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As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been...

As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the missing information for some of the firm's tax clients. Use the standard deductions shown below and the itemized deduction amount shown below to determine the value of the deduction to claim. If adjusted gross income is less than or equal to $152,525 multiply the number of exemptions by $3,950. Name Filing Status (Exemptions) Income Adjustments to Income Adjusted Gross Income Itemized Deductions Deduction to claim Exemption Allowances Taxable Income Campbell Married filing jointly (5) $52,180 $1,250 $ $5,610 $ $ $

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Answer #1

Answer:

Missing Information:

Adjusted Gross Income = Income - Adjustments to Income = $52,180 - $1,250 = $50,930

Deduction to claim = Standard deduction for 2014 for MFJ = $12,400

Exemption allowances = $3,950 * 5 = $19,750

Deduction to claim is higher than Itemized deduction, standard deduction is taken

Taxable Income = Adjusted Gross Income - Deduction to claim - Exemption Allowances = $50,930 - $12,400 - $19,750 =

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