Question

For 2019, a taxpayer, who is unmarried have two dependent children who are below 18 years...

For 2019, a taxpayer, who is unmarried have two dependent children who are below 18 years old. His total wages for 2019 in the United States is $320,000. What is his standard deduction, tax credits available and amount income tax liability under the IRS 2019 tax reporting?

Homework Answers

Answer #1

Hi

Let me know in case you face any issue:

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
The following information for 2019 relates to Thomas, a single taxpayer, age 18: Wages $9,500 Taxable...
The following information for 2019 relates to Thomas, a single taxpayer, age 18: Wages $9,500 Taxable Interest income 10,600 Itemized deductions 1,500 a. Compute Thomas’s tax liability for 2019 assuming he is self-supporting. b. Compute Thomas’s tax liability for 2019 assuming he is a dependent of his parents and they support him entirely (his earned income is NOT more than 50% of his support).
Pierre, a cash basis, unmarried taxpayer, had $2,480 of state income tax withheld during 2018. Also...
Pierre, a cash basis, unmarried taxpayer, had $2,480 of state income tax withheld during 2018. Also in 2018, Pierre paid $620 that was due when he filed his 2017 state income tax return and made estimated payments of $1,736 towards his 2018 state income tax liability. When Pierre files his 2018 Federal income tax return in April 2019, he elects to itemize deductions, which amount to $15,200, including the state income tax payments and withholdings, all of which reduce his...
Mr. Rogers, an unmarried individual, had the following income items. Salary $ 512,600 Interest income 20,000...
Mr. Rogers, an unmarried individual, had the following income items. Salary $ 512,600 Interest income 20,000 Dividend eligible for 20% rate 32,000 Mr. Rogers had $34,100 itemized deductions and four dependent children (ages 5 through 15). Compute his income tax (before credits). Assume the taxable year is 2019. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round your intermediate calculations and final answers to the nearest whole dollar amount.).
During 2019, Richard and Denisa, who are married and have two dependent children, have the following...
During 2019, Richard and Denisa, who are married and have two dependent children, have the following income and losses: Total salaries $150,000 Bank account interest 25,000 Dividend income 5,000 Short-term capital gains 4,000 Short-term capital losses (1,500) They also incurred the following expenses: Qualified medical expenses $ 8,000 State income taxes paid 12,000 Property taxes on home 2,300 Qualified residence interest 9,000 Investment interest expense 7,500 Cash charitable contributions 15,000 a. Compute Richard and Denisa’s taxable income for the year....
During 2019, Richard and Denisa, who are married and have two dependent children, have the following...
During 2019, Richard and Denisa, who are married and have two dependent children, have the following income and losses: Total salaries                                                         $150,000 Bank account interest                                                25,000 Dividend income                                                         5,000 Short-term capital gains                                              4,000 Short-term capital losses                                           (1,500) They also incurred the following expenses: Qualified medical expenses                                     $ 8,000 State income taxes paid                                             12,000 Property taxes on home                                               2,300 Qualified residence interest                                         9,000 Investment interest expense                                        7,500 Cash charitable contributions                                    15,000 a. Compute Richard and Denisa’s taxable income for the year....
In 2019, when determining the standard deduction for an individual who can be claimed as a...
In 2019, when determining the standard deduction for an individual who can be claimed as a dependent on another person tax return, earned income is defined as all the following except A. wages B. tips C. interest D. Fellowship grant the taxpayer must include in his or her gross income.
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...
Sam Smith, a 40-year-old unmarried individual, is the sole support of his parents who live with...
Sam Smith, a 40-year-old unmarried individual, is the sole support of his parents who live with him and have no income. His father is age 67 and is in good health. His mother is age 64 and is blind. What is Sam's standard deduction in 2019?        $20,000     $18,350     $24,400
Walt and Deloris, who file a joint return, have two dependent children, Bill and Tiffany. Bill...
Walt and Deloris, who file a joint return, have two dependent children, Bill and Tiffany. Bill is a freshman at State University, and Tiffany is working on her graduate degree. The couple paid qualified expenses of $3,900 for Bill (who is a half-time student) and $7,800 for Tiffany. What education tax credits are available if Walt and Deloris report modified AGI of $117,300? What education tax credits are available if Walt and Deloris report modified AGI of $117,300 and Tiffany...
Computation of taxable income. The following information relates to Tom, a single taxpayer, age 18. Tax...
Computation of taxable income. The following information relates to Tom, a single taxpayer, age 18. Tax Year 2019. Wages = $7,000 Taxable interest income = 425 Itemized deductions = 310 a. Compute Tom's taxable income assuming he is self-supporting. b. Compute Tom's taxable income assuming he is a dependent of his parents. Tax year 2019.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT