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Old MathJax webview THE LAST VALUES FROM THE EXPERT WERE INCORRECT. CAN YOU PLEASE HELP ME WITHBTHE CORRECT VALUES PLEASE CAN YOU HELP ME WITH
Old MathJax webview
THE LAST VALUES FROM THE EXPERT WERE INCORRECT. CAN YOU PLEASE HELP ME WITHBTHE CORRECT VALUES
PLEASE CAN YOU HELP ME WITH THE CORRECT VALUES
I believe 2021 year
Demarco and Janine Jackson have been married for 20 years and have four children (no children under age 6 at year- end) who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice). The couple received salary income of $101,000 and qualified business income of $10,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $250,000 and they sold it for $300,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $18,500 of itemized deductions (no charitable contributions), and they had $1,000 withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. However, because Candice was 18 years of age at year end, the Jacksons may claim a child tax credit for other qualifying dependents for Candice. (Use the tax rate schedules.) Amount Description $ 111,000 $ 111,000 18,500 24,800 X 2,000 (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Greater of standard deduction or itemized deductions (7) Deduction for qualified business income (8) Total deductions from AGI (9) Taxable income (10) Income tax liability (11) Other taxes (12) Total tax (13) Credits (14) Prepayments 26,800 X 84,200 x 9,972 x $ 9,972 x 6,500 X 1,000 2,472 x Tax due with tax returnStep by Step Solution
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