1. Daniel Simmons arrived at the following tax information:
Gross salary: $62,250
Dividend income $140
Itemized deductions: $7,000
Interest earnings $75
One personal exemption $4050
Adjustments to income $850
What amount would Daniel report as taxable income?
2. If Samantha jones had the following itemized deductions, should she use schedule A or standard deduction. The standard deduction for her tax situation is $6350. Donations to the church and other charities $3050. Medical and dental expenses exceeding 10% of adjusted gross income, $450. State income tax $920. Job related expenses exceeding 2% of adjusted gross income $1450.
3. What would be the average tax rate for a person who paid taxes of $6435 on taxable income of $40,780.
4. Based on the following data with Beth and Roger Simmons receive a refund or owe additional taxes?
Adjusted gross income $42,140
Credit for child and dependent care expenses $400
Amount for personal exemptions $12,150
Itemized deductions $11,240
Federal income tax withheld $6686
Tax rate on taxable income 10%
1. Daniel Simmons arrived at the following tax information: Gross salary: $62,250 Dividend income $140 Itemized...
Homework i Daniel Simmons arrived at the following tax information: $ 220 $ 60,080 Gross salary 'Interest earnings One personal Dividend income $ 160 exemption Itemized Adjustments to $ 7,180 deductions income $3,700 $1,200 Ees What amount would he report as taxable income? Taxable income 1 of 10
FINANCIAL PLANNING PROBLEMS 1. Computing Taxable Income. Thomas Franklin arrived at the following tax information Gross salary, $41.780 Interest earnings, $225 Dividend income, $80 One personal exemption, $2,650 Itemized deductions, $3,890 Adjustments to income, $1,150 What amount would Thomas report as taxable income? (Obj.1) 2. Determining Tax Deductions. If Lola Harper had the fol lowing itemized deductions, should she use Schedule A or the standard deduction? The standard deduction for her tax situation is $6,050. (Obj. 2) Donations to church...
Assume the standard deduction for a single person is $6,350. Daniel Simmons arrived at the following tax information: Gross salary Dividend income Itemized deductions $ 62,320 Interest earnings $ 160 One personal exemption $ 7,620 Adjustments to income $ 220 $ 4,050 $ 1,250 What amount would he report as taxable income? Taxable income
Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes. Adjusted gross income Credit for child and dependent care expenses Amount for personal exemptions $ 54,890 $ 660 $ 12,150 Itemized deductions Federal income tax withheld Tax rate on taxable income $ 12,260 $ 7,136 15 percent Would Beth and Roger Simmons receive a refund or owe additional taxes? What is the amount? (Do not round any intermediate calculations. Enter the amount as...
Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes. Adjusted gross income Credit for child and dependent care expenses Amount for personal exemptions $ 53,810 $ 589 $ 12,150 Itemized deductions Federal income tax withheld Tax rate on taxable income $ 12,460 $ 6,995 15 percent Would Beth and Roger Simmons receive a refund or owe additional taxes? What is the amount? (Do not round any intermediate calculations. Enter the amount as...
Consider on the following data. Adjusted gross income $ 54,710 Itemized deductions $ 12,850 Credit for child and dependent care expenses $ 560 Federal income tax withheld $ 6,960 Amount for personal exemptions $ 11,100 Tax rate on taxable income 15 percent Would Beth and Roger Simmons receive a refund or owe additional taxes? What is the amount? The result is (refund or payment due) of $ _____
Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes. Adjusted gross income Credit for child and dependent care expenses Amount for personal exemptions $ 53,270 $ 540 12.150 Itemized deductions $ 12,560 Federal income tax withheld $ 6,925 Tax rate on taxable income 15 percent Would Beth and Roger Simmons receive a refund or owe additional taxes? What is the amount? (Do not round any Intermediate calculations. Enter the amount as a...
Assume Samantha Jones had the following itemized deductions. Donations to church and other charities Medical and dental expenses exceeding 10 percent of adjusted gross income State income tax Job-related expenses exceeding 2 percent of adjusted gross income $ 3.0se $ 1,810 $ 1,320 $ 2.115 Should she use the itemized deduction or the standard deduction? The standard deduction for her tax situation is $6,350. Standard deduction Itemized deduction
Ross Martin arrived at the following tax information: Tax Information Gross salary Interest earnings Dividend income Standard deduction Itemized deductions Adjustments to income $ 58,755 295 245 12,000 11, 430 2,100 What amount would Ross report as taxable income? Taxable income
Ross Martin arrived at the following tax information: Tax Information Gross salary Interest earnings Dividend income Standard deduction Itemized deductions Adjustments to income $ 58,465 285 225 12,000 11,410 2,000 8:26 What amount would Ross report as taxable income? Taxable income