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can someone just tell me if I'm right? and if I'm wrong please tell me what i'm missing. 1. Daniel Simmons arrived at the following

can someone just tell me if I'm right?
and if I'm wrong please tell me what i'm missing.
1. Daniel Simmons arrived at the following tax information:
Gross salary, $62,250
Dividend income, $140
Standard deduction, $12,400 Interest earnings, $75
Adjustments to income, $850
What amount would Daniel report as taxable income? (LO3.2)
AGI= gross income-adjustments to income Taxable income= AGI-standard deduction OR total itemized deductions.
62,000-850=61,150
AGI=61,150
AGI-Standard deduction=61,150-12,400=48,750
Taxable income= 48,750
2. If Samantha Jones had the following itemized deductions, should she use Schedule A or the standard deduction? The standard deduction for her tax situation is $12,400. (LO3.2) Donations to church and other charities, $5,050
Medical and dental expenses exceeding 10 percent of adjusted gross income, $2,450
Mortgage interest, $3,100
State income tax, $2,920
5,050+2,450+3,100+2,920=13,520
Using Schedule A would grant Samantha a greater deduction.
Samantha should use Schedule A.
4. Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes? (LO3.2)
Adjusted gross income, $42,140
Credit for child and dependent care
expenses, $400 Standard deduction, $24,800
Federal income tax withheld, $2,017
Tax rate on taxable income, 10 percent
AGI-standard deduction= 42,140-24,800=14,340
14,340x10%=1,434
1,434-400=1,034
Tax owed= 1,034
They will receive a refund.
Tax withheld-tax owed=refund
2,017-1,034=983
Refund=983

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