Question

use the 2016 marginal tax rates to compute the income tax owed by the following person...

use the 2016 marginal tax rates to compute the income tax owed by the following person

single male, no dependents

gross income:$94,000

adjustments:$2000

deductions:$34,000 mortgage interest

$4271 property taxes

$4000 charitable contributions

tax none:none

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

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
Use the 2016 marginal tax rates to compute the tax owed by the following A married...
Use the 2016 marginal tax rates to compute the tax owed by the following A married couple filing jointly with a taxable income of ​$408,000 and a ​$6500 tax credit. The tax owed
Using the 2012 US Tax Table, calculate the tax owed for Gary and Becky who are...
Using the 2012 US Tax Table, calculate the tax owed for Gary and Becky who are filing jointly and have 2 dependent children. Their gross income was $94,000 They had no adjustments. Their deductions are: $12,000 mortgage interest $5,000 charitable donations $2,500 in student loan interest They have a tax credit of $2,000. What do they owe?
Complete the following problem. Find the income tax owed for: Unmarried head of household with two...
Complete the following problem. Find the income tax owed for: Unmarried head of household with two dependent children Gross income: $50,000 Adjustments: none Deductions:        $4500 state taxes $2000 theft loss                   Tax credit: $2000 2012 Marginal Tax Rates, Standard Deductions, and Exemptions Tax Rate Single Married Filing Separately Married Filing Jointly Head of Household 10% up to $8,700 up to $8,700 up to $17,400 up to $12,400 15% $8,701 to $35,350 $8,701 to $35,350 $17,401 to $70,700 $12,401 to $47,350 25% $35,351...
Question 47 of 50. In 2017, Donna had total nonbusiness income of $1,250. Her 2017 adjustments...
Question 47 of 50. In 2017, Donna had total nonbusiness income of $1,250. Her 2017 adjustments and deductions include: Deductible IRA contributions of $4,000. Property taxes of $1,116. Real estate tax of $1,812. Mortgage interest of $4,214. Employee business expenses of $919. Charitable contributions of $884.
Compute the taxable income for 2017 for Aiden on the basis of the following information. Aiden...
Compute the taxable income for 2017 for Aiden on the basis of the following information. Aiden is married but has not seen or heard from his wife since 2015. Salary $80,000 Interest on bonds issued by City of Boston 3,000 Interest on CD issued by Wells Fargo Bank 2,000 Cash dividend received on Chevron common stock 2,200 Life insurance proceeds paid upon death of aunt (Aiden was the designated beneficiary of the policy) 200,000 Inheritance received upon death of aunt...
Carson had the following itemized deductions in 2016: State income taxes $ 1,700 Charitable contributions 8,500...
Carson had the following itemized deductions in 2016: State income taxes $ 1,700 Charitable contributions 8,500 Mortgage interest (personal residence) 10,500 Medical expenses [$8,800 – (10% × $75,000)] 1,300 Miscellaneous [$2,600 – (2% × $75,000)] 1,100 What are Carson’s itemized deductions for AMT purposes? _______________ What is the amount of the AMT adjustment? ________________
In 2016, Joan is single and a homeowner who incurs property taxes on her home of...
In 2016, Joan is single and a homeowner who incurs property taxes on her home of $2,000, makes charitable contributions of $500 and pays mortgage interest of $6,000. Joan’s adjusted gross income is $32,000. What is her taxable income? $19,450 $23,500 $32,000 $25,700 Please do not copy from Chegg. I need an original answer with a proper explanation with step by step explanation.
Compute the 2019 Federal income tax liability and the marginal and effective tax rates in each...
Compute the 2019 Federal income tax liability and the marginal and effective tax rates in each of the following independent cases. Click here to access the 2019 tax rate schedule. If required, round the tax liability the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (i.e. .67073 would be rounded to .6707 and entered as 67.07%). a. Chandler is single and reports taxable income of $149,000. Tax liability: $ -- Marginal...
1/ Linda, who files as a single taxpayer, had AGI of $280,000 for 2018. She incurred...
1/ Linda, who files as a single taxpayer, had AGI of $280,000 for 2018. She incurred the following expenses and losses during the year: Medical expenses (before the 7.5%-of-AGI limitation) $33,000 State and local income taxes 4,800 State sales tax 1,300 Real estate taxes 6,000 Home mortgage interest 5,000 Automobile loan interest 750 Credit card interest 1,000 Charitable contributions 7,000 Casualty loss (before 10% limitation but after $100 floor; not in a Federally declared disaster area) 34,000 Unreimbursed employee business...
Petunia's (filing status: single and she is her only dependent) tax calculations are as follows assuming...
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,...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT