Question

Jim and Kiesha are engaged to be married. In 2019, Kiesha's has $212,000 in taxable income...

Jim and Kiesha are engaged to be married. In 2019, Kiesha's has $212,000 in taxable income as a single person and Jim's has $418,000 in taxable income as a single person. What will be their marriage penalty, if they marry before the end of 2019?

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Jim who is married but files separately, earns $80,000 of taxable income. He also has $15,000...
Jim who is married but files separately, earns $80,000 of taxable income. He also has $15,000 in interest from a city of Asheville bond.. His wife, May, earns $50,000 of taxable income. If Jim earned an additional $30,000 of taxable income this year, what would be the marginal tax rate (rounded) on the extra income for 2019? (Use tax rate schedule.)
In 2017, Lisa and Fred, a married couple, had taxable income of $545,000. If they were...
In 2017, Lisa and Fred, a married couple, had taxable income of $545,000. If they were to file separate tax returns, Lisa would have reported taxable income of $360,000 and Fred would have reported taxable income of $185,000. What is the couple’s marriage penalty or benefit?
In 2020, Jasmine and Thomas, a married couple, had taxable income of $106,500. If they were...
In 2020, Jasmine and Thomas, a married couple, had taxable income of $106,500. If they were to file separate tax returns, Jasmine would have reported taxable income of $96,500 and Thomas would have reported taxable income of $10,000. Use Tax Rate Schedule for reference. What is the couple’s marriage penalty or benefit? (Do not round intermediate calculations.)
In 2018, Jasmine and Thomas, a married couple, had taxable income of $105,500. If they were...
In 2018, Jasmine and Thomas, a married couple, had taxable income of $105,500. If they were to file separate tax returns, Jasmine would have reported taxable income of $95,500 and Thomas would have reported taxable income of $10,000. Use Tax Rate Schedule for reference. What is the couple’s marriage penalty or benefit? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Mary is a single wage earner with no dependents and taxable income of $205,000 in 2019....
Mary is a single wage earner with no dependents and taxable income of $205,000 in 2019. Her 2018 taxable income was $155,000 and tax liability was $31,490. Calculate Mary's 2019 income tax liability and the minimum required 2019 annual payment necessary to avoid any penalty. Round your answers to two decimal places. What is Mary's 2019 income tax liability: $ What is Mary's minimum required 2019 annual payment necessary to avoid any penalty: $
Question 1: In 2018, Lisa and Fred, a married couple, have taxable income of $300,000. If...
Question 1: In 2018, Lisa and Fred, a married couple, have taxable income of $300,000. If they were to file separate tax returns, Lisa would have reported taxable income of $125,000 and Fred would have reported taxable income of $175,000. What is the couple’s marriage penalty or benefit? Question 2: Henrich is a single taxpayer. In 2018, his taxable income is $450,000. What are his income tax and net investment income tax liability in each of the following alternative scenarios?...
Jim and Mary are about to be married.  Mary is a wealthy actress.  Jim is a struggling artist....
Jim and Mary are about to be married.  Mary is a wealthy actress.  Jim is a struggling artist. Both agree that it would be a good idea to have a premarital agreement.  Mary gives Jim the agreement and suggests that Jim make an appointment to visit her tax preparer, whom Mary will instruct to give Jim a complete understanding of her assets. Laughing Jim replies, "Not necessary.  I'm insulted at the suggestion, my love."  A year after the marriage, the parties divorce. Mary seeks to...
In 2019, Kendra has taxable income before the QBI deduction of $274,000. Kendra is single and...
In 2019, Kendra has taxable income before the QBI deduction of $274,000. Kendra is single and has income from her law firm (a sole proprietorship operating as an LLC) of $200,000. Her law firm paid wages of $82,000 and has qualified property of $20,000. What is Kendra’s QBI deduction?
in 2019, Krystal has taxable income before the QBI deduction of $274,000. Krystal is single and...
in 2019, Krystal has taxable income before the QBI deduction of $274,000. Krystal is single and has income from her law firm (a sole proprietorship operating as an LLC) of $200,000. Her law firm paid wages of $82,000 and has qualified property of $20,000. What is Krystal’s QBI deduction under Section199A?
Preston and Anna are engaged and plan to get married. Preston is a full-time student and...
Preston and Anna are engaged and plan to get married. Preston is a full-time student and earns $8,500 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Anna is employed and reports $68,600 in wages. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer...