Question
George and Karen are married, each age 28, and always file as MFJ. Assume tax laws in 2022 are as described in the textbook, as
George and Karen are married, each age 28, and always file as MFJ. Assume tax laws in 2022 are as described in the textbook, as supplemented by postings on Carmen and information in lectures. If no information is given about something, assume zero, e.g., zero contributions to an IRA. Line numbers for IRS forms refer to the 2022 forms posted on Carmen. Use 2022 tables for all calculations. Assume they file in a way that legally minimizes their federal income tax. They received a state income tax refund of $500 in 2022 and used the standard deduction on their 2021 federal income tax return. 2022 Expenditures: Mortgage interest payments = $12,000. Cash charitable contributions to the U.S. Red Cross = $2,400. Real estate taxes = $9,000. Medical expenses not covered by insurance = $5,900. Totals from W2 forms Box 1 wages 110,000 Box 2 federal income tax withheld in 2022 20,000 Box 17, state income tax withheld in 2022 3,000
George and Karen are married, each age 28, and always file as MFJ. Assume tax laws in 2022 are as described in the textbook, as supplemented by postings on Carmen and information in lectures. If no information is given about something, assume zero, e.g., zero contributions to an IRA. Line numbers for IRS forms refer to the 2022 forms posted on Carmen. Use 2022 tables for all calculations. Assume they file in a way that legally minimizes their federal income tax.
They received a state income tax refund of $500 in 2022 and used the standard deduction on their 2021 federal income tax return.
2022 Expenditures:
Mortgage interest payments = $12,000.
Cash charitable contributions to the U.S. Red Cross = $2,400.
Real estate taxes = $9,000.
Medical expenses not covered by insurance = $5,900.
Totals from W2 forms
Box 1 wages 110,000
Box 2 federal income tax withheld in 2022 20,000
Box 17, state income tax withheld in 2022 3,000
Box 19, local income tax withheld in 2022 0
What is taxable income (Line 15) for 2022?
Box 19, local income tax withheld in 2022 0 What is taxable income (Line 15) for 2022?
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The Auditors Guide To Blockchain Technology Architecture Use Cases Security And Assurance Security Audit And Leadership Series
Authors: Shaun Aghili
1st Edition
1032078251, 978-1032078250
