Question
Star-Lord and Gamora Galaxy have been married for 22 years and have two children who qualify as their dependents (Rocket, 15; and Groot, 18). The
Star-Lord and Gamora Galaxy have been married for 22 years and have two children who qualify as their dependents (Rocket, 15; and Groot, 18). The couple received salary income of $326,650. They sold some stock they had owned for 8 years and had an $12,000 gain on the sale. They also received $23,000 of corporate bond interest and $9,400 of interest from Marvel City bonds. The Galaxys also cashed in a Certificate of Deposit early during the year and paid a $1,550 penalty on the early withdrawal. Additionally, Star-Lord (who teaches middle school) spent $965 on supplies and snacks for his classroom. Star-Lord and Gamora accumulated $42,780 of itemized deductions and they had $38,590 withheld from their paychecks for federal income taxes.
Gross Income |
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Deductions FOR AGI |
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Adjusted Gross Income |
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Standard Deduction |
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Itemized Deductions |
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Taxable Income |
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Tax Liability |
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Amount Due OR Refund |
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Use the table below to show what you did and did not include in Gross Income, Deductions and/or other items and your explanation. Feel free to add additional rows as necessary.
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