Question

In: Accounting

Paul and Tina are age 66 and 62 respectfully. They file a joint return. They have...

Paul and Tina are age 66 and 62 respectfully. They file a joint return. They have itemized deductions totaling $15,000. They support their 24 year old son, Jed who goes to school on a full time basis. He earns $4,000 per year as a waiter at a restaurant.

Paul and Tina also support a friend Janice who came to dinner one evening and never left. She does not earn any money.

Wages ……………………………………   $170,000

Interest from savings ……………………           12,000

Interest on NYS qualified bonds …………           7,000

Inheritance from Tina’s Aunt Lucy…………       6,000

Alimony paid to Tina’s ex husband                       8,000

Child support from Tina’s ex husband Eric..       10,000

Prize from contest at church……………….          1,000

Dividend from ABC Corp. stock …………           2,000

1. What is Paul and Tina’s gross income?

2. What is Paul and Tina’s adjusted gross income?

3. What is Paul and Tina’s standard deduction?

4. What is Paul and Tina’s tax liability?

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Paul is 66 years old and Tina is 62 years old. They file a joint return....
Paul is 66 years old and Tina is 62 years old. They file a joint return. They support their 22-year old son, Jed, who is a full-time student. He earns $4,000 per year as a waiter in a restaurant. Wages= $170,000 Interest from savings= 12,000 Interest on New York State qualified bond= 7,000 Inheritance from Tina's Aunt Lucy= 6,000 Contribution to IRA= 2,000 Child support from Tina's ex-husband Eric= 1,000 Prize from contest at church= 1,000 Dividend from ABC Corp...
Paul is 66 years old and Tina is 62 years old. In 2019, they file a...
Paul is 66 years old and Tina is 62 years old. In 2019, they file a joint return. They support their 22-year-old son, Jed, who is a full-time student. He earns $4,000.00 per year as a waiter at a restaurant. Wages............................................................... $ 170,000.00 Interest from savings.......................................... $12,000.00 Interest on NYS qualified bonds........................... $7,000.00 Inheritance from Tina’s Aunt Lucy....................... $6,000.00 Child support from Tina’s ex-husband Eric........ $10,000.00 Prize from contest at church.................................. $1,000.00 Paul and Tina own a house in Whitestone....
Paul and tina are married and file a joint return. paul is 45 years old and...
Paul and tina are married and file a joint return. paul is 45 years old and tina is 43. They had itemized deductions totalling 27,000. What is the amount of their gross income Pauls salary 80,000 tina salary 20,000 interest income 3,000 dividend income 750 interest from qualified nys bonds 900 an inheritance from pauls uncle 20,000 pauls ex wife cindys alimony 10,000 what is their taxable income what is their tax liability
Country of Tax - United States - Form 1040 Paul is 66 years old and Tina...
Country of Tax - United States - Form 1040 Paul is 66 years old and Tina is 62 years old. In 2019, they file a joint return. They support their 22-year-old son, Jed, who is a full-time student. He earns $4,000.00 per year as a waiter at a restaurant. Wages............................................................... $ 170,000.00 Interest from savings.......................................... $12,000.00 Interest on NYS qualified bonds........................... $7,000.00 Inheritance from Tina’s Aunt Lucy....................... $6,000.00 Child support from Tina’s ex-husband Eric........ $10,000.00 Prize from contest at church.....................................
Mr. and Mrs. Daniels, age 67 and 52, file a joint tax return. They have itemized...
Mr. and Mrs. Daniels, age 67 and 52, file a joint tax return. They have itemized deductions of $25,000. They have the following information for 2019:    Salaries 122,000 Interest income 6,000 Allowable adjustments 15,000 Capital gain eligible for 15% rate 3,000 Federal tax withholding from salaries 10,000 Compute their AGI, taxable income, tax liability, and federal tax refund or amount due
Mr. and Mrs. Daniels, age 67 and 52, file a joint tax return. They have itemized...
Mr. and Mrs. Daniels, age 67 and 52, file a joint tax return. They have itemized deductions of $25,000. They have the following information for 2019: Salaries 122,000 Interest income 6,000 Allowable adjustments 15,000 Capital gain eligible for 15% rate 3,000 Federal tax withholding from salaries 10,000 Compute their AGI, taxable income, tax liability, and federal tax refund or amount due.
Paul and Libby White (both are age 66) are married and together have AGI of $105,000...
Paul and Libby White (both are age 66) are married and together have AGI of $105,000 in 2018. They have two dependents and file a joint return. During the year, they paid $8,000 for medical insurance, $15,000 in doctor bills and hospital expenses, and $1,000 for prescribed medicine and drugs. (A) In December 2018, the Whites received an insurance reimbursement of $3,500 for hospitalization expenses. Determine the deduction allowable for medical expenses paid during the year. (B) Assume instead that...
4. Paul and Libby White (both are age 66) are married and together have AGI of...
4. Paul and Libby White (both are age 66) are married and together have AGI of $105,000 in 2018. They have two dependents and file a joint return. During the year, they paid $8,000 for medical insurance, $15,000 in doctor bills and hospital expenses, and $1,000 for prescribed medicine and drugs. (A) In December 2018, the Whites received an insurance reimbursement of $3,500 for hospitalization expenses. Determine the deduction allowable for medical expenses paid during the year. (B) Assume instead...
4. Paul and Libby White (both are age 66) are married and together have AGI of...
4. Paul and Libby White (both are age 66) are married and together have AGI of $105,000 in 2018. They have two dependents and file a joint return. During the year, they paid $8,000 for medical insurance, $15,000 in doctor bills and hospital expenses, and $1,000 for prescribed medicine and drugs. (A) In December 2018, the Whites received an insurance reimbursement of $3,500 for hospitalization expenses. Determine the deduction allowable for medical expenses paid during the year. (B) Assume instead...
Paul and Libby White (both are age 66) are married and together have AGI of $105,000...
Paul and Libby White (both are age 66) are married and together have AGI of $105,000 in 2018. They have two dependents and file a joint return. During the year, they paid $8,000 for medical insurance, $15,000 in doctor bills and hospital expenses, and $1,000 for prescribed medicine and drugs. (A) In December 2018, the Whites received an insurance reimbursement of $3,500 for hospitalization expenses. Determine the deduction allowable for medical expenses paid during the year. (MAKE SURE TO ACCOUNT...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT