O july 1, 2019 QUESTION 16 Mark (50 rs. old) & Marilyn (40 yrs. old) are married and file a joint return. They have two children Kevin is 16 and Sydney is 17, both of whom qualify as dependent children. In 2018 they realized the following income and expenses Mark's Salary $20,000 Marilyn's Salary $60,000 Interest on Grand Rapids City Municipal Bond $1,000 Business Income from Schedule C of $5,000 Mark's Pension s 50,000-90% taxable for federal purposes Alimony paid $7,000 (from 2014 divorce settlement) Self Employment taxes $1,200 Medical Expenses $8,500 Property taxes paid $4,200 1,400 Donations to United Way $600 Tax preparation fees $500 Federal taxes withheld $24,000 Using this information answer the following questions-show your calculations 1. What is the amount of income realized? 2. What is the amount of Gross Income? 3. What is the amount of Adjusted Gross Income? 4. What is the amount of taxable income? 5. What is the amount of taxes due (include any credits they may be eligible for)? 6. What is their refund or amount due? Ruthte 1993 O july 1, 2019 QUESTION 16 Mark (50 rs. old) & Marilyn (40 yrs. old) are married and file a joint return. They have two children Kevin is 16 and Sydney is 17, both of whom qualify as dependent children. In 2018 they realized the following income and expenses Mark's Salary $20,000 Marilyn's Salary $60,000 Interest on Grand Rapids City Municipal Bond $1,000 Business Income from Schedule C of $5,000 Mark's Pension s 50,000-90% taxable for federal purposes Alimony paid $7,000 (from 2014 divorce settlement) Self Employment taxes $1,200 Medical Expenses $8,500 Property taxes paid $4,200 1,400 Donations to United Way $600 Tax preparation fees $500 Federal taxes withheld $24,000 Using this information answer the following questions-show your calculations 1. What is the amount of income realized? 2. What is the amount of Gross Income? 3. What is the amount of Adjusted Gross Income? 4. What is the amount of taxable income? 5. What is the amount of taxes due (include any credits they may be eligible for)? 6. What is their refund or amount due? Ruthte 1993