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finance question on taxable income: below>>> due in 3 hours. please help. please show steps Taxable Income. Nick and Nora are married and has three

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finance question on taxable income: below>>> due in 3 hours. please help. please show steps

image text in transcribed Taxable Income. Nick and Nora are married and has three children in college. They have an adjusted gross income of $ 50,000 If the standard deduction is $12,600, itemized deductions are $15,700, and they get an exemption of $4,000 for each adult and each dependent, what is their taxable income? Itemized Deductions. Tracy is single and had an adjusted gross income of $45,500 in 2015. Tracy also has the following items: How much may Tracy claim as itemized deductions? Itemized Deduction. Emma's adjusted gross income is $19,600. She has $1,331 in unreimbursed medical expenses. How much in medical expenses can Emma claim as an itemized deduction? The amount Emma can claim as an itemized deduction for medical expenses is ? Capital Gains Tax. Jordan sold a stock that he held for 9 months at a capital gain of $16,300 He is in the 25% marginal tax bracket. What taxes will he pay on this gain? The amount Jordan will pay in taxes is (Round to the nearest dollar.) Capital Gains Tax. Stephen is in a 15 percent marginal tax bracket. In 2015, he sold stock that he had held for nine months for a gain of $2,300. How much tax must he pay on this capital gain? How much would the tax be if he had held the stock for 16 months? The amount of tax he must pay on this capital gain is If he had held the stock for 16 months, the tax would be Dividend Income. Margo is in the 39.6 % marginal tax bracket. What is her tax liability on dividend income of $8,000? Margo's tax liability on dividend income is Impact on Taxes. Daniel has a marginal tax rate of 10%. He suddenly realizes that he neglected to include a $1,240.00 tax deduction. How will this oversight affect his taxes? When Daniel includes this, his taxes will: A .not change because deductions are applied after tax liability is determined. B. increase by $124.00 C .decrease by $1,240.00 D. decrease by $124.00 . FICA Contributions. Brian makes $35,500 per year. How much can Brian expect to contribute to FICA taxes in 2015? How much will his employer contribute? (Hint: The total FICA tax rate is 7.65%.) --The amount Brian expect to contribute to FICA taxes in 2015 is (Round to the nearest cent.) --The amount his employer will contribute is (Round to the nearest cent.)

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