Question
In: Accounting
Mr. Bill G single. He earned the following last year: salary $58,750 taxable interest is tax...
Mr. Bill G single. He earned the following last year: salary $58,750 taxable interest is tax free interest of $200 He paid $950 in student loan interest and of $310 & contributed $2,000 to a traditional IRA and $2,000 to a Roth IRA.
Bill owns his home and paid $5,000 in mortgage interest & $1,500 in property taxes. He also made charitable contributions of s1,500. In 2017 the standard deduction is $6,350 and the personal exemption is $4,050
Complete the information below to arrive at his tax liability for 2017 and determine any refund or amount due. Use the 2017 tax tables as a reference.
Total Income $...............................
Less: Adjustments to Income .......................................
Adjusted Gross Income .................................
Less: Itemized Deduction...........................
Or the Standard Deduction ........................
Less: Exemptions $ 4,050
Taxable Income ..................................
Tax Due ......................................
Amount Withheld $8,425
Amount owed or refund? .........................................
Solutions
Expert Solution
Statement of Tax liability of Mr. Bill G , Single
Total Income $58,750
Less: Adjustments to Income 4,950.
Adjusted Gross Income 53,800
Less: Itemized Deduction 8,000.
Or the Standard Deduction
Less: Exemptions $ 4,050 4,050
Taxable Income 41,750
Tax Due 6,183
Amount Withheld $8,425
Amount owed or refund? . $2,242 Refund
ekkarill92 answered 2 years agoRelated Solutions
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Ms. Gomez earned a $91,250 salary, and Mr. Hill earned a $171,000 salary. Neither individual had...
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