Homework Answers
| 1.) | Assuming Tax year | 2020 | |
| Taxable Income | 65,354 | =90154-24800 | |
| Tax Liability | 7,447 | =1975+((65354-19750)*12%) | |
| Amount of refund | $ 669.52 | =8117-7447.48 | |
| or | |||
| $ 670 | |||
| 2.) | Assuming Tax year | 2019 | |
| Taxable Income | 65,754 | =90154-24400 | |
| Tax Liability | 7,502.48 | =(19400*10%)+((65754-19400)*12%) | |
| Amount of refund | $ 614.52 | =8117-7502.48 | |
| or | |||
| $ 615 |
Add Answer to:
Problem 1-50 (LO 1-3, 1-4) Xavier and his wife Maria have total W-2 income of $90,154....
2 Problem 1-50 (LO 1-3, 1-4) Xavier and his wife Maria have total W-2 Income of...
2 Problem 1-50 (LO 1-3, 1-4) Xavier and his wife Maria have total W-2 Income of $91485. They will file their tax return as married filing jointly. They had a total of $8,282 withheld from their paychecks for federal income tax. Required: Determine the amount of refund or additional tax due upon filling their tax return. (Input your answer as a positive number.) Use the appropriate Tax Tables Book ferences
Xavier and his wife Maria have total W-2 income of $93,102. They will file their tax...
Xavier and his wife Maria have total W-2 income of $93,102. They will file their tax return as married filing jointly. They had a total of $7,910 withheld from their paychecks for federal income tax purposes. Determine the amount of refund or additional tax due upon filing their tax return. (Input your answer as a positive number.) Use the appropriate 2019 Tax Tables. Additional Tax due or Amount of Refund - Amount ?
Problem 1-49 (LO 1-3, 1-4) Required: Sheniqua, a single taxpayer, had taxable income of $80,398. Her...
Problem 1-49 (LO 1-3, 1-4) Required: Sheniqua, a single taxpayer, had taxable income of $80,398. Her employer withheld $13,249 in federal income tax from her paychecks throughout the year. What is the amount of refund would Sheniqua receive or additional tax she would pay? (Input your answer as a positive number.) Use the appropriate Tax Tables < Prev 11 of 12 Next > here to search o п
Tax Return Calculation #1 BUS 121 - Name Last 4 of CUNYFirst ID Jamal and Hope...
Tax Return Calculation #1 BUS 121 - Name Last 4 of CUNYFirst ID Jamal and Hope have gathered all the information to file their income tax return for the year. They calculate income to be $95,000. Adjustments to income include Hope's $6,000 deductible contribution to Hope's $6,000 deductible contribution to her retirement account and Jamal's $9,000 business expenses. Their item A U UU business expenses. Their itemized deductions total $22.000. Hope had her employer withhold $4,000 Tederal income tax from...
Problem 1-48 (LO 1-3, 1-4) Required: The W-2 incomes of Betty and her husband Ronald were...
Problem 1-48 (LO 1-3, 1-4) Required: The W-2 incomes of Betty and her husband Ronald were $47.301 and $47178, respectively. If Betty and Ronald use a filing status of married filing jointly, determine their tax liability. Use the appropriate Tax Tables. es Tax liability
Problem 1-48 (LO 1-3, 1-4) Required: The W-2 incomes of Betty and her husband Ronald were...
Problem 1-48 (LO 1-3, 1-4) Required: The W-2 incomes of Betty and her husband Ronald were $51,036 and $50,868, respectively. If Betty and Ronald use a filing status of married filing jointly, determine their tax liability ped Use the appropriate Tax Tables Tax liability rences
Problem 3-41 (LO. 5) 1. Indicate whether the following individuals are "Required" (based on income) or...
Problem 3-41 (LO. 5) 1. Indicate whether the following individuals are "Required" (based on income) or "Not required" to file a tax return for 2020. Click here to access the standard deduction tables to use. Required / Not Required a. b. c. Patricia, age 19, is a self-employed single individual with gross income of $5,200 from an unincorporated business. Business expenses amounted to $4,900. Mike is single and is 67 years old. His gross income from wages was $12,750. Ronald...
The Skywalkers have calculated their taxable income to be $88,000 for 2020, which includes $3,000 of...
The Skywalkers have calculated their taxable income to be $88,000 for 2020, which includes $3,000 of net long-term capital gains. They also made $18,000 of estimated payments for 2020. What is the Skywalkers' tax due or refund assuming they are married and file a joint return. Tax Due or Refund (label which it is) In February of 2019, Mara and Luke were married. During 2020, Mara received $40,000 of compensation from her employer and had $6,000 withheld while Luke received...
