John, a professor and his wife, Mary, a nurse, residence of Georgia both work in Alabama....

John, a professor and his wife, Mary, a nurse, residence of Georgia both work in Alabama. They return to Georgia on weekends where they have their permanent homes. Identify and discuss the sources of tax law applicable to John and Mary taking into account the fact that they are operating in more than one U.S. state (Georgia and Alabama).

Can you please help to elaborate a statement regarding this case of taxes.

Expert Solution

If you work in one state and live in another, taxes are not be straightforward. If you earn income in one state while living in another, you will need to file a tax return in your resident state reporting all income you earn, no matter the location. You would also be required to file a state tax return in your state of employment.

So in the given case John and Mary would file their Federal Income Tax Return from the State of Georgia. And they would need to file State Tax Returns both in Georgia and Alabama.

jeff jeffy answered 2 years ago

Dr. Smith and his wife are both medical doctors and they just completed their medical residence...

Dr. Smith and his wife are both medical doctors and they just completed their medical residence at a local hospital. While attending your graduation party, Dr. Smith and his wife learned that you just earned your MBA. The Smiths approached you for advice on the legal form of business they should elect for their medical practice they are planning to open. The Smiths are interested in understanding each form of business organization and advantages and disadvantages of each form. In...

Mary Ann is the wife of Kevin Lomax (an associate of John Milton) and earns a...

Mary Ann is the wife of Kevin Lomax (an associate of John Milton) and earns a little extra money by making bee inspired accessories. She sells them on Saturday mornings in Central Park to joggers and other passerby’s. Sara charges $5 per accessory (unit) and has unit variable costs (beads, wire rings, etc.) of $2. Her fixed costs consist of small pliers, a glue gun, etc., which cost her $90. a. Calculate Mary Ann’s break-even units b. Prepare a profit-volume...

John and Jane, husband and wife, both are employed by XYZ Corporation. John earns $135,000 in...

John and Jane, husband and wife, both are employed by XYZ Corporation. John earns $135,000 in salary in 2018, and Jane earns $70,000. How much FICA tax must they pay for 2018? Please show work

4. Phil and his wife, Traci, both work and have a combined gross income of $165,000...

4. Phil and his wife, Traci, both work and have a combined gross income of $165,000 per year. Phil used the Total Expense Ratio to calculate an affordable monthly payment of $2100. Suppose the couple can get a 30 year loan with a rate of 4.5%, how much can they afford to borrow? a. Write the Excel formula used.____________________________________ b. How much can they afford to borrow? __________________________

Both John and Mary are aged 20 now. John plans to contribute $100 per month in...

Both John and Mary are aged 20 now. John plans to contribute $100 per month in advance into his superannuation fund for 20 years and stop contributing thereafter. Mary plans to start contributiing $200 per month in advance into her superannuation fund at her 40th birthday until she retires. They both plan to retire at age 60. If the annual rate of return is 06.00%, what are the accumulated values of their superannuation accounts at retirement?

Both John and Mary are aged 20 now. John plans to contribute $168 per month in...

Both John and Mary are aged 20 now. John plans to contribute $168 per month in advance into his superannuation fund for 20 years and stop contributing thereafter. Mary plans to start contributing $336 per month in advance into her superannuation fund at her 40th birthday until she retires. They both plan to retire at age 60. If the annual rate of return is 12.80%, what are the accumulated values of their superannuation accounts at retirement? Assume: NO fees, NO...

Question: Both John and Mary are aged 20 now. John plans to contribute $100 per month...

Question: Both John and Mary are aged 20 now. John plans to contribute $100 per month in advance into his s... Both John and Mary are aged 20 now. John plans to contribute $100 per month in advance into his superannuation fund for 20 years and stop contributing thereafter. Mary plans to start contributiing $200 per month in advance into her superannuation fund at her 40th birthday until she retires. They both plan to retire at age 60. If the...

John Daniel, a researcher at Georgia Metro Research, made the following notes about several of his...

John Daniel, a researcher at Georgia Metro Research, made the following notes about several of his clients to you, a newly hired trainee who had just graduated from college: Client A is a consumer packaged goods manufacturer with a well-established brand name. The client has focused on manufacturing and distribution for years while the marketing program has been set on “auto pilot.” All had worked fine, though there was a hint of emerg- ing problems when, in the preceding year,...

T.J. is a 46-year-old science professor brought to urgent care this afternoon by his wife. T.J....

T.J. is a 46-year-old science professor brought to urgent care this afternoon by his wife. T.J. has been at home for 3 days with severe diarrhea and vomiting. His youngest daughter was hospitalized earlier in the week with similar symptoms. T.J. has no significant medical history and takes no medications. Examination reveals an ill-appearing, pale, diaphoretic man who is having difficulty concentrating and answering questions. He has diffuse abdominal pain. Vital signs are as follows: Lying—HR 100, BP 100/80, resp...

John is 37 years old this year. He and his wife have a daughter, Sara, who...

John is 37 years old this year. He and his wife have a daughter, Sara, who is 12 years old. John wants to provide for the family for the next 10 years until Sara is 22 years old and has completed her university education. He estimates that the income needed for the family is $70,000 and Sara’s university education is $42,000. He also wants to provide a total amount of $180,000 as retirement income for his wife and he estimates...

Question