Question
1. Diego, age 28, married Dolores, age 27, in 2015. Their salaries for the year amounted to $51,000 and they had interest income of $1,315.
1. Diego, age 28, married Dolores, age 27, in 2015. Their salaries for the year amounted to $51,000 and they had interest income of $1,315. Diego and Dolores' deductions for adjusted gross income amounted to $2,200; their itemized deductions were $9,175; they claimed two exemptions on their return; and, they filed a joint return. Table for the standard deduction Filing Status 2015 Standard Deduction Single $ 6,300 Married, filing jointly 12,600 Married, filing separately 6,300 Head of Household 9,250 Qualifying widow(er) 12,600
A.What is the amount of their adjusted gross income?
B.What is the amount of their taxable income?
C.What is their tax liability for 2015?
please check 2015 table tax chart .
2. Rachel is single and has wages of $176,450 and dividend income of $105,870. She has no investment expenses.
Calculate the amount of the 3.8 percent net investment income tax she must pay. Round your answer to the nearest whole dollar.
$?????
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started