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

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 ago

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...

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...

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.

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...

Question

Janet is completing her federal income taxes for the year and has identified the amounts listed...

Solutions

Expert Solution

Related 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...

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...

Listed below are amounts of court income and salaries paid to the town justices. All amounts...

3. Janet thinks that she may have made an error on a Federal income tax (FIT)...

Identify federal income taxes governments utilize to fund the public sector and the impact of federal...

Based on the amounts of taxable income below, compute the federal income tax payable in 2018...

Based on the amounts of taxable income provided, compute the federal income tax payable in 2017...

Listed below are amounts of court income and salaries paid to the town justices for a...