Melanie and Jim, homeowners, have mortgage interest of $13,000, real estate taxes of $10,000, and charitable...
Melanie and Jim, homeowners, have mortgage interest of $13,000, real estate taxes of $10,000, and charitable contributions of $1500. According to their filing status, a standard deduction of $24,000 is allowed. How much should the couple deduct on their tax return?
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Melanie and Jim, homeowners, have mortgage interest of $13,000,
real estate taxes of $10,000, and charitable...
Nasim paid the following taxes this year: Real estate taxes on rental property she owns $6,500...
Nasim paid the following taxes this year: Real estate taxes on rental property she owns $6,500 Real estate taxes on her own residence 5,200 Federal income taxes 12,000 State income taxes 7,500 For 2018, what amount of taxes (SALT) can Nasim deduct as an itemized deduction on her tax return? A) $5,200 B) $7,500 C) $10,000 D) $19,200 2. Aki's records contain the following information: 1. Donated stock having a fair market value of $4,000 to a qualified charitable organization....
Sally's adjusted gross income is $38,000. She owns a home and has a mortgage interest expense...
Sally's adjusted gross income is $38,000. She owns a home and has a mortgage interest expense of $9500, charitable contributions of $1500, property tax of $7000 and interest on her car loan of $2100. This year she also had medical expenses of $2000. She is allowed a standard deduction of $12,000. What is Sally's taxable income?
A married couple with 3 children is filing taxes jointly. They have a gross income of...
A married couple with 3 children is filing taxes jointly. They have a gross income of $348,198, and they made the following tax-deductible purchases: . Charitable contributions: $7,857 • Medical expenses: $2,392 . Mortgage interest: $4,020 Compute their final income tax using the following information: Married Individuals Filing Joint Returns and Surviving Spouses Taxable Income Is Between! The Tax Due is: 0 - $19.750 10% of taxable income $19,751 - $80,250 $1.975 +12% of the amount over $19.750 $80,251 -...
Tax return. Fill out a 2019 form 1040, as well as Schedule A, for the following...
Tax return. Fill out a 2019 form 1040, as well as Schedule A, for the following situation: Married couple, filing jointly, with two minor dependent children Wife had W-2 salary income of $150,000; husband had W-2 salary income of $110,000 The couple had a capital loss on selling stock of $8.900 The mother received an inheritance from her deceased aunt of $98,000 The couple made an IRA contribution of $4,000 (this is a payment) The couple had the following potential...
3. Which of the following is not deductible FROM AGI? Interest on a home mortgage Charitable...
3. Which of the following is not deductible FROM AGI? Interest on a home mortgage Charitable contributions State and local income taxes Alimony All of the above are deductible from AGI 4. John is a calendar-year taxpayer whose wife died in August of 2019. His eight year-old son lives with him. During 2019, he had salary income of $47,000, $600 of dividend income, and received $50,000 as the beneficiary on his wife's life insurance policy. He made a $5,000 contribution...
that is all the information is given Freya and Sebastian Hunter are married and have one...
that is all the information is given
Freya and Sebastian Hunter are married and have one child. Sebastian is putting together some figures so he can prepare the Hunters' joint 2018 tax retum. So far, he's been able to determine the following concerning income and possible deductions: $1,150 50,770 5,000 5,100 1,450 150 360 Total unreimbursed medical expenses incurred Gross wages and commissions earned IRA contribution Mortgage interest paid Capital gains realized on assets held less than 12 months Income...
HW SCOre: 9376, .3 Of TU pts Problem P4-7 (similar to) EQuestion Help Using the married...
HW SCOre: 9376, .3 Of TU pts Problem P4-7 (similar to) EQuestion Help Using the married fling jointly status and their income and expense statement, calculate the 2017 tax Iiability for Shameka and Curtis Williams. First, use the standard deduction, and then use the following itemized deductions Income Еxpenses Earned income $50,000 00 Home mortgage interest Real estate and state income taxes Miscellaneous deductions $7,800.00 Intorest income 2,100 00 3,900 00 450.00 Explain to the Williams which method they should...