Please answer parts A, B, and C. this is income tax. Required information Problem 4-28 (LO...
Please answer parts A, B, and C. this is income
tax.
Required information Problem 4-28 (LO 4-1) (The following information applies to the questions displayed below] Jeremy earned $100,200 in salary and $6.200 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 $23,200 in itemized deductions. Use the tax...
Problem 3-39 (Algorithmic) (LO. 5, 6, 9) Chris and Heather are engaged and plan to get...
Problem 3-39 (Algorithmic) (LO. 5, 6, 9) Chris and Heather are engaged and plan to get married. Chris is a full-time student and earns $7,600 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Heather is employed and reports $88,000 in wages. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round...
2 Problem 1-50 (LO 1-3, 1-4) Xavier and his wife Maria have total W-2 Income of $91485. They will file their tax return as married filing jointly. They had a total of $8,282 withheld from their paychecks for federal income tax. Required: Determine the amount of refund or additional tax due upon filling their tax return. (Input your answer as a positive number.) Use the appropriate Tax Tables Book ferences
Problem 1-49 (LO 1-3, 1-4) Required: Sheniqua, a single taxpayer, had taxable income of $80,398. Her employer withheld $13,249 in federal income tax from her paychecks throughout the year. What is the amount of refund would Sheniqua receive or additional tax she would pay? (Input your answer as a positive number.) Use the appropriate Tax Tables < Prev 11 of 12 Next > here to search o п
Tax Return Calculation #1 BUS 121 - Name Last 4 of CUNYFirst ID Jamal and Hope have gathered all the information to file their income tax return for the year. They calculate income to be $95,000. Adjustments to income include Hope's $6,000 deductible contribution to Hope's $6,000 deductible contribution to her retirement account and Jamal's $9,000 business expenses. Their item A U UU business expenses. Their itemized deductions total $22.000. Hope had her employer withhold $4,000 Tederal income tax from...
Problem 1-48 (LO 1-3, 1-4) Required: The W-2 incomes of Betty and her husband Ronald were $47.301 and $47178, respectively. If Betty and Ronald use a filing status of married filing jointly, determine their tax liability. Use the appropriate Tax Tables. es Tax liability
Problem 1-48 (LO 1-3, 1-4) Required: The W-2 incomes of Betty and her husband Ronald were $51,036 and $50,868, respectively. If Betty and Ronald use a filing status of married filing jointly, determine their tax liability ped Use the appropriate Tax Tables Tax liability rences
Problem 3-41 (LO. 5) 1. Indicate whether the following individuals are "Required" (based on income) or "Not required" to file a tax return for 2020. Click here to access the standard deduction tables to use. Required / Not Required a. b. c. Patricia, age 19, is a self-employed single individual with gross income of $5,200 from an unincorporated business. Business expenses amounted to $4,900. Mike is single and is 67 years old. His gross income from wages was $12,750. Ronald...
Please answer parts A, B, and C. this is income
tax.
Required information Problem 4-28 (LO 4-1) (The following information applies to the questions displayed below] Jeremy earned $100,200 in salary and $6.200 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 $23,200 in itemized deductions. Use the tax...
Most questions answered within 3 hours.
-
1. Develop a use case diagram for the bank case study described
in Chapter 1. 2....
asked 33 seconds from now -
The phylum Protista has often been referred to as a junk drawer
of classification. Explain what...
asked 6 minutes ago -
The average amount of money spent for lunch per person in the
college cafeteria is $7.09...
asked 8 minutes ago -
You follow the lab procedure and at the end of Part 4C, you used
an average...
asked 27 minutes ago -
Write 250-450 words, about the following: • Analyze how a
servant leader in your organization or...
asked 30 minutes ago -
3. American and Japanese workers can each produce 4 cars a
year. An American worker can...
asked 33 minutes ago -
On October 1, 20X1, a company purchased a piece of land by
agreeing to pay the...
asked 45 minutes ago -
Jamie is doing a survey at her school about whether the students
feel the cafeteria food...
asked 50 minutes ago -
What are the roles of 3' and 5' untranslated regions in
mRNAs?
asked 52 minutes ago -
A domestic television receives antenna delivers a sky noise
power of -105 dBm to a matched...
asked 50 minutes ago -
What do you think are the chemical reactions involved in the
breathalyzer tests administered to potentially...
asked 1 hour ago -
A random sample of 120 observations produces a mean of
38.2 from a population with a...
asked 1 hour ago