Homework Answers
1. AGI for 2019 = $120,100
2. Taxable income for 2019 = $95,700
3. Tax for 2019 = $12,771
Working:
| Particulars | Amount | |
| a | John earnings | $ 32,000 |
| b | Becca earnings | $ 92,800 |
| c=a+b | Total income | $ 124,800 |
| d | John's pre-tax 401k | $ 2,000 |
| e | Becca's pre-tax FSA | $ 2,700 |
| f=c-d-e | Adjusted gross income | $ 120,100 |
| g | Standard deduction | $ 24,400 |
| h=f-g | Taxable income | $ 95,700 |
| Tax: | ||
| i | i | $ 9,086 |
| j | ii. ($95,700-$78,950)*22% | $ 3,685 |
| k=i+j | Tax for 2019 | $ 12,771 |
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taxes jointly. They have a gross income of $159,147, and they made
the following tax-deductible purchases:
Charitable contributions: $2,660
Medical expenses: $9,375
Student loan interest: $1,158
Compute their final income tax using the information
below.
Round your answer to the nearest dollar.
Standard deduction for married filers: $24400
Married Individuals Filing Joint Returns and Surviving Spouses If Taxable income Is Between: The Tax Due is: 0 - $19,400 10%...
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taxes jointly. They have a gross income of $145,013, and they made
the following tax-deductible purchases:
Charitable contributions: $2,895
Medical expenses: $5,459
Student loan interest: $1,611
Compute their final income tax using the information below.
Round your answer to the nearest dollar.
Standard deduction for married filers: $24400
Married Individuals Filing Joint Returns and Surviving Spouses If Taxable income Is Between: The Tax Due is: 0 - $19,400 10%...
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