Question

In: Accounting

The following information is available for Bob and Brenda Horton, a married couple filing a joint...

The following information is available for Bob and Brenda Horton, a married couple filing a joint return for 2020. Bob is 61 and Brenda is 60.  They have fully supported their son, Charles age 31 (a US citizen) who lived with Bob and Brenda all of 2020. Bob and Brenda fully supported Charles for all of 2020. Charles only source of income was $3,990 from unemployment.

The following information relates to Bob and Brenda for 2020:

      Salary – Bob                                               $80,000

      Salary – Brenda                                              120,000                                                  

      Interest income (from bank account)                   150

      Interest Income from State of NY bonds             4,000

      Capital Loss on the sale of ZeZ, Inc stock         (7,220)

      Property taxes paid                                          4,000

      State income taxes paid                                   5,000

      Home mortgage interest paid                           6,000

      Charitable contributions paid                           3,000

      

      Federal Withholding                                      39,000

  1. What is the amount of their gross income?
  1. What is the amount of their adjusted gross income?
  1. What is the amount of their taxable income?
  1. What is the amount of their tax liability?

Tax liability (using rate schedule)

  1. What is the amount of their tax due or (refund)?

Solutions

Expert Solution

The following information is available for Bob and Brenda Horton, a married couple filing a joint return for 2020. Bob is 61 and Brenda is 60.

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

The following information is available for Bob and Brenda Horton, a married couple filing a joint...
The following information is available for Bob and Brenda Horton, a married couple filing a joint return for 2019. Both Bob and Brenda are 32 and have three dependents. Salaries                                                  200,000 Interest income from NYS bonds                 10,000 Interest income from US bonds     3,000 Long term capital gain                                   7,000 Short term capital loss                                  12,000 Deductible IRA contributions                          4,000 Itemized deductions                                   14,000                                                        Withholding of Federal tax                           50,000 Compute their AGI, taxable income, and tax due or refund due.
Show all computation’s Bob and Brenda Horton, a married couple filing a joint return for 2020. Bob is 61 and Brenda is 60.
Show all computation’s Bob and Brenda Horton, a married couple filing a joint return for 2020. Bob is 61 and Brenda is 60. They have fully supported their son, Charles age 31 (a US citizen) who lived with Bob and Brenda all of 2020. Bob and Brenda fully supported Charles for all of 2020. Charles only source of income was $3,990 from unemployment. The following information relates to Bob and Brenda for 2020: Salary – Bob $80,000 Salary – Brenda...
the following information is available for tom and susan smith, a married couple filing a joint...
the following information is available for tom and susan smith, a married couple filing a joint return, for 2019. tom is 67 and susan is 64. they have one son, sam, who is 27 years old, lived with them all year and had 2,000 of income. they had the following items for 2019: salaries $175,000 city of fresno bond interest income 1,500 interest income from corporate bond 900 rental income (rented the entire year) 35,000 rental expenses (interest, taxes, repairs)...
Rebecca and Gregory, a married couple filing a joint return, reported adjusted gross income $70,000 and...
Rebecca and Gregory, a married couple filing a joint return, reported adjusted gross income $70,000 and total allowable itemized deductions of $13,000, including $3,100 for state income taxes, in 2017. They received a $900 refund of state income taxes in April 2018. How much of the state income tax refund must be included in their income and in which year do they include it?
the following information is avaiable for Tom and Susan Smith, a married couple filling a joint...
the following information is avaiable for Tom and Susan Smith, a married couple filling a joint return for 2019. Tom is 67 and Susan is 64. They have a son, Sam, who is 27 years old, live with them all year and had 2000 of income. They have the following items for 2019. Salaries $225,000 City of Fresno bond interest income $1800 Interest income from coporate bond $2200 Rental income (rented for entire year) $50000 Rental expense (interest, tax, repair)...
What is Kevin & Jim's AGI as a married couple filing jointly? Kevin’s salary                             &
What is Kevin & Jim's AGI as a married couple filing jointly? Kevin’s salary                                                              $94,000 Jim’s salary                                                                   33,000 Municipal bond interest                                                      2,400 Interest on C.D.s at Universal Savings                               3,100 *Qualified dividend on GM stock                                        1,600 *Qualified dividends should be reported as both qualified and ordinary on the tax forms. Expenditures Eye exam and eyeglasses for Aubrynne                                                    600 Orthodontic work to correct Bryson’s congenital defect                          2,500 Medical insurance premiums (paid on an after tax basis)                        ...
Brad and Bessie have been happily married for 25 years. They have filed married filing joint...
Brad and Bessie have been happily married for 25 years. They have filed married filing joint every year of those 25 since they are happily married and consider themselves as one. They have two sons Bryan and Butch. Bryan is 19 years old and Butch is 14 years old. Bryan lived in his parents' home from January through August and he lived in his own apartment from September through December. During the year, Bryan attended college for one month before...
Joanne is married filing a joint return. Joanne owns a CPA firm and accounting is a...
Joanne is married filing a joint return. Joanne owns a CPA firm and accounting is a specified service. The firm has with QBI of 200,000. W-2 wages of the business was $150,000 and the total basis of property held in the business was $30,000. Her taxable income before her QBI deduction was $240,000 (which was also her modified taxable income). What is Ashley’s QBI deduction? Assume that Ashley’s spouse earned $300,000 raising their taxable income and MTI to $540,000. What...
            Phil & Susan, each age 60, are married filing a joint return. They have no...
            Phil & Susan, each age 60, are married filing a joint return. They have no dependents. Susan has wages of $34,000. Phil doesn’t work due to a disability, but he’s a buyer and seller of stocks on the internet. The couple’s stock transactions for the year are detailed below. They also had $2,300 of qualifying dividends. Fill in the last 2 columns in the table below. Security or fund* Date acquired Date sold Cost Sale price Gain or loss...
Joseph and Maxie Stottlemyre are married and filing a joint tax return. Their taxable incomes for...
Joseph and Maxie Stottlemyre are married and filing a joint tax return. Their taxable incomes for the year were $27,522 (Joseph) and $24,074 (Maxie). Their W-2 forms show that they already have paid $8315in income taxes for the year. Are they correct in assuming that they will receive a tax refund? If so, how much will it be? Otherwise, how much will they still owe? (10) 11. Would Joseph and Maxie have paid more or less tax if they had...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT