Question

Any help is appreciated - thank you!

FEDERAL INCOME TAXES AND NAME NAME CONNECTICUT INDIVIDUAL INCOME TAX PROBLEM COMPUTE THE 2018 CT TAX LIABILITY USING THE INFO BELOW. ASSUME MFJ FILING STATUS. AGE 66 DO NOT USE TAX FORMS, PREPARE USING SPREADSHEET SOFTWARE. ATTACH THIS SHEET TO RESPONSEI GROUPS OF TWO ARE ALLOWED, YOU MAY CONFER AMOUNG GROUPSI DUE DATE: 7esoy uls at the start of class-NO LATE SUBMISSIONS WILL BE ACCEPTED FEDERAL RETURN W-2 INCOME 85,000 SOC SeC 359y To TAL Teacbers pension (teachers retirement board) SOCIAL Secu RITY MILITARY PENSION 15,000 30,000 22,000 30,D00 Fes Toxabl INTEREST tBox 3 awos Of fRM SSA. 1099 BANK 2,000 2,000 STATE OF CT MUNI BOND 3,000 STATE OF MASS MUNI BOND 1,000 COMMONWEALTH OF PUERTO RICO TAX EXEMPT 5,000 U.S. SAVINGS BOND 4,000 Loss on the sale of CT Muni Bond -2,000 SCHEDULE C INCOME (CONSTRUCTION) 30,000 ADJUSTED GROSS INCOME 186,000

Answer 1

		in $
Federal AGI		1,86,000
Subtract
Standard deduction( age above 65 years)		-1,300
CHET contribution for college($10k for joint return)	12,000	-10,000
Addition		1,74,700
excluded portion of social security benfit	35,774	5,774
Taxable income		1,80,474
Tax for Married filing jointly	10%	1,905
	12%	7,002
	22%	19,272
	24%	3,714
	Total Tax	31,893
Less:
Use Tax on vehicle	500	500
withholding Tax from payroll	4,000	4,000
Balance tax due		27,393