Question
Please answer all questions. QUESTION Vanessa files as single,which entitles her to a $12,000standard deduction.Since she bought a house several years ago,she has deductible expenses
Please answer all questions.
QUESTION Vanessa files as single,which entitles her to a $12,000standard deduction.Since she bought a house several years ago,she has deductible expenses of: Mortgage interest =$7,800 Property taxes =$2,940 State taxes =$3,250
- Assuming Vanessa chooses the largest possible deduction,how much does she get to deduct from her adjusted gross income?
QUESTION Vanessa's taxable yearly income is $36,550.If she files as single,based on the 2018tax brackets from the 3-6power point,how much did she owe for her 2018federal income taxes?
QUESTION Amitis a single parent with one child. His gross salary is $43,500 this year. His employer withheld $2,610 to contribute to their retirement pension fund and another $3,840 to pay for health insurance premiums. Since he is filing as head of household, Amitqualifies for a standard deduction of $18,350, which he takes since his itemized deductions are significantly less than that.
- Based on this information, what is Amit'staxable income?
QUESTION Anthony and Susan are married filing jointly.Their combined taxable income is currently $160,000. Due to raises, their taxable income will increase by $8,500. Based on the 2018 tax brackets in the 3-6 power point, how muchmoretax will they pay because of the raises?
QUESTION Patrick and Carolyn are in the 22% tax bracket and itemize their deductions. They qualify for a $2,800 tax credit because of their 2 children and a$1500 tax deduction for Patrick's travel expenses for work.
- Their tax bill is reduced by( )because of the $2,800 tax credit.
- Their tax bill is reduced by( ) because of the $1,500 tax deduction.
QUESTION Barney's taxable yearly income is $256,300.If he files as head of household,based on the 2018tax brackets from the 3-6power point,how much did he owe for his2018federal income taxes?
QUESTION Pat and Sam have a combined gross income of $68,550.Every month Pat contributes $245to his tax-deferred IRA and his employer withholds $650in health insurance premiums for hisfamily.Meanwhile,Sam'semployer withholds $200 per month for a childcare flex spending account.Since they are married and file jointly, they qualify for a standard deduction of $24,000.
- Based on this information, what is their taxable income?
QUESTION Amy is single with a taxable income of $38,000.She has been offered a new position which will raise her taxable income to $45,000.Based on the 2018 tax brackets in the 3-6power point,how muchmorewill she pay in taxes because of the new position?
Round all answers to 2 decimal places.
Please show me your all works. Thanks.
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