Homework Answers
Jessie Total Income and Tax liability :
Income under the head Salary
Gross Salary $ 90,000
Life Insurance $ 90,000
Dedution
Qualified pension Plan(employer) $ 5,000
Qualified pension plan (Jessie) $ 7,000
Flexible benefits plans $ 2,000
Deduction for AGI $ 4,200
Itemized deduction $ 10,100
uniform premium $ 248.4**
** Cost per $1000 of protection - annually 2.76 ( $90000/1000 * 2.76)
Total $ 151,452
Income from other sources
Interest Income $ 1,700
Cash prizes $ 2,200
Total $ 155,352
Tax liablity on Total Income $ 31,363.24
As if Jessie's income is more than 85,526 but not over 163,300 then the Tax is (14,605.50 + 24%)
(14605.50+16758.24) (69826*24%)
Capital Gain & tax liability
LTCG $ 10,000
(-) set off LTCL & STCL $ 4,000
$ 4,000
Total $ 2,000
Tax liability Nil
According to Capital Tax rates our income is less than 40,000 thus 0% tax rate.
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Question 1 30 pts Jessie, age 53, is a single taxpayer. She earns a salary of...
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30 pts Question 1 Jessie, age 53, is a single taxpayer. She earns a salary of $90,000. Her employer puts $5,000 into a qualified pension plan on her behalf and Jessie puts $7,000 in her pension plan. Her employer provides all employees with group-term life insurance equal to their salary ($90,000). Jessie put $2,000 in her flexible benefits plan. Her allowable deductions for AGI total $4,200 and she has $10,100 of allowable itemized deductions. In addition, Jessie received interest income...
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expenditures:
Qualified medical expenses $ 8,000 ($1,000 of which were
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Student loan interest 1,700
Charitable contributions (all cash) 3,000
Qualified mortgage interest (on $200,000 debt) 12,000
State income taxes withheld from paycheck 2,000
Real Estate taxes paid on personal residence 7,000
Personal property taxes paid 4,000
Federal income tax withheld from paycheck 19,000
James also earned the following income:
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Share of Partnership Income 20,000
Inheritance 4,000
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