Question
In: Accounting
1) Use the hypothetical information provided below on AGI, Family Structure and Filing Status, Itemized Deductions...
1) Use the hypothetical information provided below on AGI, Family Structure and Filing Status, Itemized Deductions (relative to the Standard deduction), Withholdings, Tax Credits, and the tax rates to compute the average and marginal tax rate for a taxpayer. AGI=$95,000; Married Filing Jointly; 2 Children; Itemized Deductions=$15,000; Standard Deduction=$20,000; Personal Exemptions $4000 per person; Child Credit $1000 per child. Withholding=$9,000; Tax Rates: 10% for first $10000 of Taxable Income; 15% of next $50,000 of taxable income; 25% of the rest.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Discuss the various Schedule A Itemized Deductions, the Standard Deductions for each Filing Status, the Additional...
Discuss the various Schedule A Itemized Deductions, the Standard
Deductions for each Filing Status, the Additional Standard
Deduction, and those taxpayers eligible for the Qualified Business
Income Deduction.
For Tax Years 2019 and 2020, taxpayers can claim medical and
dental expenses that exceed 7.5% of AGI when they itemize on a
Schedule A.
The citation for the new tax law is the Further Consolidated
Appropriations Act, 2020 (Public Law 116-94), which states:
SEC. 103. REDUCTION IN MEDICAL EXPENSE DEDUCTION FLOOR....
Discuss the various Schedule A Itemized Deductions, the Standard Deductions for each Filing Status, the Additional...
Discuss the various Schedule A Itemized Deductions, the Standard
Deductions for each Filing Status, the Additional Standard
Deduction, and those taxpayers eligible for the Qualified Business
Income Deduction.
A) Determine the AGI this year for the taxpayer(s). B) Determine the amount of itemized deductions...
A) Determine the AGI this year for
the taxpayer(s).
B) Determine the amount of itemized
deductions the taxpayer(s) has (have) available this year.
C) Using the 2017 standard deduction
amounts (assuming no additional amounts for age or blindness) from
Appendix D in of your book, state whether the taxpayer(s) itemize
or take the standard deduction. I am not asking for you to state
the amount of either the standard deduction or the
itemized deductions chosen.
D) Use the individual tax...
1. Use the information provided below to draw a pedigree of the Alex’s family and to...
1. Use the information provided below to draw a pedigree of the
Alex’s family and to answer the questions stated below:
A) Alex’s family pedigree consists of three generations (I-1:
Alex; I-2: Cynthia; II-1: James; II-2: Mary; II-3: Bobby; II-4:
Joe; II-5: Linda; II-6: Evelyn; II-7: Kate, II-8: John; III-1:
Mike; III-2: Tina; III-3: Gina; III-4: Angel; III-5; Dave.
B) Alex and Cynthia are the grandparents of Mike, Tina, Gina,
Angel and Dave. C) Mike, Tina and Gina are the...
Veronica filed as a single taxpayer in 2019. Her AGI was $249,000, and itemized deductions were...
Veronica filed as a single taxpayer in 2019. Her AGI was
$249,000, and itemized deductions were $45,600. Her local property
taxes were $15,600 and her state income taxes were $20,000. In
2020, Veronica received a $3,000 refund of the state income taxes
she paid in 2019. The standard deduction for single filers in 2019
was $12,200.
Apply the tax benefit rule to determine the amount of the state
income tax refund included in gross income in 2020.
Myrna and Geoffrey filed a joint tax return in 2018. Their AGI was $85,000, and itemized deductions were $24,700
Myrna and Geoffrey filed a joint tax return in 2018. Their AGI was $85,000, and itemized deductions were $24,700, which included $7,000 in state income tax and no other state or local taxes. In 2019, they received a $1,800 refund of the state income taxes they paid in 2018. The standard deduction for married filing jointly in 2018 was $24,000. Under the tax benefit rule, what amount of the state income tax refund is included in gross income in 2019?
Consider the differences between the standard deduction vs. itemized deduction given the filing status. In addition,...
Consider the differences between the standard deduction
vs. itemized deduction given the filing status. In addition,
compare and contrast deductions for AGI and deductions from AGI
(itemized deductions).
Alice
Brian
Craig
Computation
Gross Income
$80,000
$80,000
$80,000
-
Adjusted Gross Income (AGI) Deductions
($8,000)
($4,000)
0
-
AGI
$72,000
$76,000
$80,000
(Gross Income) + (AGI Deductions)
Standard Deduction
($12,000)
($12,000)
($12,000)
Single Taxpayer
Itemized Deduction
0
($4,000)
($8,000)
Greater Deduction
(of Standard or Itemized Deductions)
($12,000)
($12,000)
($12,000)
Personal &...
Data are given below on the adjusted gross income x and the amount of itemized deductions...
Data are given below on the adjusted gross income x and
the amount of itemized deductions taken by taxpayers. Data were
reported in thousands of dollars. With the estimated regression
equation = 4.68 + .16x, the point estimate of a
reasonable level of total itemized deductions for a taxpayer with
an adjusted gross income of $52.5 thousand is $13.08
thousand.
Adjusted Gross Income ($1000s)
Reasonable Amount of
Itemized Deductions ($1000s)
22
9.6
27
9.6
32
10.1
48
11.1
65
13.5
85...
Data are given below on the adjusted gross income x and the amount of itemized deductions...
Data are given below on the adjusted gross income x and
the amount of itemized deductions taken by taxpayers. Data were
reported in thousands of dollars. With the estimated regression
equation = 4.68 + .16x, the point estimate of a
reasonable level of total itemized deductions for a taxpayer with
an adjusted gross income of $52.5 thousand is $13.08
thousand.
Adjusted Gross Income ($1000s)
Reasonable
Amount of
Itemized Deductions ($1000s)
22
9.6
27
9.6
32
10.1
48
11.1
65
13.5
85...
Data are given below on the adjusted gross income x and the amount of itemized deductions...
Data are given below on the adjusted gross income x and
the amount of itemized deductions taken by taxpayers. Data were
reported in thousands of dollars. With the estimated regression
equation = 4.68 + .16x, the point estimate of a
reasonable level of total itemized deductions for a taxpayer with
an adjusted gross income of $52.5 thousand is $13.08
thousand.
Adjusted Gross Income ($1000s)
Reasonable Amount of
Itemized Deductions ($1000s)
22
9.6
27
9.6
32
10.1
48
11.1
65
13.5
85...
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