Jerome, who files as head of household, received the following income: Wages (box 1 of Form...
Homework Answers
Gross income is the aggregate of wages income, interest income, and FMV only.
Gross income = Wages + Interest + FMV
= 50,000 + 1,000 + 22
= $51,022 (Answer)
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Jerome, who files as head of household, received the following income: Wages (box 1 of Form...
The capital gain rate for a couple filing MFJ with taxable income of $79,000 is! 30...
The capital gain rate for a couple filing MFJ with taxable income of $79,000 is! 30 Marks: 1 Choose one answer 0 a 0% O b. 15% Loc. 20% O d. 28% 23 Marks: 1 Jerome, who files as head of household, received the following income: Wagos (box 1 of Form W-2) $50,000, Interest income $1,000, Christmas ham (FMV) $22, and DCB, box 10 of Form W-2 $2,000 (Spent $1,500 for childcare). How much gross income must Jerome report? Choose...
43 Nevada is single and provides a home for his girlfriend, Lois, and her 5 year...
43 Nevada is single and provides a home for his girlfriend, Lois, and her 5 year old daughter Corky. Lois worked in a bakery and earned $3,800. She has no other income. Lois and Corky lived all year with Nevada and he provided all of their support. What is Nevada's filing status? Marks: 1 Choose one answer O a Single b. Head of Household c. Married Filing Separate Married fling Joint O d Jerome, who files as head of household,...
43 Nevada is single and provides a home for his girlfriend, Lois, and her 5 year...
43 Nevada is single and provides a home for his girlfriend, Lois, and her 5 year old daughter Corky. Lois worked in a bakery and earned $3,800. She has no other income. Lois and Corky lived all year with Nevada and he provided all of their support. What is Nevada's filing status? Marks: 1 Choose one answer O a Single b. Head of Household c. Married Filing Separate Married fling Joint O d Jerome, who files as head of household,...
Mary files as Head of Household and has the following gains and losses during 2019: LTCG...
Mary files as Head of Household and has the following gains and losses during 2019: LTCG LTCL STCG STCL $12,000 4.000 4,000 8,000 With respect only to her Gains Losses, how much is Mary's tax liability if she has taxable income of $50,000 and is in the 12% tax bracket? How much is her tax liability for her gains/losses if Mary's taxable income is $70,000 and her tax bracket is 22% (not 12%)?
C. Jose and Margarita, married who give joint form received the following income during the current...
C. Jose and Margarita, married who give joint form received the following income during the current year Jose and MArgarita gross salary $50,000 and $18,000, COLA $2,500, Tip $600, Christmas Bonus $200. What is gross income? D-Dora Received $500 from her employer for repooling expenses, what are the requirements for that amount to be exempted?
Heather, a single taxpayer who files as a head of household, earns $62,100 in taxable income...
Heather, a single taxpayer who files as a head of household, earns $62,100 in taxable income and $15,500 in interest from an investment in city of Oxford Bonds. Using the U.S. tax rate schedule for year 2019, how much federal tax will she owe? What is her average tax rate? What is her effective tax rate? What is her current marginal tax rate? If Heather has an additional $41,000 of tax deductions, what is her marginal tax rate on these...
Which of the following is NOT correctly reported on Form 1040, line 1? a) Alimony received...
Which of the following is NOT correctly reported on Form 1040, line 1? a) Alimony received from a taxpayer's ex-husband. The ex-husband's income was 100% derived from his wages. b) Payments from a disability pension received by a person who has not yet reached normal retirement age. c) Wages of $1,000 paid to a nanny in a private household. The nanny did not receive a Form W-2 from his employer. d) A scholarship used to pay for housing expenses.
1.) Roy(39) is a US citizen. He was married at the beginning of 2019. His wife...
1.) Roy(39) is a US citizen. He was married at the beginning of
2019. His wife lived in the household until august. Their divorce
was finalized on Sept 30, and roy has not remarried. Roy provided
100% of support for his son, who lived with him all year and is his
qualifying child. Roy's most advantageous filling status is?
A. Head of household.
B. Married filing seperate
C. Married filling joint
D. Single.
Question 56 of 75. Carlie (28) is...
