Homework Problem III Barack and the oldest is 23 and a full-time graduate student at ASU Nichelle Obama*, a married couple with three ters (age 15, another an 18 year old freshman at GCC and Rest), have income and expenditures for the year as follows They file a joint return Salaries ($60,000 and $20,000) Speaking fees earned Interest income from: $80,000 10,000 Bank account Maricopa Community College bonds Inheritance received Gift from parents Contribution to Traditional I.R.A. (401k) 2,000 3,000 50,000 20,000 3,000 Potential Itemized Deductions Arizona Cardinals season tickets Food Interest expense on credit cards Interest expense on home mortgage Interest expense on car loans Property taxes paid (cars and home) Charitable contributions Federal income tax withheld State income tax withheld Tuition and books paid to: 4,000 6, 000 1,000 11,000 2,000 2,500 4,000 4, 000 1,500 2,800 10,000 GCc ASU Compute the amount of: a) taxable income, b) income taxes, and c) amount of tax to be paid (refunded) IRS *Bill clinton wil1 have Secret Service protection for 1ife. Due to a change in the law, Barack and Michelle Obama will only receive protection for 10 years after leaving office. ACC 212 / 240 Incose Taxes-Page 18 Homework Problem III Barack and the oldest is 23 and a full-time graduate student at ASU Nichelle Obama*, a married couple with three ters (age 15, another an 18 year old freshman at GCC and Rest), have income and expenditures for the year as follows They file a joint return Salaries ($60,000 and $20,000) Speaking fees earned Interest income from: $80,000 10,000 Bank account Maricopa Community College bonds Inheritance received Gift from parents Contribution to Traditional I.R.A. (401k) 2,000 3,000 50,000 20,000 3,000 Potential Itemized Deductions Arizona Cardinals season tickets Food Interest expense on credit cards Interest expense on home mortgage Interest expense on car loans Property taxes paid (cars and home) Charitable contributions Federal income tax withheld State income tax withheld Tuition and books paid to: 4,000 6, 000 1,000 11,000 2,000 2,500 4,000 4, 000 1,500 2,800 10,000 GCc ASU Compute the amount of: a) taxable income, b) income taxes, and c) amount of tax to be paid (refunded) IRS *Bill clinton wil1 have Secret Service protection for 1ife. Due to a change in the law, Barack and Michelle Obama will only receive protection for 10 years after leaving office. ACC 212 / 240 Incose Taxes-Page 18