Question
Now that you have all of the information you need in order to estimate Alberts tax burden for next year please complete the 1040 and
Now that you have all of the information you need in order to estimate Alberts tax burden for next year please complete the 1040 and Schedule 1 tax forms in order to answer the following questions related to Alberts estimated tax for next year. The tax table for Albert is provided below.
What is the total income projected for Albert on 1040, line 9?
What is the total adjustment to income for Albert on Schedule 1, line 22 (also 1040, line 10a)?
What is Alberts projected Adjusted Gross Income, 1040, line 11?
What is Alberts projected taxable income, 1040, line 15?
What is Alberts estimated taxes due for next year, 1040, line 16?
Based on his actual taxes paid last year and your projected taxes for next year should Albert expect to pay additional tax next year or should he expect to receive a refund? How much?
\begin{tabular}{|l|l|l|} \hline Rate & For Single Individuals & For Married Individuals Filing Joint Returns \\ \hline 18% & Up to $9,875 & Up to $19,750 \\ \hline 12% & $9,876 to $40,125 & $19,751 to $86,250 \\ \hline 22% & $40,126 to & $80,251 to $171,050 \\ \hline 24% & $85,525 \end{tabular} \begin{tabular}{|l|l|l|} \hline Rate & For Single Individuals & For Married Individuals Filing Joint Returns \\ \hline 18% & Up to $9,875 & Up to $19,750 \\ \hline 12% & $9,876 to $40,125 & $19,751 to $86,250 \\ \hline 22% & $40,126 to & $80,251 to $171,050 \\ \hline 24% & $85,525 \end{tabular}Step by Step Solution
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