Question
In: Finance
Janet is completing her federal income taxes for the year and has identified the amounts listed...
Janet is completing her federal income taxes for the year and has identified the amounts listed here. How much can she rightfully deduct?
- AGI: $44,500
- Medical and dental expenses: $1,350
- State income taxes: $1,250
- Mortgage interest: $8,000
- Charitable contributions: $1,700
Using the following table, calculate the taxes for an individual with taxable income of $47,000.
| 10 | % | Up to $10,200 | |
| 15 | % | $10,200 − $51,000 | |
| 25 | % | $51,000 − $100,600 | |
| 28 | % | $100,600 − $199,900 | |
| 33 | % | $199,900 − $413,150 | |
| 35 | % | Over $413,150 | |
Solutions
Expert Solution
| 1.Amount Jane can rightfully deduct: | |
| State income taxes | 1250 |
| Mortgage interest | 8000 |
| Charitable contributions | 1700 |
| Total deductions (Answer) | 10950 |
| Note: Medical and dental expenses: $1,350 is < AGI, 44500*7.5%= 3337.50---so not deductible |
| 2.. | ||
| 1st 10200 | 10200*10%= | 1020 |
| Bal.(47000-10200)=36800 | 36800*15%= | 5520 |
| Total taxes | 6540 | |
| (Answer) |
jeff jeffy answered 2 years agoRelated Solutions
Taxes: The Internal Revenue Service reports that the mean federal income tax paid in the year...
Taxes: The Internal Revenue Service reports
that the mean federal income tax paid in the year
2010
was
$8040
. Assume that the standard deviation is
$4700
. The IRS plans to draw a sample of
1000
tax returns to study the effect of a new tax law.
(a) What is the probability that the sample mean tax is less
than
$8000
? Round the answer to at least four decimal places.
The probability that the sample
mean tax is...
Taxes: The Internal Revenue Service reports that the mean federal income tax paid in the year...
Taxes: The Internal Revenue Service reports that the mean
federal income tax paid in the year 2010 was $8040.
Assume that the standard deviation is $490. The IRS plans to draw a
sample of 1000 tax returns to study the
effect of a new tax law.
Part 1 of 5
(a) What is the probability that the sample mean tax is less than
$8200? Round the answer to at least four decimal places.
The probability that the sample mean tax...
Listed below are amounts of court income and salaries paid to the town justices. All amounts...
Listed below are amounts of court income and salaries paid to
the town justices. All amounts are in thousands of dollars.
Construct a scatterplot, find the value of the linear correlation
coefficient r, and find the P-value using
alphaαequals=0.05.
Is there sufficient evidence to conclude that there is a linear
correlation between court incomes and justice salaries? Based on
the results, does it appear that justices might profit by levying
larger fines?
Court_Income Justice_Salary
64.0 31
404.0 45
1566.0 93...
Listed below are amounts of court income and salaries paid to the town justices. All amounts...
Listed below are amounts of court income and salaries paid to
the town justices. All amounts are in thousands of dollars.
Construct a scatterplot, find the value of the linear correlation
coefficient r, and find the P-value using alphaequals0.05. Is
there sufficient evidence to conclude that there is a linear
correlation between court incomes and justice salaries? Based on
the results, does it appear that justices might profit by levying
larger fines?
Court Income 64.0 402.0 1567.0 1131.0 273.0 251.0...
Listed below are amounts of court income and salaries paid to the town justices. All amounts...
Listed below are amounts of court income and salaries paid to
the town justices. All amounts are in thousands of dollars.
Construct a scatterplot, find the value of the linear correlation
coefficient r, and find the P-value using
alphaαequals=0.05.
Is there sufficient evidence to conclude that there is a linear
correlation between court incomes and justice salaries? Based on
the results, does it appear that justices might profit by levying
larger fines?
Court_Income Justice_Salary
65.0 31
403.0 46
1567.0 93...
Identify federal income taxes governments utilize to fund the public sector and the impact of federal...
Identify federal income taxes governments utilize to fund the
public sector and the impact of federal income taxes on both the
producer and the consumer.
3. Janet thinks that she may have made an error on a Federal income tax (FIT)...
3. Janet thinks that she may have made an error on a Federal
income tax (FIT) return that she filed in a prior year, whereby she
overpaid her FIT. If true, she would be entitled to a FIT refund if
she files a timely amended FIT return claiming the refund. As she
is not familiar with the FIT law, she contacts you because she
would like to read the actual law in this area that specifies the
time by which...
Based on the amounts of taxable income below, compute the federal income tax payable in 2018...
Based on the amounts of taxable income below, compute the
federal income tax payable in 2018 on each amount assuming the
taxpayers are married filing a joint return. Also, for each amount
of taxable income, compute the average tax rate and the marginal
tax rate.
a. Taxable income of $30,000
b. Taxable income of $100,000
c. Taxable income of $375,000
d. Taxable income of $700,000
Based on the amounts of taxable income provided, compute the federal income tax payable in 2017...
Based on the amounts of taxable income provided, compute the
federal income tax payable in 2017 on each amount assuming the
taxpayers are married filing a joint return. Also, for each amount
of taxable income, compute the average tax rate and the marginal
tax rate.
Taxable income of $50,000.
. Taxable income of $125,000.
. Taxable income of $380,000.
. Taxable income of $510,000
Listed below are amounts of court income and salaries paid to the town justices for a...
Listed below are amounts of court income and salaries paid to
the town justices for a certain town. All amounts are in thousands
of dollars. Find the (a) explained variation, (b) unexplained
variation, and (c) indicated prediction interval. There is
sufficient evidence to support a claim of a linear correlation, so
it is reasonable to use the regression equation when making
predictions. For the prediction interval, use a 99% confidence
level with a court income of $800,000. Court Income $61...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Merger Analysis TransWorld Communications Inc., a large telecommunications company, is evaluating the possible acquisition of Georgia...
- Journal Entries and Trial Balance Elite Realty acts as an agent in buying, selling, renting, and...
- In racket Assume that the elements of a list are indexed starting with 1. Write a...
- Describe System Development Life Cycle (SDLC) and how it is used.
- What symbolism do you find in the play,Oedipus?
- • Using the Scanner class to obtain input from the user. • Using printf to output...
- In each of the following situations, develop a tentative plan for the client. List the various...
ADVERTISEMENT