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Tom is single and 68 years old. He has excellent eyesight. In 2019, Tom earned W-2...

Tom is single and 68 years old. He has excellent eyesight. In 2019, Tom earned W-2 wages of $130,277 from his full-time job at Six Minutes, ABS, Inc. Tom received 10,466 in interest income from an Exxon Corporation bond that he owned in a taxable account. Tom had few allowable itemized deductions on Schedule A, so he claimed the standard deduction.

For 2019:

1) Tom's Tax on Taxable Income is $_______________________. (Important: For your answer, enter whole numbers only. Do not enter a dollar sign ( "$" ) or a comma ( " , " ) in your answer.

Solutions

Expert Solution

  • Tom's taxable income is 126,893 (Shows in below Red Box )

1) Tom's Tax On Taxable Income Is 24,629 Befor penalty. (Shows in below Yellow box)

Tom's Federal Tax due 25,382 After penalty. (Shows in below Green box) Since tom do not have any federal withheld OR Estimated payments.

Here I have pasted federal 1040 return to clear the concept.

ekkarill92 answered 2 years ago
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