Autumn and Winter are married with
no dependents and file a joint return for 2018. They...
Autumn and Winter are married with
no dependents and file a joint return for 2018. They had the
following for 2018:
Sales Price
Basis
Sale of 100 shares of purchased
SunRun stock held 3 years
$ 6,000
$ 4,900
Sale of 50 shares of inherited GM
stock held 5 months
6,000
6,400
Interest from bank savings
account
2,100
n/a
Qualifying dividends
2,200
n/a
Autumn and Winter’s taxable income
is $76,500. How much is their gross tax? Show your work.
Mike and Julie Bedard are a working couple. They will file a
joint income tax return....
Mike and Julie Bedard are a working couple. They will file a
joint income tax return. This year they have the following taxable
income: 1. $126,000 from salary and wages (ordinary income). 2.
$3,000 in interest income. 3. $3,000 in dividend income. 4.
$5,000 in profit from sale of a stock they purchased 2 years ago.
5. $1,000 in profit from a stock they purchased this year and sold
this year. Use the federal income tax rates given in Table...
Jack and Jill file a joint return for 2019 reflecting salaries
of $110,000. They incur the...
Jack and Jill file a joint return for 2019 reflecting salaries
of $110,000. They incur the following expenditures and income:
Medical expenses of $9,000, Medical Insurance premiums $7,000,
Drug Rehab Program $1,000, Swimming lessons $300
Interest on Margin account $6,000, Mortgage Home Interest
$10,000, Credit Card Interest $800,
State Income Tax $7,000, Property taxes, $9,000, Sales Tax
$1,000.
Charitable contribution $6,000, Political contribution $100,
Gambling losses $500, Casualty loss $3,000
Qualified Business income $20,000, Net Investment income
$4,000
A. What...
Dan and Maureen file a joint income tax return for 2019. They
have two dependent children,...
Dan and Maureen file a joint income tax return for 2019. They
have two dependent children, ages 7 and 9. Together they earn wages
of $830,000. They also receive taxable interest income of $8,000
and interest on City of Los Angeles bonds of $78,000. During 2019,
they received a state income tax refund of $3,000 relating to their
2018 state income tax return on which they itemized deductions.
Their expenses for the year consist of the following:
Home mortgage interest...
Zach and Melissa Nieland file a joint tax return, and they
itemize deductions. Assume their marginal...
Zach and Melissa Nieland file a joint tax return, and they
itemize deductions. Assume their marginal tax rate on ordinary
income is 25 percent. The Nielands incur $2,700 in miscellaneous
itemized deductions, excluding investment expenses. They also incur
$2,000 in noninterest investment expenses during the year. What tax
savings do they receive from the investment expenses under the
following assumptions: (Round your answer to the nearest
whole dollar amount.)
a. Their AGI is $93,250.
Tax savings from investment expenses: ____?____
Matt and Connie are married and file a joint tax return. Matt
earns $80,000 as a...
Matt and Connie are married and file a joint tax return. Matt
earns $80,000 as a financial planner, while Connie earns $85,000 as
an accountant. • They received $400 of interest income from a money
market fund and $250 of interest income from municipal bonds. •
They sold stock they had owned for six years at a $7,500 gain and
they received a gift from Matt's parents of $10,000.
• What is their gross income for the year?
– Includes:...
Individual Tax Computation. Richard Hartman, age 29, single with
no dependents, with a salary of $32,270....
Individual Tax Computation. Richard Hartman, age 29, single with
no dependents, with a salary of $32,270. During the year, he
received $1,300 interest income from a savings account and a $1,500
gift from his grandmother. At the advice of his father, Richard
sold stock he had held as an investment for five years, for a
$3,000 gain. He also sustained a loss of $1,000 from the sale of
land held as an investment and owned for four months. Richard had...
Randy and Sharon are married and have two dependent children.
Their 2019 tax and other related...
Randy and Sharon are married and have two dependent children.
Their 2019 tax and other related information is as follows:
Total salaries
$160,000
Bank account interest income
3,500
Municipal bond interest income
1,500
Value of employer provided medical insurance
12,500
Employer paid premiums for $50,000 of group term life
insurance
5,500
Dividend income from ABC stock
2,000
Loan from Randy's parents
5,000
Gift from Randy's parents
15,000
Gain from the sale of qualified small business stock acquired in
2008
18,000...
In December 2019, Ben and Jeri (married filing jointly) have a
long-term capital gain of $55,000...
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...
Matt and Meg Comer are married and file a joint tax return. They
do not have...
Matt and Meg Comer are married and file a joint tax return. They
do not have any children. Matt works as a history professor at a
local university and earns a salary of $67,100. Meg works part time
at the same university. She earns $34,600 a year. The couple does
not itemize deductions. Other than salary, the Comers’ only other
source of income is from the disposition of various capital assets
(mostly stocks).
What is the Comers’ tax liability for...