In: Accounting
Paul and tina are married and file a joint return. paul is 45 years old and tina is 43. They had itemized deductions totalling 27,000. What is the amount of their gross income
Pauls salary 80,000
tina salary 20,000
interest income 3,000
dividend income 750
interest from qualified nys bonds 900
an inheritance from pauls uncle 20,000
pauls ex wife cindys alimony 10,000
what is their taxable income
what is their tax liability
Filing Status | Married Filing Jointly |
INCOME : | |
Salary | 80,000 |
Spouse Salary | 20,000 |
Interest Income | 3,000 |
Interest from qualified nys bonds | 900 |
dividend income | 750 |
Alimony received | 10,000 |
GROSS INCOME | 114,650 |
LESS : DEDUCTIONS | |
dividend income | (750) |
Alimony received | (10,000) |
ADJUSTED GROSS INCOME | 103,900 |
LESS : STANDARD OR ITEMIZED DEDUCTIONS | (24,400) |
TAXABLE INCOME | 79,500 |
TOTAL TAX BEFORE CREDIT | 9,213 |
Notes:-
Federal Income tax rate 2019 | |
Tax Rate | Married filing jointly |
10% | $0 - $19400 |
12% | $19400 - $78950 |
22% | $78950 - $168400 |