Peter and Gamora have calculated their taxable income to be $188,000 for 2022, which includes $25,000...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Peter and Gamora have calculated their taxable income to be $188,000 for 2022, which includes $25,000 of net long-term capital gains. They also made $27,000 of estimated payments for 2022. What is their tax due or refund assuming they are married and file a joint return and have no dependents. Tax Due or Refund (label which it is) Thor and Jane filed jointly in 2022. Their AGI is $225,000. They reported a $7,000 qualified business income deduction and $29,500 of itemized deductions. They had $26,950 withheld for federal withholding by their employers. They also have one dependent qualifying child under age 17. What is their tax due or refund on their 2022 tax return? Tax Due or Refund (label which it is) Iron Man and Pepper earned $690,000 in salaries and $25,000 in interest income during the year. They had a $21,000 of qualified dividends and a long-term capital gain of $36,000. They had $40,295 in itemized deductions. Their employers withheld $139,000 of federal taxes from their paychecks, and they have no dependents. Use the 2022 tax rate schedules to determine Iron Man and Pepper's taxes due or refund. Tax Due or Refund (label which it is) 2022 Single Filers Tax Brackets If taxable income is: Not over $10,275 Over $10,275 but $41,775 Over $41,775 but not over $89,075 Over $89,075 but not over $170,050 Over $170,050 but not over $215,950 Over $215,950 but not over $539,900 Over $539,900 2022 Married Filing Separately If taxable income is: Not over $10,275 Over $10,275 but $41,775 Over $41,775 but not over $89,075 Over $89,075 but not over $170,050 Over $170,050 but not over $215,950 Over $215,950 but not over $323,925 Over $323,925 The tax due is: 10% of the taxable income $1,027.50 plus 12% of the excess over $10,275 $4,807.50 plus 22% of the excess over $41,775 $15,213.50 plus 24% of the excess over $89,075 $34,647.50 plus 32% of the the excess over $170,050 $49,335.50 plus 35% of the excess over $215,950 $162,718 plus 37% of the excess over $539,900 Tax Brackets 2022 Head of Household Tax Brackets If taxable income is: Not over $14,650 Over $14,650 but $55,900 Over $55,900 but not over $89,050 Over $89,050 but not over $170,050 Over $170,050 but not over $215,950 Over $215,950 but not over $539,900 Over $539,900 10% of the taxable income $1,027.50 plus 12% of the excess over $10,275 $4,807.50 plus 22% of the excess over $41,775 $15,213.50 plus 24% of the excess over $89,075 $34,647.50 plus 32% of the the excess over $170,050 $49,335.50 plus 35% of the excess over $215,950 $86,127 plus 37% of the excess over $323,925 Not over $20,550 Over $20,550 but not over $83,550 Over $83,550 but not over $178,150 Over $178,150 but not over $340,100 Over $340,100 but not over $431,900 Over $431,900 but not over $647,850 Over $647,850 The tax due is: 2022 Married Filing Jointly Tax Brackets If taxable income is: The tax due is: 10% of the taxable income $1,465 plus 12% of the excess over $14,650 $6,415 plus 22% of the excess over $55,900 $13,708 plus 24% of the excess over $89,050 $33,148.50 plus 32% of the the excess over $170,050 $47,836.50 plus 35% of the excess over $215,950 $162,218.50 plus 37% of the excess over $539,900 The tax due is: 10% of the taxable income $2,055 plus 12% of the excess over $20,550 $9,615 plus 22% of the excess over $83,550 $30,427 plus 24% of the excess over $178,150 $69,295 plus 32% of the excess over $340,100 $98,671 plus 35% of the excess over $431,900 $174.253.50 plus 37% of the excess over $647,850 Peter and Gamora have calculated their taxable income to be $188,000 for 2022, which includes $25,000 of net long-term capital gains. They also made $27,000 of estimated payments for 2022. What is their tax due or refund assuming they are married and file a joint return and have no dependents. Tax Due or Refund (label which it is) Thor and Jane filed jointly in 2022. Their AGI is $225,000. They reported a $7,000 qualified business income deduction and $29,500 of itemized deductions. They had $26,950 withheld for federal withholding by their employers. They also have one dependent qualifying child under age 17. What is their tax due or refund on their 2022 tax return? Tax Due or Refund (label which it is) Iron Man and Pepper earned $690,000 in salaries and $25,000 in interest income during the year. They had a $21,000 of qualified dividends and a long-term capital gain of $36,000. They had $40,295 in itemized deductions. Their employers withheld $139,000 of federal taxes from their paychecks, and they have no dependents. Use the 2022 tax rate schedules to determine Iron Man and Pepper's taxes due or refund. Tax Due or Refund (label which it is) 2022 Single Filers Tax Brackets If taxable income is: Not over $10,275 Over $10,275 but $41,775 Over $41,775 but not over $89,075 Over $89,075 but not over $170,050 Over $170,050 but not over $215,950 Over $215,950 but not over $539,900 Over $539,900 2022 Married Filing Separately If taxable income is: Not over $10,275 Over $10,275 but $41,775 Over $41,775 but not over $89,075 Over $89,075 but not over $170,050 Over $170,050 but not over $215,950 Over $215,950 but not over $323,925 Over $323,925 The tax due is: 10% of the taxable income $1,027.50 plus 12% of the excess over $10,275 $4,807.50 plus 22% of the excess over $41,775 $15,213.50 plus 24% of the excess over $89,075 $34,647.50 plus 32% of the the excess over $170,050 $49,335.50 plus 35% of the excess over $215,950 $162,718 plus 37% of the excess over $539,900 Tax Brackets 2022 Head of Household Tax Brackets If taxable income is: Not over $14,650 Over $14,650 but $55,900 Over $55,900 but not over $89,050 Over $89,050 but not over $170,050 Over $170,050 but not over $215,950 Over $215,950 but not over $539,900 Over $539,900 10% of the taxable income $1,027.50 plus 12% of the excess over $10,275 $4,807.50 plus 22% of the excess over $41,775 $15,213.50 plus 24% of the excess over $89,075 $34,647.50 plus 32% of the the excess over $170,050 $49,335.50 plus 35% of the excess over $215,950 $86,127 plus 37% of the excess over $323,925 Not over $20,550 Over $20,550 but not over $83,550 Over $83,550 but not over $178,150 Over $178,150 but not over $340,100 Over $340,100 but not over $431,900 Over $431,900 but not over $647,850 Over $647,850 The tax due is: 2022 Married Filing Jointly Tax Brackets If taxable income is: The tax due is: 10% of the taxable income $1,465 plus 12% of the excess over $14,650 $6,415 plus 22% of the excess over $55,900 $13,708 plus 24% of the excess over $89,050 $33,148.50 plus 32% of the the excess over $170,050 $47,836.50 plus 35% of the excess over $215,950 $162,218.50 plus 37% of the excess over $539,900 The tax due is: 10% of the taxable income $2,055 plus 12% of the excess over $20,550 $9,615 plus 22% of the excess over $83,550 $30,427 plus 24% of the excess over $178,150 $69,295 plus 32% of the excess over $340,100 $98,671 plus 35% of the excess over $431,900 $174.253.50 plus 37% of the excess over $647,850
Expert Answer:
Answer rating: 100% (QA)
Answer Lets compute the tax due or refund for each of the given scenarios 1 Peter and Gamora Taxable ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
In 2016, Dominique and Felix are married and file a joint tax return. Their AGI is $314,050 and they claim three exemptions. Determine their total exemption amount for 2016.
-
In 2017, Dominique and Felix are married and file a joint tax return. Their AGI is $316,550 and they claim three exemptions. Determine their total exemption amount for 2017?
-
In 2021, Santiago and Amy are married and file a joint tax return. They have three dependent children, ages 12, 14, and 19. All parties are U.S. citizens. The couples AGI is $140,000. Determine any...
-
Three resistors are connected in series across a battery. The value of each resistance and its maximum power rating are as follows: 2.0 and 4.0 W, 12.0 and 10.0 W, and 3.0 and 5.0 W. (a) What is...
-
Allocation of common costs. Sunny Gunn, a self-employed consultant near Sacramento, received an invitation to visit a prospective client in Baltimore. A few days later, she received an invitation to...
-
Match each correlation to the corresponding scatterplot. (a) R = 0:49 (b) R = -0:48 (c) R = -0:03 (d) R = -0:85 (1) (2) (3) (4)
-
Why would intangible assets create significant difficulties in international transfer pricing?
-
Kids Costumes estimates its inventory by the gross profit method. The gross profit has averaged 39% of net sales. The companys inventory records reveal the following data: Inventory, July 1 $ 268,000...
-
1 Information for two alternative projects involving machinery investments follows. Project 1 requires an initial investment of $135,000. Project 2 requires an initial investment of $98,000. Annual...
-
Moravanti Italian Imports has four employees and pays biweekly. On Form W-4, complete Step 2, the Multiple Jobs Worksheet (when applicable) to obtain the amount for Step 4(c). Calculate the federal...
-
What two issues does a company need to consider in regards to operating loss carrybacks?
-
1.Why are we guilty of the present bias? That is, why do we give up so much in the future for something now? 2.Explain the House Money effect that comes from mental accounting. How does this impact...
-
Question 6 Suppose that for a binomial market model operating over two periods the stock price moves as: 9 4 CO 6 2 3 1 = = (i) Assume that the interest rate is R = 1/3 per time period. For each of...
-
Suppose that there are 80 million American Depository Receipts, ADRs, listed on the New York Stock Exchange, NYSE, representing 20 million common shares of a UK co. - London Electronics Ltd. Right...
-
A firm does not plan to change its current dividend payout ratio from 50 percent. Currently, the firm is operating at full capacity and has the following: sales of $19,700, net income of $3,571,...
-
1. The convertibility plan was introduced to resolve Argentina's economic problems. What is your opinion, has it accomplished that goal? Why? 2. Do you see any potential risks of the convertibility...
-
13. The fact that conversion of chemical bonding energy to power such as the combustion process and power generation from nuclear fission (conversion of nuclear binding energy) are always less...
-
What is a manufacturing system?
-
Tom has a successful business with $100,000 of income in 2012. He purchases one new asset in 2012, a new machine which is 7-year MACRS property and costs $25,000. If you are Tom's tax advisor, how...
-
Ray and Maria Gomez have been married 3 years. They live at 1610 Quince Ave., McAllen, TX 78701. Ray works for Palm Oil Corporation and Maria works for the City of McAllen. Maria's Social Security...
-
For each of the following situations, indicate whether the taxpayer(s) is (are) required to file a tax return for 2012. Explain your answer. a. Helen is a single taxpayer with interest income in 2012...
-
Slaton Company records both actual overhead and applied overhead in one account, Manufacturing Over- head. On January 31, the account has a credit balance. Has overhead been under- or overapplied...
-
How do we choose a basis for allocating a cost to several departments?
-
Explain what each of the following statements means: a. Service departments do not work directly on products. b. Service department costs are manufacturing overhead costs. c. Overhead rates are not...
Study smarter with the SolutionInn App