Question

Steve and Sue are married with three dependent children. Their 2017 joint income tax return shows...

Steve and Sue are married with three dependent children. Their 2017 joint income tax return shows $389,000 of AGI and $60,000 of itemized deductions made up of $30,000 of state income taxes and $30,000 of charitable contributions. Calculate the following amounts: In your computations, round any percentage up the nearest whole percent. If required, round your answers to the nearest dollar. a. Allowable itemized or standard deduction amount $ b. Allowable exemptions deduction amount $ c. Taxable income $

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Hi

Let me know in case you face any issue:

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Steve and Sue are married with three dependent children. Their 2017 joint income tax return shows...
Steve and Sue are married with three dependent children. Their 2017 joint income tax return shows $389,000 of AGI and $60,000 of itemized deductions made up of $30,000 of state income taxes and $30,000 of charitable contributions. Calculate the following amounts: In your computations, round any percentage up the nearest whole percent. If required, round your answers to the nearest dollar. a. Allowable itemized or standard deduction amount $ b. Allowable exemptions deduction amount $ c. Taxable income $ -------------------------------------------------------------------------------------------------------------------------------------------------------------...
Arthur and Cora are married and have 2 dependent children. They have a gross income of...
Arthur and Cora are married and have 2 dependent children. They have a gross income of $96,740. Their allowable deductions for adjusted gross income total $4,220, and they have total allowable itemized deductions of $26,250. The standard deduction for 2019 is $24,400. Refer to the Tax Rate Schedules to answer the following questions. Round intermediate computations and final answer to the nearest dollar. Note: The child tax credit in 2019 is $2,000 per child. a. Arthur and Cora's 2019 taxable...
In 2017, Deon and NeNe are married filing jointly. They have three dependent children under 18...
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...
Frank, age 35, and Joyce, age 34, are married and file a joint income tax return...
Frank, age 35, and Joyce, age 34, are married and file a joint income tax return for 2017. Their salaries for the year total $84,600 and they have taxable interest income of $3,900. They have no deductions for adjusted gross income. Their itemized deductions are $12,800. Frank and Joyce do not have any dependents. b. What is their deduction for personal exemptions?
Deductions from Adjusted Gross Income, Calculating Tax Liability (LO. 3, 5) Arthur and Cora are married...
Deductions from Adjusted Gross Income, Calculating Tax Liability (LO. 3, 5) Arthur and Cora are married and have 2 dependent children. They have a gross income of $95,000. Their allowable deductions for adjusted gross income total $4,000, and they have total allowable itemized deductions of $14,250. The standard deduction for 2017 is $12,700 and the personal exemption is $4,050. Refer to the Tax Rate Schedules to answer the following questions. Round intermediate computations and final answer to the nearest dollar....
Jessica and Jason are married, file a joint return, and have 4 dependent children. Assume a...
Jessica and Jason are married, file a joint return, and have 4 dependent children. Assume a taxpayer is allowed a personal exemption deduction of $4,050 (in 2016 and 2017) for himself or herself. Calculate their 2017 personal and dependency deductions for each of the following independent situations: a. Their AGI is $275,000. $ b. Their AGI is $375,000. $ c. Their AGI is $475,000. $
Dan and Maureen file a joint income tax return for 2017. They have two dependent children,...
Dan and Maureen file a joint income tax return for 2017. They have two dependent children, ages 7 and 9. Together they earn wages of $152,000. They also receive taxable interest income of $8,000 and interest on private activity bonds issued by the City of Los Angeles of $12,000. During 2017, they received a state income tax refund of $3,000 relating to their 2016 state income tax return on which they itemized deductions. Their expenses for the year consist of...
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...
Dan and Maureen file a joint income tax return for 2017. They have two dependent children,...
Dan and Maureen file a joint income tax return for 2017. They have two dependent children, ages 7 and 9. Together they earn wages of $152,000. They also receive taxable interest income of $8,000 and interest on private activity bonds issued by the City of Los Angeles of $12,000. During 2017, they received a state income tax refund of $3,000 relating to their 2016 state income tax return on which they itemized deductions. Their expenses for the year consist of...
Compute the taxable income for 2019 in each of the following independent situations. Click here to...
Compute the taxable income for 2019 in each of the following independent situations. Click here to access the standard deduction table to use if required. a. Drew and Meg, ages 40 and 41, respectively, are married and file a joint return. In addition to four dependent children, they have AGI of $125,000 and itemized deductions of $27,000. AGI $125,000 Less: (itemized deduction/standard deduction) Taxable income $ b. Sybil, age 40, is single and supports her dependent parents, who live with...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT