Question

#15. Jeremy and Ren are married, filing jointly, and earn wages of $116,362 in 2019. They...

#15. Jeremy and Ren are married, filing jointly, and earn wages of $116,362 in 2019. They also earned $1,285 in interest on investments and contributed $19,912 to a taz-deferred retirement plan. They will use their 2019 standard deduction of $24,400 rather than itemizing their deductions and claim a $2,000 per child tax credit for each of their three children. Calculate Jeremy and Ren's taxable income. Answer should be a whole number.

Homework Answers

Answer #1
Wages Earnings        1,16,362
Interest on Investments             1,285
Gross Taxable Income       1,17,647
Less: Tax Deferred Retirement Plan          -19,912
Less: Standard Deduction          -24,400
Less: Child tax credit (3 children)            -6,000
Net Taxable Income           67,335
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
Max and Jo are married, filing jointly, and earned wages of $96,400 in 2019. They also...
Max and Jo are married, filing jointly, and earned wages of $96,400 in 2019. They also earned $822 in interest on investments and contributed $11,320 to a tax-deferred retirement plan. They claimed tax-deferred educator expenses of $185 and will use their 2019 standard deduction of $24,400 rather than itemizing their deductions. Finally, they claim $2,000 child tax credits for each of their two children. Calculate Max and Jo's gross income. Calculate Max and Jo's adjusted gross income. Calculate Max and...
Max and Jo are married, filing jointly, and earned wages of $96,400 in 2019. They also...
Max and Jo are married, filing jointly, and earned wages of $96,400 in 2019. They also earned $822 in interest on investments and contributed $11,320 to a tax-deferred retirement plan. They claimed tax-deferred educator expenses of $185 and will use their 2019 standard deduction of $24,400 rather than itemizing their deductions. Finally, they claim $2,000 child tax credits for each of their two children. Calculate Max and Jo's gross income. Calculate Max and Jo's adjusted gross income. Calculate Max and...
John and Mary are married filing jointly in 2019. They have six children under age 17...
John and Mary are married filing jointly in 2019. They have six children under age 17 for whom they may claim the child tax credit. Their AGI was $419,400. What amount of child tax credit may they claim on their 2019 tax return?
In December 2019, Ben and Jeri (married filing jointly) have a long-term capital gain of $55,000...
In December 2019, Ben and Jeri (married filing jointly) have a long-term capital gain of $55,000 on the sale of stock held for 4 years. They have no other capital gains and losses for the year. After the standard deduction, their ordinary income for the year, before the capital gain, is $70,000, making their total income for the year $125,000. In 2019, married taxpayers who file jointly pay tax of $8,012 on the first $70,000 of ordinary taxable income and...
In 2019, Deon and NeNe are married filing jointly. Deon and NeNe’s taxable income is $1,190,000,...
In 2019, Deon and NeNe are married filing jointly. Deon and NeNe’s taxable income is $1,190,000, and they itemize their deductions as follows: real property taxes of $17,700, charitable contributions of $24,250, and mortgage interest expense of $48,400 ($700,000 acquisition debt for home). Use Exhibit 8-5 and Tax Rate Schedule for reference. rev: 02_29_2020_QC_CS-202942 a. What is Deon and NeNe's AMT? **** This is incorrect : Taxable Income       1,190,000Less:Charitable contributions            24,250Mortagage Interest Expense            48,400           (72,650)       1,117,350Less:AMT Exemption           111,700AMT base       1,005,650AMT=AMT*26%          ...
Use the hypothetical information provided below on AGI, Family Structure and Filing Status, Itemized Deductions (relative...
Use the hypothetical information provided below on AGI, Family Structure and Filing Status, Itemized Deductions (relative to the Standard Deduction), Withholdings, Tax Credits, and the tax rates to compute the average and marginal tax rate for a taxpayer. AGI=$100,000; Married Filing Jointly; 2 Children; Itemized Deductions=$25,000; Standard Deduction=$24,000; Child Credit $1000 per child. Withholding=$9,000; Tax Rates: 10% for first $10000 of Taxable Income; 15% of next $50,000 of taxable income; 22% of the rest.
J and K are a married couple filing jointly, with two children age 14 and 18....
J and K are a married couple filing jointly, with two children age 14 and 18. They have adjusted gross income of $417,250 for 2018. How much is their allowable child tax credit?             a.     $1,638             b.     $2,000             c.     $1,100             d.     $1,600             e.     $2,500
In 2017, Janet and Ray are married filing jointly. They have five dependent children under 18...
In 2017, Janet and Ray are married filing jointly. They have five dependent children under 18 years of age. Janet and Ray’s taxable income is $140,000, and they itemize their deductions as follows: real property taxes of $5,000, state income taxes of $9,000, and mortgage interest expense of $15,000. a. What is Janet and Ray’s AMT?
Gabe and Dana are married and file jointly. For 2019, Gabe earned $150,000 and Dana earned...
Gabe and Dana are married and file jointly. For 2019, Gabe earned $150,000 and Dana earned $20,000 working part time as a party planner.   They have two young children, a 4-year old son, Mike, and a 6-year old daughter, Chrissy.    In order to work, they paid the following for day care to have their children watched and cared for: Best Beginning Day Care $4,000 Bay Child Care & Housekeeping 2,000 Mrs. Goetz (Dana's mother) 1,000 ​How much was their child...
Gabe and Dana are married and file jointly. For 2019, Gabe earned $150,000 and Dana earned...
Gabe and Dana are married and file jointly. For 2019, Gabe earned $150,000 and Dana earned $20,000 working part time as a party planner.   They have two young children, a 4-year old son, Mike, and a 6-year old daughter, Chrissy.    In order to work, they paid the following for day care to have their children watched and cared for: Best Beginning Day Care $4,000 Bay Child Care & Housekeeping 2,000 Mrs. Goetz (Dana's mother) 1,000 ​How much was their child...