Federal Taxation

William nor Mary is over 50 years old, and both have excellent sight. They provide 4-58 Form 1040. William A. Gregg, a high school educator, and Mary microbiologist, are married and file a joint income tax return for 2019. Neither 288, a age 17). The following information is from their records for 2019: $54,000 Salaries and wages, William 5,000 Federal income tax withheld. 60,000 Salaries and wages, Mary 6,000 Federal income tax withheld. 690 Interest income-Home Savings and Loan. 220 Interest income-City Bank. 1,400 Tax-exempt interest income-State of Texas Bonds Itemized deductions as follows: 320 Hospitalization insurance .. 740 Unreimbursed fees of doctors, hospitals, etc. 310 Unreimbursed prescription drugs Real estate taxes on residence 6,300 State income taxes paid. 2,700 State sales taxes paid 720 Interest paid on original home mortgage 18,430 Charitable contribution-Faith Church. 4,000 Charitable contribution-State University. 200 Quarterly estimated federal taxes paid. 3,500 Calculate the 2019 Federal income tax and the tax due (or refund) for the Greggs assuming they file a joint return. Form 1040, along with Schedules A and B, may be completed. Supply fictitious information for the address and Social Security numbers. (Note: Use 2019 tax forms since the 2020 forms may not be available.) Corporate Tax Rate for Taxable Years Beginning after 2017 is a Flat Rate of 21% 2020 Individual Tax Rate Schedules 2020 Tax Rates Single 2020 Tax Rates Head of Household taxable income of the of the Over But Not Over The Taxis Es Amount Over Over But Not Over The Taxis Excess Amount Over 5 0 9,8755 0.00 10% 514.100 10% 9.805 40.125 98750 125 9.875 14.100 1.410.00 12% 14.100 10.125 85.525 4,617 50 22 40.125 53.700 85 500 22 53.700 85.525 163,300 14,605 50 24% 85 525 5.500 163.300 13.158.00 24% 85.500 163.300 207,350 33.27150 163.300 163.300 207 350 31.830.00 32 163 300 207.350 518.400 47.367.50 35% 207,350 207.350 318.400 15926.00 95 207 350 518.400 156.235 00 518.400 518.400 154.793.50 518.400 200 Tax Rates Maried File Soudy and Survin Soutes 2020 Tax Rates Married Filing Separate Table Income Son of the of the Over But Not Over The Taxi Es Amount Over But Not Over The Taxis E Amount Over 5 0 $19.7505 10% 5 59.8755 0.00 10% 50 19.750 80.250 1.97500 19.750 $0.125 98750 12% 9.00 80.250 171.050 9.235.00 22 80.250 40,125 84200 461750 22 40,125 171050 326,600 171.050 84200 160725 245 84.200 326.600 414 700 66543.00 32% 321.450 160,725 204.100 33.27150 160.725 2.050 90735.00 35% 414.700 204.100 306.175 4736750 35% 204.100 22.050 164.307 50 622050 83.653.75 306,175 Income Tax Rates for Estates and Trusts for Taxable Years beginning in 2020 Table income is But Not Over Sons of the Amount Over $ 0 52.600 $ 0.00 10% 50 2.600 9,450 2.600 12.950 35% 9.450 12.950 3.129.00 12.950 William nor Mary is over 50 years old, and both have excellent sight. They provide 4-58 Form 1040. William A. Gregg, a high school educator, and Mary microbiologist, are married and file a joint income tax return for 2019. Neither 288, a age 17). The following information is from their records for 2019: $54,000 Salaries and wages, William 5,000 Federal income tax withheld. 60,000 Salaries and wages, Mary 6,000 Federal income tax withheld. 690 Interest income-Home Savings and Loan. 220 Interest income-City Bank. 1,400 Tax-exempt interest income-State of Texas Bonds Itemized deductions as follows: 320 Hospitalization insurance .. 740 Unreimbursed fees of doctors, hospitals, etc. 310 Unreimbursed prescription drugs Real estate taxes on residence 6,300 State income taxes paid. 2,700 State sales taxes paid 720 Interest paid on original home mortgage 18,430 Charitable contribution-Faith Church. 4,000 Charitable contribution-State University. 200 Quarterly estimated federal taxes paid. 3,500 Calculate the 2019 Federal income tax and the tax due (or refund) for the Greggs assuming they file a joint return. Form 1040, along with Schedules A and B, may be completed. Supply fictitious information for the address and Social Security numbers. (Note: Use 2019 tax forms since the 2020 forms may not be available.) Corporate Tax Rate for Taxable Years Beginning after 2017 is a Flat Rate of 21% 2020 Individual Tax Rate Schedules 2020 Tax Rates Single 2020 Tax Rates Head of Household taxable income of the of the Over But Not Over The Taxis Es Amount Over Over But Not Over The Taxis Excess Amount Over 5 0 9,8755 0.00 10% 514.100 10% 9.805 40.125 98750 125 9.875 14.100 1.410.00 12% 14.100 10.125 85.525 4,617 50 22 40.125 53.700 85 500 22 53.700 85.525 163,300 14,605 50 24% 85 525 5.500 163.300 13.158.00 24% 85.500 163.300 207,350 33.27150 163.300 163.300 207 350 31.830.00 32 163 300 207.350 518.400 47.367.50 35% 207,350 207.350 318.400 15926.00 95 207 350 518.400 156.235 00 518.400 518.400 154.793.50 518.400 200 Tax Rates Maried File Soudy and Survin Soutes 2020 Tax Rates Married Filing Separate Table Income Son of the of the Over But Not Over The Taxi Es Amount Over But Not Over The Taxis E Amount Over 5 0 $19.7505 10% 5 59.8755 0.00 10% 50 19.750 80.250 1.97500 19.750 $0.125 98750 12% 9.00 80.250 171.050 9.235.00 22 80.250 40,125 84200 461750 22 40,125 171050 326,600 171.050 84200 160725 245 84.200 326.600 414 700 66543.00 32% 321.450 160,725 204.100 33.27150 160.725 2.050 90735.00 35% 414.700 204.100 306.175 4736750 35% 204.100 22.050 164.307 50 622050 83.653.75 306,175 Income Tax Rates for Estates and Trusts for Taxable Years beginning in 2020 Table income is But Not Over Sons of the Amount Over $ 0 52.600 $ 0.00 10% 50 2.600 9,450 2.600 12.950 35% 9.450 12.950 3.129.00 12.950