Question

In: Accounting

Georgette is single, age 66, with 2 dependent children under the age of 12, and 2...

Georgette is single, age 66, with 2 dependent children under the age of 12, and 2 dependents over age 18 and in college.

Her income is as follows:

Wages from employment $85,000 with taxes withheld of $6,400

Interest from Regions bank $100

Interest from city of Jackson Municipal Bonds $800

Insurance Life Insurance proceeds from dead brother $100,000

Gambling Winnings $4,500

Capital loss on sale of IBM stock $6,000

?

?

He also incurred the following:

?

Medical expenses (before 10%-of-AGI floor)

$27,000
Interest on home mortgage

15,500
State income tax

7,500
State sales tax

4,500
Real estate tax

8,600
Charitable contribution

6,500
Gambling losses 8,000
Uninsured tornado damage to property 25,000

?

Directions: Compute the following showing the details. Use the text editor to show computations where applicable to receive credit.

What is her most favorable filing status?

What is her AGI?

What is her Taxable Income?

What is her marginal tax rate?

What is the tax?

What is the amount of the refund or taxes due?

?

Solutions

Expert Solution

Different states have different Marginal tax rates computed above for reference.

ekkarill92 answered 1 year ago
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