Question

Maria, a single tax-payer, earns wages of $45,500, received $925 in interest from a savings account, and contributed $1,150 to a tax-deferred savings plan. She was entitled to a personal exemption of $3,800 and had itemized deductions totaling $5,450.

Compute

a) her gross income

b) adjusted gross income

c) taxable income

d) set up but do not solve for her income tax. you can assume she had no tax credits this year

Answer #1

a) Calculation of Gross Income:

Wages = $45,500

Saving Interest = $925

Total = 46425$ is Gross Income

b) Calculation of Adjusted Gross Income= Gross total Income - contribution in tax saving plan

= $46425 - $1150= $45275

c) Calculation of Taxable Income = Adjusted Gross Income - Deductions

= $ 45275 - $5450 = $39825

d) Calculation of Tax Liability:

UPTO $9700 tax rate is 10%

$9701 to $39475 tax rate is 12%

$39476 to $ 84200 tax rate is 22%

Tax liability of Maria is = (9700$*10%) + (($39475-$9700)*12%)+ (($39825-$39475)*22%)

= 970+3573+77=4620$

As MAria has no tax credits, her tax liability is $ 4620.

A woman earned wages of $49,000, received $1300 in interest from
a savings account, and contributed $3,000 to a tax deferred
retirement plan, She was entitled to a personal exemption of $3400
and had deductions totaling $5250. Find her gross income, adjusted
income, and taxable income.
Her gross income was $___
Her adjusted gross income was $____
Her taxable income was $_____

A woman earned wages of $48 comma 800, received $2000 in
interest from a savings account, and contributed $3800 to a
tax-deferred retirement plan.
She was entitled to a personal exemption of $2800 and had
deductions totaling $5270.
Find her gross income,
adjusted gross income,
and taxable income.
Her gross income was _____ (Simplify your answer.)
Her adjusted gross income was ____ (Simplify your answer.)
Her taxable income was ____. (Simplify your answer.)

A
man earned wages of $45,400, received $2000 in interest from a
savings account, and contributed $2500 to a tax deferred retirement
plan. He was entitled to a personal exemption of $4050 and had to
deductions totaling $6360. Find is gross income, adjusted gross
income, and taxable income.

A man earned wages of $49,700, received $2000 in interest
from a savings account, and contributed $3100 to a tax-deferred
retirement plan. He
was entitled to a personal exemption of $3200 and had deductions
totaling $5250. Find gross income, adjusted gross income,
and taxable income.
His gross income was $? (Simplify your answer.)

Deductions from Adjusted Gross Income, Calculating Tax Liability
(LO. 3, 5)
Hongtao is single and has a gross income of $90,100. His
allowable deductions for adjusted gross income are $4,300, and his
itemized deductions are $13,400. The standard deduction for 2017 is
$6,350 and a personal exemption is $4,050.
Round all amounts to the nearest dollar. Refer Tax Rate
Schedules to answer the following questions.
a. Hangtao's taxable income is $ and his tax
liability is $________ for 2017.
b....

Petunia's (filing status: single and she is her only dependent)
tax calculations are as follows assuming a 2018 tax year). 2018
standard deduction amount is $6,500 and the exemption amount for
2018 is $4150. Petunia is single and will claim herself as an
exemption. She has a house mortgage interest amount of $4,300,
property taxes of $3,900, and made $4,950 in charitable
contributions during the year. All these are itemized deductions.
Calculate her (progressive) income tax liability:
Wages, salaries,...

Prepare a tax return for Bella Maria.
Bella is a single tax payer and a regular wage earner.
Her W-2 gross income from being an office manager was $72,000;
federal withholding was $13,000; and state withholding was
$1,800.
Address: 305 College Drive, Olney, IL 62450
SS#: 303-32-0011
DOB: 12-01-1975
Bella Marie was covered by health insurance with her
employer.
Alimony she received $8,200 (ex-husband is Bob ss#
302-32-2143)
She also had a lot she rented a building to someone for...

Campbell, a single taxpayer, earns $239,000 in taxable income
and $3,200 in interest from an investment in State of New York
bonds. (Use the U.S. tax rate schedule).
Required:
If Campbell earns an additional $16,500 of taxable income, what
is her marginal tax rate on this income?
What is her marginal rate if, instead, she had $16,500 of
additional deductions?
(For all requirements, do not round intermediate
calculations.)

4. Calculating taxable income
For 2016, the personal exemption amount is $4,050. The 2016
standard deduction is $6,300 for unmarried taxpayers or married
taxpayers filing separately, $12,600 for married taxpayers filing
jointly, and $9,300 for taxpayers filing as head of
household.
Calculating Lynn’s Taxable Income
Lynn is an unmarried person filing single. Calculate Lynn’s 2016
taxable income by filling in the worksheet. Enter adjustments,
deductions, and exemptions as negative numbers. If your answer is
zero, enter "0".
• Lynn will...

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...

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 6 minutes ago

asked 13 minutes ago

asked 18 minutes ago

asked 30 minutes ago

asked 57 minutes ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 2 hours ago

asked 2 hours ago

asked 2 hours ago

asked 2 hours ago