Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Complete a 2019 tax return for Matt and 1. Amy Both taxpayers are 43 years old, and have MFJ status. They have three minor dependent

image text in transcribed
Complete a 2019 tax return for Matt and 1. Amy Both taxpayers are 43 years old, and have MFJ status. They have three minor dependent children The couple received life insurance proceeds from a friend who passed away of $154,000 Mark's 2019 salary was $375,000, and his employer withheld $110,000 for federal taxes, and $8,900 for state taxes. In addition, the appropriate amount of social security and Medicare taxes were withheld . (6.2% of 132,900 and 1.45% of 375,000). Alice's 2019 salary was $300,000, and her employer withheld $79,000 of federal and $10,100 of state taxes. In addition, the appropriate amount of social security and Medicare taxes were withheld (6.2% of 132,900 and 1.45% of 300,000). None of a potential additional Medicare tax . was withheld from either taxpayer The couple earned $4,000 of interest income from corporate bonds, and another $1,900 of interest income from municipal tax-free bonds They received $6,000 in dividends on Blue Corporation stock. These dividends are qualified dividends. They also received $2,300 of non-qualified dividends They contributed 5,000 to an IRA The couple sold Google stock for $81,000; they paid $40,000 for the stock 12 years ago. The couple paid $25,000 in mortgage interest They paid $18,000 in local property taxes Medical expenses paid during the year were $15,500 Charitable contributions were $4,800 during the year. Unreimbursed job expenses were $3,800 Break down how much tax was saved by having a lower rate on capital gains and dividends (the tax owed before additional 1. Medicare and NIIT) Complete a 2019 tax return for Matt and 1. Amy Both taxpayers are 43 years old, and have MFJ status. They have three minor dependent children The couple received life insurance proceeds from a friend who passed away of $154,000 Mark's 2019 salary was $375,000, and his employer withheld $110,000 for federal taxes, and $8,900 for state taxes. In addition, the appropriate amount of social security and Medicare taxes were withheld . (6.2% of 132,900 and 1.45% of 375,000). Alice's 2019 salary was $300,000, and her employer withheld $79,000 of federal and $10,100 of state taxes. In addition, the appropriate amount of social security and Medicare taxes were withheld (6.2% of 132,900 and 1.45% of 300,000). None of a potential additional Medicare tax . was withheld from either taxpayer The couple earned $4,000 of interest income from corporate bonds, and another $1,900 of interest income from municipal tax-free bonds They received $6,000 in dividends on Blue Corporation stock. These dividends are qualified dividends. They also received $2,300 of non-qualified dividends They contributed 5,000 to an IRA The couple sold Google stock for $81,000; they paid $40,000 for the stock 12 years ago. The couple paid $25,000 in mortgage interest They paid $18,000 in local property taxes Medical expenses paid during the year were $15,500 Charitable contributions were $4,800 during the year. Unreimbursed job expenses were $3,800 Break down how much tax was saved by having a lower rate on capital gains and dividends (the tax owed before additional 1. Medicare and NIIT)

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

Nmap 6 Network Exploration And Security Auditing Cookbook

Authors: Calderon Pale Paulino

1st Edition

1849517487, 978-1849517485

More Books

Students also viewed these Accounting questions

Question

Describe the patterns of business communication.

Answered: 1 week ago

Question

3. Provide two explanations for the effects of mass media

Answered: 1 week ago