can you help me complete problem 44 in the south-western federaltaxation.
for calendear year 2014 smart and pamela gibson file a jointreturn reflect agi of 350000.00 their itemized deductions
can you help me complete problem 44 in the south-western federaltaxation.
for calendear year 2014 smart and pamela gibson file a jointreturn reflect agi of 350000.00 their itemized deductions
Related questions
Jeremy earned $140,000 in salary and $1,000 in interest income during the year. Jeremy has two qualifying dependent children who live with him. He qualifies to file as head of household and has $14,500 in itemized deductions. Neither of his dependents qualifies for the child tax credit. (use the tax rate schedules.). (Do not round intermediate calculations. Round "Income tax liability" to 2 decimal places.)
Tax Rate Schedule: https://ezto-cf-media.mheducation.com/Media/Connect_Production/bne/accounting/spilker_9e/taxrateschedulea.jpg
a:. Use the 2017 tax rate schedules to determine Jeremyâs taxes due.
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b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $6,500. What is Jeremyâs tax liability including the tax on the capital gain?
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c. Assume the original facts except that Jeremy had only $3,500 in itemized deductions. What is Jeremyâs total income tax liability?
DescriptionAmount
(1)Gross income$141,000
(2)For AGI deductions0
(3)Adjusted gross income
$141,000
(4)Standard deduction
(5)Itemized deductions
(6)
(7)Personal and dependency exemptions
(8)Taxable income
income tax liability
The Tax Formula for Individuals, Filing Status and TaxComputation (LO 1.3, 1.5, 1.6, 1.7)
Diego, age 28, married Dolores, age 27, in 2017. Their salariesfor the year amounted to $94,000 and they had interest income of$3,700. Diego and Dolores' deductions for adjusted gross incomeamounted to $8,240; their itemized deductions were $11,050; theyclaimed two exemptions on their return; and, they filed a jointreturn.
Table for the standard deduction
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Click here to access the tax tables.
a. What is the amount of their adjusted grossincome?
$
b. In order to minimize taxable income, Diegoand Dolores will _______ in the amount of $__________
c. What is the amount of their taxableincome?
$
d. What is their tax liability for 2017?
$
The Tax Formula for Individuals, Filing Status and TaxComputation (LO 1.3, 1.5, 1.6, 1.7)
Diego, age 28, married Dolores, age 27, in 2017. Their salariesfor the year amounted to $47,230 and they had interest income of$3,500. Diego and Dolores' deductions for adjusted gross incomeamounted to $2,000; their itemized deductions were $11,800; theyclaimed two exemptions on their return; and, they filed a jointreturn.
Table for the standard deduction
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Click here to access the tax tables.
a. What is the amount of their adjusted grossincome?
$
b. In order to minimize taxable income, Diegoand Dolores will in the amount of $.
c. What is the amount of their taxableincome?
$
d. What is their tax liability for 2017?
$
