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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 ago
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