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H , age 4 5 , and W , age 4 3 , are married with a 5 - month - old son. H and
H age and W age are married with a monthold son. H and W always file jointly. H is the vice president of a local bank and is paid a salary of $ W is registered nurse at a large hospital and is paid a salary of $ H is a partner in BC partnership. He is a owner. The partnership had total income of $qualified business income in and distributed $ to H in In addition to the above income, H and W received the following in :
$ qualified cash dividend on ABC, Inc. stock.
$ interest on State of Maryland bonds that H owns
$ on interest from a saving account that H and W own together.
W received a check for $ from her employer in recognition of her outstanding service to the hospital during the past years.
W and H received $ refund in on their state income taxes. Their itemized deductions in totaled $
The bank provides H with $ of group term life insurance protection. The bank provides all fulltime employees with group term insurance. H has worked for the bank all year. Under the Uniform Premiums, the cost per $ of protection per month is for a year old.
The bank pays $ a month for a parking space for H
W sold his car for $ He paid $ for it months ago.
The hospital provides W with $ for child care all of which she used to pay a nanny to take care of her monthold.
H has access to a gym on his works premises. A gym membership costs $ a year.
Because W must be available should an emergency arise, she is required to eat her lunches in the hospital cafeteria. The value of the free meals provided by her employer during was $
W was injured on the job in and received workers compensation in the amount of $
Hs father passed away in February leaving H a house valued at $ H rented the land to R from March to December for $ a month.
Ws father gave her a gift of $ in
H also received $ in life insurance when his father died.
H purchased an annuity years ago for The annuity will pay for years. In H received the first
H paid $ in alimony to his exwife divorce and $ in child support.
H and W paid $ in qualified mortgage interest.
H and W paid $ in real property taxes and $ in state income taxes.
H and W had the following expenses not covered by medical insurance: $
H and W made $ in qualified charitable contributions
a What is H and Ws gross income? Blank
bWhat is H and Ws adjusted gross income? Blank
c What is H and Ws taxable income? Blank
d What is H and Ws tax liability round answer Blank
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