Ch 4 Homework Help Sere & Submit 1 Check my werk Part 1 of 2 Required information The following information applies to the questions displayed below! Demarco and Janine Jackson have been married for 20 years and have four children (no children under age 6 at year end) who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice). The couple received salary income of $110,000 and qualified business Income of $11000 from en investment in a partnership, and they sold the home this year They initially purchased the home three years ago for $205,000 and they sold it for $255,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred 516 700 of temited deductions (no charitable contributions, and they had sooo withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. However, because Candice was 18 years of age at yow end, the Jacksons may claim a child tax credit for other qualifying dependents for Candice. Use the tax rate schedules 3 ports och .. What is the Jacksons' timable income, and what is their tnx flability or refund? (Do not round Intermediate calculation) Herence Amount $ 121.000 Description 11) Grosincome (2) For Adidations Add gross income (4) Sandard deducten (5) hendene (0) Greater of aduc ar meduction 7) Detowed business Total de consom AON c) (10) income tax aberty 1) Otheraxes 112) 121.000 25,100 16.700 20,00 2.2001 27.500 0700 12.10 ol 12.11 2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: s 0 $ 9,950 10% of taxable income S 9,950 $ 40,525 5995 plus 12% of the excess over $9.950 $ 40,525 S 86,375 S4,664 plus 22% of the excess over 540,525 S 86,375 S 164,925 $14.751 plus 24% of the excess over 586,375 $ 164.925 S 209,425 $33,603 plus 32% of the excess over $164.925 $ 209,425 S 523,600 47,843 plus 35% of the excess over $209,425 S 523,600 $157,804,25 plus 37% of the excess over $523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: S 0 $ 19,900 10% of taxable income $ 19,900 $ 81,050 S1.990 plus 12% of the excess over $19,900 S 81,050 S 172.750 $9,328 plus 22% of the excess over $81,050 $ 172.750 S 329,850 S29,502 plus 24% of the excess over S172,750 S 329,850 S418,850 $67,206 plus 32% of the excess over $329,850 $ 418,850 S628,300 595,686 plus 35% of the excess over $418,850 S 628,300 $168.993.50 plus 37% of the excess over 5628,300 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 S 14,200 10% of taxable income $ 14,200 $ 54,200 $1,420 plus 12% of the excess over $14.200 $ 54,200 $ 86,350 S6.220 plus 22% of the excess over $54,200 $ 86,350 $ 164,900 $13.293 plus 24% of the excess over $86,350 S 164,900 $ 209,400 $32.145 plus 32% of the excess over $164.900 $ 209,400 S 523,600 S46,385 plus 35% of the excess over $209.400 S 523,600 S156,355 plus 37% of the excess over S523,600 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: s 0 $9.950 10% of taxable income $ 9,950 $ 40,525 $995 plus 12% of the excess over S 9.950 S 40.525 $ 86,375 54,664 plus 22% of the excess over $40,525 $ 86,375 S 164.925 S14,751 plus 24% of the excess over $86,375 S 164,925 S 209,425 $33.603 plus 32% of the excess over $164.925 $ 209,425 S 314.150 S47,843 plus 35% of the excess over $209,425 S 314,150 $84.496.75 plus 37% of the excess over $314,150 ats e. Assume the original facts but now suppose the Jacksons also incurred a loss of $5,100 on the sale of some of their investment assets. What effect does the $5,100 loss have on their taxable income? eBook Decrease in taxable income Print @ aferences f. Assume the original facts but now suppose the Jacksons own investments that appreciated by $10,000 during the year. The Jacksons believe the investments will continue to appreciate, so they did not sell the investments during this year. What is the Jacksons' taxable income? no
