Hello! Could you help me, please!
Using the tax form, instructions and info attached, answer the following questions.
Assume you are a single person with no dependents who made $35,000.00 from your primary job and an additional $5,500.00 from a part time position. You had a total of $7,700 dollars withheld in taxes (from both jobs combined) and will take the standard deduction.
Will you get a refund or will you have to pay more tax? (5 pts.)
What is the amount of the refund/payment? (5 pts.)
Using the tax tables on page 90 of the instructions, assume a single person has a taxable income of $382,000.00.
What will the single person's total tax be? (5 pts.)
What is the single person's effective tax rate? (5 pts.)
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Using the tax form, instructions and info attached, answer the following questions.
Using the tax form, instructions and info attached, answer the following questions. Assume you are a single person with no dependents who made $35,000.00 from your primary job and an additional $5,500.00 from a part time position. You had a total of $7,700 dollars withheld in taxes (from both jobs combined) and will take the standard deduction.Will you get a refund or will you have to pay more tax? (5 pts.)What is the amount of the refund/payment? (5 pts.) Using the tax...
Using the tax form from 2016, instructions and info attached, answer the following questions. Assume you...
Using the tax form from 2016, instructions and info attached, answer the following questions. Assume you are a single person with no dependents who made $39,000.00 from your primary job and an additional $7,500.00 from a part time position. You had a total of $7,900 dollars withheld in taxes (from both jobs combined) and will take the standard deduction. Will you get a refund or will you have to pay more tax? (5 pts.) What is the amount of the...
Hello, Problem Attached, all bolded parts are completed by me and were verified to be correct....
Hello, Problem Attached, all bolded parts are completed
by me and were verified to be correct. I am stuck on Part E and
F.
For tax purposes, “gross income” is all the money a person
receives in a given year from any source. But income taxes are
levied on “taxable income” rather than gross income. The difference
between the two is the result of many exemptions and deductions. To
see how they work, suppose you made $70,000 last year in...
Demarco and Janine Jackson have been married for 20 years and have four children who qualify...
Demarco and Janine Jackson have been married for 20 years and have
four children who qualify as their dependents (Damarcus, Janine,
Michael, and Candice). The couple received salary income of
$130,000, qualified business income of $20,500 from an investment
in a partnership, and they sold their home this year. They
initially purchased the home three years ago for $252,500 and they
sold it for $302,500. The gain on the sale qualified for the
exclusion from the sale of a principal...
Uppose an unmarried individual without children has $40,000 in labor earnings. She has no other i...
uppose an unmarried individual without children has $40,000 in labor earnings. She has no other income. Use the standard deduction and assume that aside from the Child Tax Credit and the EITC, no other tax credits exist. Use the tax tables from the handout to answer the following: a. How much is the employee portion of FICA that was withheld from the person's paychecks? b. What is the governments total tax revenue from payroll taxes from this person? c. What...
Hello I was wondering if you could give me the formula that I need to put...
Hello I was wondering if you could give me the formula that I
need to put in cell F4. The hint is down at the bottom right beside
social security tax deduction. It gives a hint of how to put the
formula together but I am so confused. The answer should come out
to be $3,382 in cell F4 if done correctly. Thanks for your
help!
F4 Federal Medicare Soc Sec Tax Std. Deduction for each dependent: up to Max...
Demarco and Janine Jackson have been married for 20 years and have four children who qualify...
Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents (Damarcus, Janine Jr., Michael, and Candice). The couple received salary income of $100,000 and qualified business income of $10,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $200,000 and they sold it for $250,000. The gain on the sale qualified for the exclusion from the sale of...
please help, In this lab, you complete a C++ program with the provided data files. The program calculates the amount of...
please help, In this lab, you complete a C++ program with the provided data files. The program calculates the amount of tax withheld from an employee’s weekly salary, the tax deduction to which the employee is entitled for each dependent, and the employee’s take- home pay. The program output includes state tax withheld, federal tax withheld, dependent tax deductions, salary, and take-home pay. Instructions Ensure the source code file named Payroll.cpp is open in the code editor. Variables have been...
You are to prepare a tax return using the following information. You will need to use...
You are to prepare a tax
return using the following information. You will need to use Form
1040, Schedule B if applicable, you determine (Read requirements in
text). John Brown, age 53, (social security number 554-78-4556) is
single and is supporting his 18 year old son, David (social
security number 444-55-7777). David is a student at MirMonte High
School. They live in a rented home at 1245 West 5Th Street,
Coalinga, CA. John is employed as a engineer and received...
Please bold answer in explanation thank you Emily, who is single, has been offered a position...
Please bold answer in explanation thank you
Emily, who is single, has been offered a position as a city landscape consultant. The position pays $150,200 in cash wages. Assume Emily has no dependents. Emily deducts the standard deduction instead of itemized deductions, and she is not eligible for the qualified business income deduction. (Use the tax rate schedules.) (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Problem 4-31 Part-a (Algo) a. What is the amount...
Hello, Problem Attached, all bolded parts are completed
by me and were verified to be correct. I am stuck on Part E and
F.
For tax purposes, “gross income” is all the money a person
receives in a given year from any source. But income taxes are
levied on “taxable income” rather than gross income. The difference
between the two is the result of many exemptions and deductions. To
see how they work, suppose you made $70,000 last year in...
Demarco and Janine Jackson have been married for 20 years and have
four children who qualify as their dependents (Damarcus, Janine,
Michael, and Candice). The couple received salary income of
$130,000, qualified business income of $20,500 from an investment
in a partnership, and they sold their home this year. They
initially purchased the home three years ago for $252,500 and they
sold it for $302,500. The gain on the sale qualified for the
exclusion from the sale of a principal...
uppose an unmarried individual without children has $40,000 in labor earnings. She has no other income. Use the standard deduction and assume that aside from the Child Tax Credit and the EITC, no other tax credits exist. Use the tax tables from the handout to answer the following: a. How much is the employee portion of FICA that was withheld from the person's paychecks? b. What is the governments total tax revenue from payroll taxes from this person? c. What...
Hello I was wondering if you could give me the formula that I
need to put in cell F4. The hint is down at the bottom right beside
social security tax deduction. It gives a hint of how to put the
formula together but I am so confused. The answer should come out
to be $3,382 in cell F4 if done correctly. Thanks for your
help!
F4 Federal Medicare Soc Sec Tax Std. Deduction for each dependent: up to Max...
Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents (Damarcus, Janine Jr., Michael, and Candice). The couple received salary income of $100,000 and qualified business income of $10,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $200,000 and they sold it for $250,000. The gain on the sale qualified for the exclusion from the sale of...
You are to prepare a tax
return using the following information. You will need to use Form
1040, Schedule B if applicable, you determine (Read requirements in
text). John Brown, age 53, (social security number 554-78-4556) is
single and is supporting his 18 year old son, David (social
security number 444-55-7777). David is a student at MirMonte High
School. They live in a rented home at 1245 West 5Th Street,
Coalinga, CA. John is employed as a engineer and received...
Please bold answer in explanation thank you
Emily, who is single, has been offered a position as a city landscape consultant. The position pays $150,200 in cash wages. Assume Emily has no dependents. Emily deducts the standard deduction instead of itemized deductions, and she is not eligible for the qualified business income deduction. (Use the tax rate schedules.) (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Problem 4-31 Part-a (Algo) a. What is the amount...
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