NUMBER 45 PLEASE
Determination of Tax Individuals 2-41 1:2-45 1:2-46 1:2-47 1:2-48 Computation of Additional Tax Due or Refund. Jim and Pat are married, file jointly, and have one dependent (12-year-old qualifying child). Jim receives a $92,000 salary. Pat is self- employed. Her sole proprietorships revenues are $98,000, and its expenses are $48,000. Jim and Pat each make a $6,000 deductible contribution to a traditional IRA. Their itemized deductions are $26,000. Federal income taxes of $7,000 are withheld from Jim's paychecks, and Pat makes $3,000 of estimated tax payments. Determine the additional tax due or re- fund when Jim and Pat file their 2020 income tax return. Ignore any self-employment tax. Itemized versus Standard Deduction. Jan, a single taxpayer, has adjusted gross income of $250,000, medical expenses of $10,000, home mortgage interest of $3,000, and property taxes of $2,000. Should she itemize or claim the standard deduction? Kiddie Tax. Lucy is 17 years old and a dependent of her parents. She receives $9,000 of wages from a part-time job and $10,400 of taxable interest from bonds she inherited. Her parents are married, file jointly, and have $240,000 of taxable income. Determine Lucy's taxable income and tax. Computation Additional Tax Due or Refund. John and Georgia are married, file jointly, and have three dependents (qualifying children ages 13, 16, and 18). They have salaries of $130,000, a capital loss of $8,000, and tax-exempt interest income of $1,000. They paid home mortgage interest of $10,000, state income taxes of $4,000, property taxes of $2,800, medical expenses of $3,000, and charitable contributions of $5,000. Federal income taxes of $11,000 were withheld from their paychecks. Compute the ad- ditional tax due or refund they have when filing their tax return. Kiddie Tax. Mike and Linda are a married couple who file jointly and have $100,000 of taxable income. They have three dependent children who are full-time students in 2020. Mike and Linda provided $8,000 of support for each child. Information for each child is as follows: Karen Susan Amelie Age 21 18 16 Wages $3,000 $11,000 $5,900 Interest income 2,800 2,400 2,300 1:2-49 into income tavoble Determination of Tax Individuals 2-41 1:2-45 1:2-46 1:2-47 1:2-48 Computation of Additional Tax Due or Refund. Jim and Pat are married, file jointly, and have one dependent (12-year-old qualifying child). Jim receives a $92,000 salary. Pat is self- employed. Her sole proprietorships revenues are $98,000, and its expenses are $48,000. Jim and Pat each make a $6,000 deductible contribution to a traditional IRA. Their itemized deductions are $26,000. Federal income taxes of $7,000 are withheld from Jim's paychecks, and Pat makes $3,000 of estimated tax payments. Determine the additional tax due or re- fund when Jim and Pat file their 2020 income tax return. Ignore any self-employment tax. Itemized versus Standard Deduction. Jan, a single taxpayer, has adjusted gross income of $250,000, medical expenses of $10,000, home mortgage interest of $3,000, and property taxes of $2,000. Should she itemize or claim the standard deduction? Kiddie Tax. Lucy is 17 years old and a dependent of her parents. She receives $9,000 of wages from a part-time job and $10,400 of taxable interest from bonds she inherited. Her parents are married, file jointly, and have $240,000 of taxable income. Determine Lucy's taxable income and tax. Computation Additional Tax Due or Refund. John and Georgia are married, file jointly, and have three dependents (qualifying children ages 13, 16, and 18). They have salaries of $130,000, a capital loss of $8,000, and tax-exempt interest income of $1,000. They paid home mortgage interest of $10,000, state income taxes of $4,000, property taxes of $2,800, medical expenses of $3,000, and charitable contributions of $5,000. Federal income taxes of $11,000 were withheld from their paychecks. Compute the ad- ditional tax due or refund they have when filing their tax return. Kiddie Tax. Mike and Linda are a married couple who file jointly and have $100,000 of taxable income. They have three dependent children who are full-time students in 2020. Mike and Linda provided $8,000 of support for each child. Information for each child is as follows: Karen Susan Amelie Age 21 18 16 Wages $3,000 $11,000 $5,900 Interest income 2,800 2,400 2,300 1:2-49 into income tavoble