T THE SAMPSONS-A Continuing Case Dave and Sharon Sampson want to determine their taxes for the...
T THE SAMPSONS-A Continuing Case Dave and Sharon Sampson want to determine their taxes for the current year. Dave will earn $48,000 this year, while Sharon's earnings from her part-time job will be $12,000. Neither Dave nor Sharon contributes to a retirement plan at this time. Recall that they have two children. Assume child tax credits are currently $1,000 per child. The Sampsons will pay $6,300 in home mortgage interest and $1,200 in real estate taxes this year, and they...
Karin and Chad (ages 30 and 31, respectively) are married and together have $110,000 of AGI....
Karin and Chad (ages 30 and 31, respectively) are married and together have $110,000 of AGI. This year they have recorded the following expenses: Home mortgage interest (acquisition debt of $300,000) $16,640 Real estate taxes 5,400 State income taxes paid 6,300 Medical expenses (unreimbursed) 1,800 Employee business expenses (unreimbursed) 450 Charitable contributions (cash to their church) 760 Karin and Chad will file married jointly. Calculate their taxable income. This question does not ask for the standard deduction found on other...
Merv R. Baldwin (age 39, SSN 550-37-7400) and Melanie A. Baldwin (age 36, SSN 598-35- 3775)...
Merv R. Baldwin (age 39, SSN 550-37-7400) and Melanie A. Baldwin (age 36, SSN 598-35- 3775) live at 515 W. 35 Ave., Provo, Utah 84200. They claim their 9-year-old son, Adam (SSN 458-47-9330) as their only dependent. Merv works as a computer analyst; Melanie is employed as a manager. Details from their respective W-2s are shown below. In order to allow them both to work, the Baldwins paid Anna Furlough (Melanie's mother, SSN 583-57-9991) $3,600 during the year for after-school...
A married couple with 3 children is filing taxes jointly. They have a gross income of $348,198, and they made the following tax-deductible purchases: . Charitable contributions: $7,857 • Medical expenses: $2,392 . Mortgage interest: $4,020 Compute their final income tax using the following information: Married Individuals Filing Joint Returns and Surviving Spouses Taxable Income Is Between! The Tax Due is: 0 - $19.750 10% of taxable income $19,751 - $80,250 $1.975 +12% of the amount over $19.750 $80,251 -...
3. Which of the following is not deductible FROM AGI? Interest on a home mortgage Charitable contributions State and local income taxes Alimony All of the above are deductible from AGI 4. John is a calendar-year taxpayer whose wife died in August of 2019. His eight year-old son lives with him. During 2019, he had salary income of $47,000, $600 of dividend income, and received $50,000 as the beneficiary on his wife's life insurance policy. He made a $5,000 contribution...
that is all the information is given
Freya and Sebastian Hunter are married and have one child. Sebastian is putting together some figures so he can prepare the Hunters' joint 2018 tax retum. So far, he's been able to determine the following concerning income and possible deductions: $1,150 50,770 5,000 5,100 1,450 150 360 Total unreimbursed medical expenses incurred Gross wages and commissions earned IRA contribution Mortgage interest paid Capital gains realized on assets held less than 12 months Income...
HW SCOre: 9376, .3 Of TU pts Problem P4-7 (similar to) EQuestion Help Using the married fling jointly status and their income and expense statement, calculate the 2017 tax Iiability for Shameka and Curtis Williams. First, use the standard deduction, and then use the following itemized deductions Income Еxpenses Earned income $50,000 00 Home mortgage interest Real estate and state income taxes Miscellaneous deductions $7,800.00 Intorest income 2,100 00 3,900 00 450.00 Explain to the Williams which method they should...
T THE SAMPSONS-A Continuing Case Dave and Sharon Sampson want to determine their taxes for the current year. Dave will earn $48,000 this year, while Sharon's earnings from her part-time job will be $12,000. Neither Dave nor Sharon contributes to a retirement plan at this time. Recall that they have two children. Assume child tax credits are currently $1,000 per child. The Sampsons will pay $6,300 in home mortgage interest and $1,200 in real estate taxes this year, and they...
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