Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

calculate thr tsx tefund, thetes a child tax phase out 2. Louis, age 45 and Lucy, age 40 live in Louisiana, are married, and file

image text in transcribed
calculate thr tsx tefund, thetes a child tax phase out
2. Louis, age 45 and Lucy, age 40 live in Louisiana, are married, and file a joint return. Louis has a salary of $450,000 and he had $90,000 withheld for his federal income tax in 2020. Lucy home schools their three children Larry, age 5, Loni, age, 7, and Laura, age 9. Louis's employer pays $18,000 each year to Blue Cross to provide Louis and his family with health insurance coverage. Lucy received a $20,000 cash inheritance from her uncle in 2020. In 2020, they pay home mortgage interest of $50,000 on their personal residence. The home, purchased in 2009, had a $1,000,000 mortgage obtained in 2009. They paid $8,000 property tax on their personal residence. What is Louis and Lucy's tax due or refund? 2. Louis, age 45 and Lucy, age 40 live in Louisiana, are married, and file a joint return. Louis has a salary of $450,000 and he had $90,000 withheld for his federal income tax in 2020. Lucy home schools their three children Larry, age 5, Loni, age, 7, and Laura, age 9. Louis's employer pays $18,000 each year to Blue Cross to provide Louis and his family with health insurance coverage. Lucy received a $20,000 cash inheritance from her uncle in 2020. In 2020, they pay home mortgage interest of $50,000 on their personal residence. The home, purchased in 2009, had a $1,000,000 mortgage obtained in 2009. They paid $8,000 property tax on their personal residence. What is Louis and Lucy's tax due or refund

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

Payroll Accounting 20

Authors: Bernard J. Bieg, Judith A. Toland

26th Edition

1337268798, 9781337268790

More Books

Students also viewed these Accounting questions

Question

What do you like to do for fun/to relax?

Answered: 1 week ago