Question
married filing jointly and all of them are U.S citizens During 2018,receipts: Salaries $60,000 and $41,000 Interest income general purpose bonds $1,000 bankbonds 1,100 Bank
married filing jointly and all of them are U.S citizens
During 2018,receipts:
Salaries $60,000 and $41,000
Interest income general purpose bonds
$1,000 bankbonds 1,100
Bank certificate of deposit 400
Child support payments
7,200 Annual gifts from parents 26,000
Settlement from Roadrunner Touring Company 90,000
Lottery winnings 600
Federal income tax refund (for tax year 2017) 400
expenditures for 2018:
Medical expenses (not covered by insurance)
$7,200 TaxesProperty taxes on personal residence $3,600
State (includes amount withheldfrom wages during 2018)4,200
Interest on home mortgage 6,000, Charitable contributions 3,600
Life insurance premiums (policy on Lance's life)1,200
Contribution to traditional IRA (on Wanda's behalf)5,000
Contribution to the reelection campaign fund 500
Funeral expenses for Wayne Boyle 6,300
Dependents, provide more than half of the support: 5
Lance Dean (age 42)Wanda Dean (age 40)Penny Allen (age 19)Kyle Allen (age 16)
Wayne Boyle (age 75)
Penny graduated May 9, 2018,Wayne died on January 20, 2018 Wayne qualified as a dependent.
Federal income tax withheld is $5,200 and $2,100. Presidential Election Campaign Fund.0 All members of the family had health care coverage for all of 2018.
Need help determining, standard deduction,or itemized deduction,total taxable income, tax credits, total withholding, tax payments, refund. Also deductions for medical,interest,taxes,charitable contributions and the total itemized deductions.
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