your answer to the nearest whole dollar amount.)
Return to question Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy's employer withheld $11,000 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 $23,000 in itemized deductions. (Use the tax rate schedules.) a. Determine Jeremy's tax refund or taxes due. Answer is complete but not entirely correct. (2) (3) (4) (5) (6) (7)...
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