Family Tax Case Matt and Marissa Curly have two children ages 6&7. Their combined gross income from their full-time positions is $135,000. Marissa also consults and earned $11,245 profit this past year. Matt contributed $5,500 to his 401k and Marissa contributed $3,000 to a Roth IRA. They both paid medical and dental premiums this past year totaling $450. Their after-school daycare expenses totaled S4,350 Matt was gifted $10,000 earlier this year from his grandmother and after she passed away last month, was the beneficiary of her $30,000 life insurance policy. Other information Business income 20% can be deducted Interest earned on bank accounts totaled $123 Standard deduction of $24,800 for married couples Tax credit per child of $3,000 Tax credit on daycare costs (max. of $1,500 per child Federal income tax withheld from Matt's salary is $8498 Federal income tax withheld from Marissa's salary is 56,854. No federal income tax was withheld from Marissa's consulting Land twes totaled $3890 State taxes totaled 54,300 Charitable contributions totaled 59,000 Interest paid on their mortgage totaled $1,500. Create a spreadsheet and labeleuch sheet with the appropriate letter corresponding to the question All calculations should be done using working Excel formulas with cell references (ex. A1-B1). Be sure to label all numbers so I can easily follow your calculations. 3. Are the Curby's able to itemite or must they use the standard deduction? Explain. (10 pts) What is the Curty's taxable income if they file "married Fling jointly? Show all your work at arriving at taxable income in order to receive full credit. (20 pts) c. What is the tax liability using the tax chart below? Show all work for full credit. (10 pts.) Tax Rate Schedules Sched your Married out in Thone is Between The Tea Due DEAS O an so 1905 TA SIMON 13.00 TO . SOT + 721460 31605 26.1792 DO 215001 10 64.733 BDCO 000.000 11.3.2 Dace 01 1612 200 4. Will the Curbys need to pay additional taxes or will they be receiving a refund? How much do they owe or how much will their refund be? Show all calculations. (20 pts.) . What is the Curby's average tax rate? Show all calculations. (10 pts.) 4. What is the Curby's marginal tax rate? (10 pts. Give two sugestions that could have saved the Curby's more money in taxes this year? (20 pts.) Family Tax Case Matt and Marissa Curly have two children ages 6&7. Their combined gross income from their full-time positions is $135,000. Marissa also consults and earned $11,245 profit this past year. Matt contributed $5,500 to his 401k and Marissa contributed $3,000 to a Roth IRA. They both paid medical and dental premiums this past year totaling $450. Their after-school daycare expenses totaled S4,350 Matt was gifted $10,000 earlier this year from his grandmother and after she passed away last month, was the beneficiary of her $30,000 life insurance policy. Other information Business income 20% can be deducted Interest earned on bank accounts totaled $123 Standard deduction of $24,800 for married couples Tax credit per child of $3,000 Tax credit on daycare costs (max. of $1,500 per child Federal income tax withheld from Matt's salary is $8498 Federal income tax withheld from Marissa's salary is 56,854. No federal income tax was withheld from Marissa's consulting Land twes totaled $3890 State taxes totaled 54,300 Charitable contributions totaled 59,000 Interest paid on their mortgage totaled $1,500. Create a spreadsheet and labeleuch sheet with the appropriate letter corresponding to the question All calculations should be done using working Excel formulas with cell references (ex. A1-B1). Be sure to label all numbers so I can easily follow your calculations. 3. Are the Curby's able to itemite or must they use the standard deduction? Explain. (10 pts) What is the Curty's taxable income if they file "married Fling jointly? Show all your work at arriving at taxable income in order to receive full credit. (20 pts) c. What is the tax liability using the tax chart below? Show all work for full credit. (10 pts.) Tax Rate Schedules Sched your Married out in Thone is Between The Tea Due DEAS O an so 1905 TA SIMON 13.00 TO . SOT + 721460 31605 26.1792 DO 215001 10 64.733 BDCO 000.000 11.3.2 Dace 01 1612 200 4. Will the Curbys need to pay additional taxes or will they be receiving a refund? How much do they owe or how much will their refund be? Show all calculations. (20 pts.) . What is the Curby's average tax rate? Show all calculations. (10 pts.) 4. What is the Curby's marginal tax rate? (10 pts. Give two sugestions that could have saved the Curby's more money in taxes this year? (20 pts.)
