In: Accounting
Olds’ net tax payable (or refund due) for 2019. | Amount |
Gross Income | 1,94,700 |
Less | |
Alimony Paid (1250*12) | 15,000 |
share of the marital property (not deductible as property settlment) | - |
Adjusted Gross Income | 1,79,700 |
Less -Deduction | 24,400 |
Taxable Income | 1,55,300 |
Tax on Taxable Income | 25,883 |
Less - Tax withheld (24900+7500) | 32,400 |
Net Tax payable (refund) | -6,517 |
Hence, net amount refundable is $ 6,517.00
WN-1
Gross Income | |
Salary -Alfred E. Old | 150000 |
Salary-Beulah A. Crane | 42,000 |
group term life insurance -Alfred E. Old | 300 |
interest income | 500 |
refund on their 2018 state (taxable as per rule 111) | 1,900 |
1,94,700 |
WN-2
group term life insurance -Alfred E. Old | |
group term life insurance | 2* Annual Salary |
2* 150,000 | |
group term life insurance | 3,00,000 |
Cost per 1000 is 0.1 for amount inexcess of 50000 for 12 month | (300,000-50000)*12months*0.1/1000 |
group term life insurance | 300 |
WN-3
Deduction | ||
Higher of..... | ||
Itemized Deduction | 16,900 | |
Stadard Deduction for 2019 for married filling jointly | 24,400 | |
Itemized Deduction | ||
state income taxes withheld-Alfred E. Old | 8,000 | |
state income taxes withheld-Beulah A. Crane | 2,400 | |
Sales tax | 1,400 | |
Property tax | 1,450 | |
Total tax deduction available limit to 10000 | 13,250 | 10,000 |
Interest mortg | 4,500 | |
Personal Exemption (Not available for 2019) | - | |
Charitable contribution | 2,400 | |
Total Itemized Deduction | 16,900 |
WN-4
Tax on income | ||||
Income | Tax Rate | Tax | ||
0-19400 | 19400-0 | 19,400 | 10% | 1,940 |
19401-78950 | 78950-19400 | 59,550 | 12% | 7,146 |
78951-168400 | 155300-78950 | 76,350 | 22% | 16,797 |
25,883 |