Question

A person is Filing taxes as "Married filing Jointly". There taxable income is 141782. They have 4 personal exemptioons

1.What is the formula to to find the tax amount?

2. What is the tax amount____________?

Please use 2016 tax tables and formulas.

Answer #1

In 2019, Deon and NeNe are married filing jointly. Deon and
NeNe’s taxable income is $1,190,000, and they itemize their
deductions as follows: real property taxes of $17,700, charitable
contributions of $24,250, and mortgage interest expense of $48,400
($700,000 acquisition debt for home). Use Exhibit 8-5 and Tax Rate
Schedule for reference.
rev: 02_29_2020_QC_CS-202942
a. What is Deon and NeNe's AMT?
**** This is incorrect : Taxable
Income 1,190,000Less:Charitable
contributions
24,250Mortagage Interest
Expense
48,400
(72,650) 1,117,350Less:AMT
Exemption
111,700AMT
base
1,005,650AMT=AMT*26% ...

Jane and Blair are married taxpayers filing jointly and have
2018 taxable income of $107,000. The taxable income includes $5,000
of gain from a capital asset held five years, $2,100 of gain from a
capital asset held seven months, and $13,000 of gain from a capital
asset held four years. All of the capital assets were stock in
publicly traded corporations. Jane and Blair also have qualified
dividend income of $3,000.
Indicate whether the following items are subject to the...

Rates for a married taxpayer filing separately are 10% of
taxable income up to $8,375 and 15% thereafter up to $34,000. Rates
for a couple filing a joint return are 10% of taxable income up to
$16,750 and 15% thereafter up to $68,000. Miller and Laura Collins
are figuring their tax both ways for comparison before deciding
which way to file. Miller earned $20,000 and Laura earned $40,000.
The standard deduction for a married couple filing jointly is
$11,400. The...

In 2017, Deon and NeNe are married filing jointly. They have
three dependent children under 18 years of age. Deon and NeNe’s AGI
is $813,800, their taxable income is $722,750, and they itemize
their deductions as follows: real property taxes of $10,000, state
income taxes of $40,000, miscellaneous itemized deductions of
$4,000 (subject to but in excess of 2% AGI floor), charitable
contributions of $11,050, and mortgage interest expense of $41,000
($11,000 of which is attributable to a home-equity loan...

In December 2019, Ben and Jeri (married filing jointly) have a
long-term capital gain of $55,000 on the sale of stock held for 4
years. They have no other capital gains and losses for the year.
After the standard deduction, their ordinary income for the year,
before the capital gain, is $70,000, making their total income for
the year $125,000. In 2019, married taxpayers who file jointly pay
tax of $8,012 on the first $70,000 of ordinary taxable income and...

Tim and Sarah are filing married filing jointly. They had
$145,000 of income from salaries and a S/T capital gain of $2,000.
They had itemized deductions that total $19,750. What is their tax
liability?
A.
$18,324
B.
$19,435
C.
None of the amounts listed
D.
$18,464
E.
$19,575

4. Calculating taxable income
For 2016, the personal exemption amount is $4,050. The 2016
standard deduction is $6,300 for unmarried taxpayers or married
taxpayers filing separately, $12,600 for married taxpayers filing
jointly, and $9,300 for taxpayers filing as head of
household.
Calculating Lynn’s Taxable Income
Lynn is an unmarried person filing single. Calculate Lynn’s 2016
taxable income by filling in the worksheet. Enter adjustments,
deductions, and exemptions as negative numbers. If your answer is
zero, enter "0".
• Lynn will...

1: Paul Robinson's filing status is married filing jointly, and
he has earned gross pay of $2,850. Each period he makes a 403(b)
contribution of 6.5% of gross pay . His current year taxable
earnings for Medicare tax, to date, are $271,000.
Total Medicare Tax = $
2: Stephen Belcher's filing status is single, and he has earned
gross pay of $1,860. Each period he makes a 401(k) contribution of
9% of gross pay and contributes 1% of gross pay...

#15. Jeremy and Ren are married, filing jointly, and earn wages of
$116,362 in 2019. They also earned $1,285 in interest on
investments and contributed $19,912 to a taz-deferred retirement
plan. They will use their 2019 standard deduction of $24,400 rather
than itemizing their deductions and claim a $2,000 per child tax
credit for each of their three children. Calculate Jeremy and Ren's
taxable income. Answer should be a whole number.

Use the 2016 marginal tax rates to compute the tax owed by the
following A married couple filing jointly with a taxable income of
$408,000 and a $6500 tax credit. The tax owed

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