Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2 For each of the following situations determine the requested amounts. Situation 1 Beth (age 43) and Bart (age 48) are married taxpayers who choose

2

For each of the following situations determine the requested amounts.

Situation 1

Beth (age 43) and Bart (age 48) are married taxpayers who choose to file a joint tax return. They have three minor dependent children (Barbara, Bonnie and Baxter). Bonnie and Baxter are in elementary school. Barbara is 21 and a full-time college student. Barbara earned $5,600 at a job and had $15 in interest income during 2014. Barbara did not provide more than of her own support. Beths step-mother (age 72) and one of her step-sisters (age 49), also live with them and qualify as Beth and Barts dependents. Beth and Barts total gross income for 2014 is $172,000. They have $12,800 of for AGI deductions and their itemized deductions (after any floors) total $30,900 and are comprised of the following:

Medical $3,200

Charitable Contributions 4,000

Mortgage interest 14,200

Real Estate taxes 8,000

Miscellaneous itemized 1,500

Filing status, number of exemptions, taxable income and tax liability for Beth and Bart?

Filing status, number of exemptions, taxable income and tax liability for Barbara?

Situation 2

Curt, age 65 and single, maintained a home where his mother resided for the entire year. He earned a salary of $69,000. He paid all of the bills related to his mother since she had no income for 2014. Curt also incurred itemized deductions of $8,520 (none subject to any AGI limitations)

Filing status, number of exemptions, taxable income and tax liability for Curt? Michigan USA

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Compensation And Benefits Programs

Authors: Kelli W. Vito

1st Edition

0894136720, 978-0894136726

More Books

Students also viewed these Accounting questions