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Comprehensive Example Ch 4 pt 2 - Online Class Salary $ 125,000.00 Corporate Bonds $ 10,000.00...
| Comprehensive Example Ch 4 pt 2 - Online Class | ||||
| Salary | $ 125,000.00 | |||
| Corporate Bonds | $ 10,000.00 | |||
| Muni Bonds | $ 5,000.00 | |||
| For AGI Deductions | $ 7,000.00 | |||
| Itemized Deductions | $ 1,000.00 | |||
| Filing Status | MFJ | |||
| Withholding | $ 5,000.00 | |||
| Non-Refundable Credits | $ 10,000.00 | |||
| Calculate: | 2017 | 2018 | ||
| Gross Income | ||||
| Adjusted Gross Income | ||||
| Taxable Income | ||||
| Income Tax Liability | ||||
| Tax Due/ (Refund) | ||||
Solutions
Expert Solution
| YEAR 2018 | |||
| Salary | $ 125,000.00 | ||
| Corporate Bonds | $ 10,000.00 | ||
| Gross Income | |||
| For AGI Deductions | $ (7,000.00) | ||
| Adjusted gross income | $ 128,000.00 | ||
| Higher of Below | Standard Deduction | $ (24,000.00) | |
| Standard Deduction | 24,000.00 | ||
| Itemized deductions | 6,000.00 | Taxable Income | $ 104,000.00 |
| Tax liability | $8907+(104,000-77400)*22% = $ 14,759 | ||
| Credits | $ (10,000.00) | ||
| Withholding | $ (5,000.00) | ||
| Refund | $ (241.00) | ||
| YEAR 2017 | |||
| Salary | $ 125,000.00 | ||
| Corporate Bonds | $ 10,000.00 | ||
| Gross Income | |||
| For AGI Deductions | $ (7,000.00) | ||
| Higher of Below | Adjusted gross income | $ 128,000.00 | |
| Standard Deduction | 12,700.00 | Standard Deduction | $ (12,700.00) |
| Itemized deductions | 6,000.00 | Exemption | $ (8,100.00) |
| Taxable Income | $ 107,200.00 | ||
| Tax liability | $10452.5+(107,200-75900)*22% = $ 18277.50 | ||
| Credits | $ (10,000.00) | ||
| Withholding | $ (5,000.00) | ||
| Tax liability | $ 3,277.50 | ||
ekkarill92 answered 1 year agoRelated Solutions
Comprehensive Example Ch 4 pt 1 - Online Class Salary $ 70,000.00 Corporate Bonds $ 10,000.00...
Comprehensive
Example Ch 4 pt 1 - Online Class
Salary
$ 70,000.00
Corporate Bonds
$ 10,000.00
Muni Bonds
$ 5,000.00
For AGI Deductions
$ 7,000.00
Itemized Deductions
$ 10,000.00
Filing Status
single
Withholding
$ 5,000.00
Non-Refundable Credits
$ 2,000.00
Calculate the below items
Calculate:
2017 tax year
2018 tax year
Gross Income
Adjusted Gross Income
Taxable Income
Income Tax Liability
Tax Due/ (Refund)
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