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Questions 1 through 4 please. Thank you! 1. Emily, age 38 and married, has decided to file a separate return for the tax year 2018.
Questions 1 through 4 please. Thank you!
1. Emily, age 38 and married, has decided to file a separate return for the tax year 2018. Her wages from her job are expected to be $240,000. In addition, her interest income from the savings account and dividends from the CDs at the credit union is expected to total $7,600. Her spouse will not itemize deductions. If she takes the standard deduction, has no adjustments to income, and claims no dependents, what would her projected federal income tax be for 2019? Tax Use the following 2019 Tax Computation Worksheet: Taxable (a) (b) (c) Income Enter the Multiplication Multiply (Bracket) bracket income Amount (a) by (b) $235,400 (35%) x 35% (d) Addition Amount Add (c) + (d) $46,628.50 Over 306, 175 x 37% $82,354.75 a) $54,453.50 b) $55,431.00 c) $53,313.50 d) $57,583.50 2. If Emily's income was $315,000 with $7,600 in dividends, what would be her federal projected tax for 2019? a) $83,918.00 b) $79,563.50 c) $81,681.00 d) $83,992.00 3. Jeffrey, age 66, and Audrey, age 65, are married and plan to file a joint federal return for 2019. Audrey is permanently blind. Their taxable income is $35,675 for the year. They used to itemize, but due to the TCJA, they will take the standard deduction. How much will the standard deduction be on their 2019 income tax return? a) $28,300 b) $27,000 c) $24,400 d) $25,700 4. Tricia, age 47, is a single taxpayer with federal adjusted gross income (AGI) of $260,000 for the tax year 2019. She will itemize deductions because she paid home mortgage interest and a large number of medical expenses, which were not covered by health insurance. Her total medical expenses for 2019 ere $28,500. What am of these expenses are deductible on Schedule A, line 4? a) $ 9,000 b) $28,500 c) $ 0 d) $ 2,500Step by Step Solution
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