Homework Answers
Answer a.
Computation of Gross income of Jim and Pat filing jointly return.
Salary Income of Jim- $92000
Gross Business Income of Pat - $98000
Gross income of Jim and Pat $190,000
Answer b.
Computation of Adjusted Gross income
Gross Income $190,000
Less: Business Expenses ($48,000)
Less: Contribution to deductible IRA ($5500 Multiply 2) ($11,000)
Adjusted Gross Income $131,000
Answer c.
Computation of Tax of Jim and Pat filing jointly
Adjusted Gross Income $131000
Less: Itemized deduction ($26000)
Less: 20% qualified business income not applicable because Pats business is not qualify -
Taxable Income $105000
Applicable Slab (Marginal Tax rate is 22% and Efffective tax rate is 9.1%
22% $78951-168400
Tax Liability before credits $14979
Less: Child Tax credits (Full $2000 to be claim because taxable income <$400000) ($2000)
Estimated Tax Liability $12979.
We assume that gross business income $98000 given in question is before deducting business expense of $48000, therefore we deduct this expense for calculating net income of business.
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I am using the 2019 Federal taxation system
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to find estimated tax, I was multiplying my taxable income
with the percent (12%). its wrong so how do i figure it out ?
Saved Jamie Lee Jackson, age 26, is in her last semester of college and is waiting for graduation day that is just around the corner! It is the time of year again when Jamie Lee must file her annual federal income taxes. Last year, she received an increase in salary from the bakery, which brought her...
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