Question

Using the 2012 US Tax Table, calculate the tax owed for Gary and Becky who are...

Using the 2012 US Tax Table, calculate the tax owed for Gary and Becky who are filing jointly and have 2 dependent children.

Their gross income was $94,000

They had no adjustments.

Their deductions are:

$12,000 mortgage interest

$5,000 charitable donations

$2,500 in student loan interest

They have a tax credit of $2,000. What do they owe?

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Answer #1
2012
Gross Income $94,000.00
Less: Deduction
Mortgage Interest -12000
Charitable Donations -5000
Student Loan Interest -2500
AGI $74,500.00
Less: Personal Exemption = 4 x $3800 -$15,200.00
Taxable Income $59,300.00
Tax Liability (using tax table 2012) $8,029.00
Less: Tax Credit $2,000.00
Tax Owe $6,029.00
or
Tax Liability (Using % method) ($17400 x 10%)+ ($59,300 - $17400) * 15% $8,025.00
Less: Tax Credit 2000
Tax Owe $6,025.00
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