Complete Form 1040-Schedule A for the following: Taxpayer Information Name: John Washington
Complete Form 1040-Schedule A for the following: Taxpayer Information Name: John Washington Address: 3450 Green St. Miami, FL 54321 DOB: 5/5/1960 Filing Status: Married SSN: 434-20-2020 Occupation: Engineer Name: Debra Washington Address: 3450 Green St. Miami, FL 54321 DOB: 7/7/1962 Filing Status: Married SSN: 411-21-4568 Occupation: Teacher INCOME INFORMATION: Wages and Compensation The following information is taken from John Washington’s 2017 Form W-2 Wage and Tax Statement: Box 1 – Wages, tips, and other compensation 80,000 Box 2 – Federal Withholding 12,500 Box 17 – State Income Tax Withholding 2,000 ...
1.) Ruth and Steve will file a joint return. During the year, they received dividends from...
1.) Ruth and Steve will file a joint return. During the year,
they received dividends from a mutual fund investment, and they
received a 2019 Form 1099-DIV reporting a distribution of $1,000 in
total ordinary dividends, shown in box 1, and qualified dividends
of $1,000, shown in box 2. Their only other income was from wages.
Their taxable income for the year was $86,500. How much tax will
they pay on their dividend income?
A. $150
B.$200
C.$220
D.$300
Question...
The capital gain rate for a couple filing MFJ with taxable income of $79,000 is! 30 Marks: 1 Choose one answer 0 a 0% O b. 15% Loc. 20% O d. 28% 23 Marks: 1 Jerome, who files as head of household, received the following income: Wagos (box 1 of Form W-2) $50,000, Interest income $1,000, Christmas ham (FMV) $22, and DCB, box 10 of Form W-2 $2,000 (Spent $1,500 for childcare). How much gross income must Jerome report? Choose...
43 Nevada is single and provides a home for his girlfriend, Lois, and her 5 year old daughter Corky. Lois worked in a bakery and earned $3,800. She has no other income. Lois and Corky lived all year with Nevada and he provided all of their support. What is Nevada's filing status? Marks: 1 Choose one answer O a Single b. Head of Household c. Married Filing Separate Married fling Joint O d Jerome, who files as head of household,...
43 Nevada is single and provides a home for his girlfriend, Lois, and her 5 year old daughter Corky. Lois worked in a bakery and earned $3,800. She has no other income. Lois and Corky lived all year with Nevada and he provided all of their support. What is Nevada's filing status? Marks: 1 Choose one answer O a Single b. Head of Household c. Married Filing Separate Married fling Joint O d Jerome, who files as head of household,...
Mary files as Head of Household and has the following gains and losses during 2019: LTCG LTCL STCG STCL $12,000 4.000 4,000 8,000 With respect only to her Gains Losses, how much is Mary's tax liability if she has taxable income of $50,000 and is in the 12% tax bracket? How much is her tax liability for her gains/losses if Mary's taxable income is $70,000 and her tax bracket is 22% (not 12%)?
C. Jose and Margarita, married who give joint form received the following income during the current year Jose and MArgarita gross salary $50,000 and $18,000, COLA $2,500, Tip $600, Christmas Bonus $200. What is gross income? D-Dora Received $500 from her employer for repooling expenses, what are the requirements for that amount to be exempted?
1.) Roy(39) is a US citizen. He was married at the beginning of
2019. His wife lived in the household until august. Their divorce
was finalized on Sept 30, and roy has not remarried. Roy provided
100% of support for his son, who lived with him all year and is his
qualifying child. Roy's most advantageous filling status is?
A. Head of household.
B. Married filing seperate
C. Married filling joint
D. Single.
Question 56 of 75. Carlie (28) is...
1.) Ruth and Steve will file a joint return. During the year,
they received dividends from a mutual fund investment, and they
received a 2019 Form 1099-DIV reporting a distribution of $1,000 in
total ordinary dividends, shown in box 1, and qualified dividends
of $1,000, shown in box 2. Their only other income was from wages.
Their taxable income for the year was $86,500. How much tax will
they pay on their dividend income?
A. $150
B.$200
C.$220
D.$300
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