Question
George and Katherine Green are married with $126,000 in gross income from their jobs at the University of Wyoming. During the year they had $4,300
George and Katherine Green are married with $126,000 in gross income from their jobs at the University of Wyoming. During the year they had $4,300 in adjustments. They had $23,000 in eligible 10% expenses and $14,000 in other itemized deductions. They have 1 eligible child. They had $10,000 worth of taxes withheld throughout the year.
Question
What is the Green household's Adjusted Gross Income?
Group of answer choices
$126,000
$121,700
$115,100
$120,500
Question
How much are the Green households itemized deductions?
Group of answer choices
$37,000
$10,900
$22,000
$27,872.50
Question
What is the Green household's taxable income?
Group of answer choices
$109,134
$93,127.50
$110,800
$95,705
Question
What is the Green household tax liability (how much do they owe in taxes before credits or taxes withheld are applied)?
Group of answer choices
$12,205
$22,884.00
$13,409.00
$25,834.00
Question
Will the Green household receive a refund or owe a payment, what is the amount?
Group of answer choices
They will receive a refund of $1,378.26
They receive a refund of $225
They will owe a payment to the government of $205
They will owe a payment to the government of $1,098.13
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started