In: Accounting
Total Income |
Remarks |
|
Filing Status and Exemptions |
||
Total number of exemptions claimed |
3 |
|
Filing status |
Married filing jointly |
|
Personal exemption |
yes |
|
Spouse exemption |
yes |
|
Dependents |
1 |
|
Income |
||
Wages, salaries, tips, etc. |
$45,000 |
Salary |
Spouse wages, salaries, tips, etc. |
$18,000 |
Salary |
Taxable interest |
$1,000 |
Interest on banks are taxable |
Tax-exempt interest |
$0 |
|
Considered taxable for the AMT |
||
Ordinary dividends (this includes any qualified dividends) |
$1,110 |
All dividend income |
Qualified dividends |
$1,110 |
Qualified dividends are the portion of your total ordinary dividends subject to the lower capital gains tax rate. Qualified dividends are typically dividends paid by a corporation in which you own stock (or a mutual fund that owns stock in the corporation). |
Taxable refunds or credits of state and local income taxes |
$0 |
|
Alimony received |
$0 |
|
Business income or loss (Schedule C & E subject to self-employment taxes) |
$0 |
|
Spouse's business income or loss (Schedule C & E subject to self-employment taxes) |
$0 |
|
Short term capital gain or loss* |
$0 |
|
Long term capital gain or loss* |
($3,000) |
Limit on Losses. If your capital losses are more than your capital gains, you can deduct the difference as a loss on your tax return. This loss is limited to $3,000 per year, or $1,500 if you are married and file a separate return. |
Other gains or losses |
$0 |
|
Taxable IRA distributions |
$0 |
|
Taxable pensions and annuity distributions |
$0 |
|
Intangible drilling costs (IDC) for investor general partners |
$0 |
|
Income from rentals, royalties, S Corporations and Schedule E (not included above and subject to NIIT) |
$0 |
|
Income from rentals, royalties, S Corporations and Schedule E (not included above and not subject to NIIT) |
$0 |
|
Farm income or loss (Schedule F) |
$0 |
|
Unemployment compensation |
$0 |
|
Taxable Social Security benefits |
$0 |
|
Other income |
$50 |
Hobby income |
Total income |
$62,160 |
|
Adjusted Gross Income |
||
Educator expenses |
$500 |
If you were an 'eligible educator' in 2017 you are able to deduct up to $250 in expenses. If you are married filing jointly and both of you are 'eligible educators' the limit is $500 ($250 each). Eligible educators include kindergarten through 12th grade teachers, instructors, counselors, principals, or aides who worked in a school for at least 900 hours during the school year. The expenses can be for professional development courses related to what you teach or supplies you use in the classroom. Home schooling expenses do not qualify and nor do expenses that were reimbursed. Your total expenses must be reduced by any savings bond interest that was nontaxablefor higher education expenses, nontaxable qualified tuition program earnings or distributions, and nontaxable distributions of Coverdell education savings account earnings. |
Certain business expenses (form 2106) |
$2,250 |
So business purpose expenses are around 75%,(6/8 games) i.e. 4500 (6000*75%). Max allowed is 50% so This income deduction only applies to employee business expenses of reservists, qualified performing artists and fee-basis government officials. This includes non-reimbursed business expenses for vehicles, parking fees, tolls, transportation, lodging and other business expenses. Meals and entertainment are included but limited to 50% of the expense incurred. |
Health Savings Account (HSA) deduction (form 8889) |
$0 |
|
Moving expenses (form 3903) |
$0 |
|
Self-employment tax deduction (Schedule SE) |
$0 |
|
Self-employed SEP, SIMPLE and qualified plans |
$0 |
|
Self-employed health insurance deduction |
$0 |
|
Penalty on early withdrawal of savings |
$0 |
|
Alimony paid |
$0 |
|
IRA deduction |
$0 |
|
Student loan interest deduction |
$500 |
|
Based on a modified AGI of $59,410 and total allowable student loan interest of $500 |
Enter the total student loan interest you (and your spouse if married filing jointly) paid for the year. Your allowable deduction is phased-out starting at $80,000 ($165,000 married filing jointly) and is completely eliminated at $95,000 ($195,000 married filing jointly). The calculator will automatically determine any phase-out amounts based on your income. |
|
Domestic production activities deduction (form 8903) |
$0 |
|
Total adjustments |
$3,250 |
|
Adjusted gross income (AGI) |
||
Total income |
$62,160 |
|
Total adjustments |
($3,250) |
|
Adjusted gross income (AGI) |
$58,910 |
|
Standard Deduction |
||
Standard deduction |
$12,700 |
|
65 or older? |
no |
|
Blind? |
no |
|
Spouse 65? |
no |
|
Spouse blind? |
no |
|
Total checked above |
0 |
|
Married filing separately |
no |
|
Can someone claim you as a dependent? |
no |
|
Itemized Deduction |
||
Medical and dental expenses |
Actual expenses $11,598 |
Total of Medical expenses - Non reimbursed surgery cost 8000 (26000-18000), Doctor bills of $2222, Medical supplies of $876, Mary got new glasses $500. |
Allowed deduction $7,180 |
Enter your qualified medical and dental expenses for the year. This can include your health insurance premiums if you paid for them yourself (notthrough an employer sponsored plan) and you have not deducted them elsewhere. Your actual deduction is only for the amount that exceeds 7.5% of your Adjusted Gross Income (AGI). Enter your total expenses and we will calculate the actual deduction based on your AGI. |
|
Taxes paid (generally state and local) |
$2,800 |
|
Interest paid |
$10,800 |
|
Gifts to charity |
$1,920 |
|
Casualty and theft losses |
Actual loss $0 |
|
Allowed deduction $0 |
||
Job and misc. expenses |
Actual expenses $0 |
|
Allowed deduction $0 |
||
Other itemized expenses |
$0 |
|
Itemized deduction |
Total itemized deduction $22,700 |
|
Total allowed after Pease adjustment $22,700 |
||
Exemption & Taxable income |
||
Adjusted gross income (AGI) |
$58,910 |
|
Deduction for exemptions |
Total allowed after PEP adjustment $12,150 |
Total exemption is 4050 each of personal, spouse and a dependent. So 4050*3 = 12150 |
Standard or itemized deduction to use (higher of two options) |
$22,700 |
|
Taxable income |
$24,060 |