Answered step by step
Verified Expert Solution
Question
1 Approved Answer
17. Rob and Laura had the following income and deductions during 2021: Salaries $110,000 Interest income 10,000 Itemized deductions 26,000 Taxes withheld during year 12,000
17. Rob and Laura had the following income and deductions during 2021: Salaries $110,000 Interest income 10,000 Itemized deductions 26,000 Taxes withheld during year 12,000 I Calculate Rob and Laura's tax liability due or refund. They file a joint tax return. A) $177 refund. B) $177 tax due. C) $12,177 refund. D) $12,177 tax due. 18. Diana, who gives music lessons, is a calendar-year taxpayer using the cash-basis accounting. On October 1 of this year, she received $1,200 for a one-year contract beginning on that date to provide 10 lessons. She gave 6 lessons this year. How much should Diana include in income this year? A) $480 B) $360 C) $720 D) $1,200 19. Aayush, a single mxpayer , had the following income and deductions during 2021: Salary $65,000 Interest on bank account 300 Tax-exempt interest 200 Deduction for AGI 3,500 Itemized deductions 13,000 Taxes withheld 7,500 Calculate Aayush's tax liability due or refund. A) $1,015 refund. B) $1,015 tax due. C) $6,485 refund. D) $6,485 tax due. 20. In 2021, the standard deduction for a married taxpayer filing a joint return and who is 67 years old with a spouse who is 65 years old is A) $26,450 B) $28,500. C) $27,800. D) $25,100
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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