Question

In: Accounting

James and Mary are married and file a joint tax return. Together, their taxable income is...

James and Mary are married and file a joint tax return. Together, their taxable income is $80,000. How much will they pay in taxes? (Round answers to 0 decimal place, e.g. 5275.)

Solutions

Expert Solution

Particulars Amount Amount
Gross income:
Salary $          80,000
Interest $                   -  
Other income $                   -  
Gross income $          80,000
For AGI deductions $                   -  
Adjusted gross income $          80,000
Less:
Standard deduction $          24,400
Itemized deduction $                   -  
Higher of the two $          24,400
Taxable income $          55,600
Income tax liability $       6,284.00
[ 1940 + ( 55600 - 19400 ) × 0.12 ]

Tax liability is 6284

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

The Johnsons file a married, joint return. They had taxable income of $170,000 in 2020. Their...
The Johnsons file a married, joint return. They had taxable income of $170,000 in 2020. Their city tax rate is 3.876% and state tax rate is 6.21%. What was their total effective (marginal) tax rate? Assume they had $10,000 in short-term capital gains and $12,000 in long-term taxable gains. How much are their total taxes?
1. George & Martha are married and file a joint income tax return. In 2017 the...
1. George & Martha are married and file a joint income tax return. In 2017 the couple had $ 250,000 of total income and $ 200,000 in taxable income. a. Calculate George & Martha’s Washington’s 2017 federal income tax liability (USE THE 2017 tax rate schedule in appendix D in your book). b. What is George & Martha’s marginal federal tax rate for 2017? c. What is the George & Martha’s average tax rate for 2017? d. What is the...
Bill and Maria are a married couple who file a joint income tax return. They have...
Bill and Maria are a married couple who file a joint income tax return. They have two children, so they claim a total of 4 exemptions ($4,050 for each exemption). In addition, they have legitimate itemized deductions totaling $27,750. Their total income from wages is $200,800. Assume the following tax table is applicable: ​ Married Couples Filing Joint Returns ​ ​ If Your Taxable Income Is You Pay This Amount on the Base of the Bracket Plus This Percentage on...
Abe and Betty are married and file a joint income tax return. Abe is 67 years...
Abe and Betty are married and file a joint income tax return. Abe is 67 years old and Betty is 58 years old. Abe and Betty have no dependents. Abe and Betty have no tax credits and had $25,000 of federal income tax withheld from their paychecks. Other information needed to prepare Abe and Betty’s 2018 individual income tax return is as follows: Abe’s Salary $ 65,000 Betty’s Salary 85,000 Interest received on savings account 2,000 Interest received on State...
Susan and Stan Britton are a married couple who file a joint income tax return, where...
Susan and Stan Britton are a married couple who file a joint income tax return, where the tax rates are based on the tax table 3.5. Assume that their taxable income this year was $330,000. Do not round intermediate calculation. What is their federal tax liability? Round your answer to the nearest cent. $   What is their marginal tax rate? Round your answer to two decimal places.     % What is their average tax rate? Round your answer to two...
Problem 1: John and Mary are married and file a joint return claiming their three children...
Problem 1: John and Mary are married and file a joint return claiming their three children ages 4, 5, and 18, as dependents. Their AGI is $125,400 and their pre credit tax liability is $13, 431. They are not claiming any other tax credits in 2019. Complete the Child Tax Credit Worksheet Parts 1 and 2 to determine John and Mary’s child tax credit for 2019. Problem 2: Jose and Jamie have a 5-year-old child. Jose has a salary of...
Joseph and Maxie Stottlemyre are married and filing a joint tax return. Their taxable incomes for...
Joseph and Maxie Stottlemyre are married and filing a joint tax return. Their taxable incomes for the year were $27,522 (Joseph) and $24,074 (Maxie). Their W-2 forms show that they already have paid $8315in income taxes for the year. Are they correct in assuming that they will receive a tax refund? If so, how much will it be? Otherwise, how much will they still owe? (10) 11. Would Joseph and Maxie have paid more or less tax if they had...
Scott and Laura are married and will file a joint tax return. Laura has a sole...
Scott and Laura are married and will file a joint tax return. Laura has a sole proprietorship (not a “specified services” business) that generates qualified business income of $300,000. The proprietorship pays W–2 wages of $40,000 and holds property with an unadjusted basis of $10,000. Scott is employed by a local school district. Their taxable income before the QBI deduction is $386,600 (this is also their modified taxable income). Determine Scott and Laura’s QBI deduction, taxable income, and tax liability...
Matt and Meg Comer are married and file a joint tax return. They do not have...
Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $64,850. Meg works part-time at the same university. She earns $34,150 a year. The couple does not itemize deductions. Other than salary, the Comers’ only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules,Dividends and Capital Gains...
Matt and Meg Comer are married and file a joint tax return. They do not have...
Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $68,300. Meg works part time at the same university. She earns $33,300 a year. The couple does not itemize deductions. Other than salary, the Comers’ only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules,Dividends and Capital...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT