Table 1. Standard Deduction categories, 2019 Fling Status Single Married Fiing Jointly & Surviving Spouse Married Filing Separately Head of Household Standard Deduction Amount $12.200 $24.400 $12.200 $18,350 Table 2. Married Filing Jointly Tax Brackets, 2019: Married individuals Filing Joint Returns and Surviving Spouses Taxable income is Between The Tax Duel 0.$19.400 become $19.401 - 578,950 51.00.12% of the amount over $19.400 $78.951 - $168.400 59,066 +221 of the mover $78.950 $168.401 - 5321.450 $20.766.24% of the amount over $160.400 $321451 - $408.200 565.457 of the art over $21.450 5408.201 - 5612.350 53.257 35% of the ver $400,200 5612351 5164,709.56.375612350 I Part 2) Itemized Deductions John earns $32,000 & Becca earns $92,800. During 2019, John placed $2000 into a pre-tax 401k retirement account, and Becca placed $2,700 in a pre-tax FSA (Flexible Spending Account) Assume John & Becca instead apply the below itemized deductions (instead of the standard deduction) to their joint income (married filing jointly): Itemized Deductions, 2019 Home mortgage interest: $9,259 Charitable donations: $2,800 Personal property & real estate tax $5689 Use Table 2 and the itemized Deductions listed above as needed. What is their 4) Adjusted gross income for 2019? 5) Taxable income for 2019? 6) How much will they pay in taxes in 2019? 7) Should John & Becca take the standard deduction, or itemize their deductions? Why? FACS 3372 John R. Doe: 2019 Taxes Case Study NOTE: since 2020 is still in progress, we will use the 2019 tax tables this semester Part 1) Standard Deduction John earns $32,000 & Becca earns $92,800. During 2019, John placed $2000 into a pre-tax 401k retirement account, and Becca placed $2,700 in a pre-tax FSA (Flexible Spending Account). Assume they apply the standard deduction to their joint income (married filing jointly). ***Show all work to be eligible to receive partial credit*** Use Tables 1 & 2 below as needed. What is their....... 1) Adjusted gross income for 2019? 2) Taxable income for 2019? 3) How much will they pay in taxes in 2019? Table 1. Standard Deduction categories, 2019 Fhing Status Single Married Fling Jointy & Surviving Spouse Married Fling Separately Head of Household Standard Deduction Amount $12.200 $24.400 $12,200 $18.350 Saved to my Mac Q AutoSave OFF svo: FACS3372-Taxes Case Study Standard vs Itemiz... Design Layout References Mailings Review View Tell me Share Commen e Insert Draw Married individuals Filing Joint Returns and Surviving Spouses Taxable income is Between The Tax Due is: 0 - $19 400 10% of taxable income $19.401 - 578.950 $1.940 -12% of the amount over $19,400 $78.951 - $168.400 59,086 22% of the amount over $78.950 $160 401 - 5321450 $28.765 24% of the amount over $168.400 5321451 - $405,200 565,497 32% of the amount over $321.450 $406,201 - 5612,350 $93.257 35% of the amount over $408.200 5612,351 $164.709.50 37% of the amount over $612.350 Part 2) Itemized Deductions John earns $32,000 & Becca earns $92,800. During 2019, John placed $2000 into a pre-tax 401k retirement account, and Becca placed $2,700 in a pre-tax FSA (Flexible Spending Account) Assume John & Becca instead apply the below itemized deductions (instead of the standard deduction) to their joint income (married filing jointly): Itemized Deductions, 2019 Home mortgage interest: $9,259 Charitable donations: $2,800 Personal property & real estate tax: $5689 . Use Table 2 and the itemized Deductions listed above as needed. What is their....... 4) Adjusted gross income for 2019? 5) Taxable income for 20197 I 6) How much will they pay in taxes in 2019? I 7) Should John & Becca take the standard deduction, or itemize their deductions? Why? Focus Table 1. Standard Deduction categories, 2019 Fling Status Single Married Fiing Jointly & Surviving Spouse Married Filing Separately Head of Household Standard Deduction Amount $12.200 $24.400 $12.200 $18,350 Table 2. Married Filing Jointly Tax Brackets, 2019: Married individuals Filing Joint Returns and Surviving Spouses Taxable income is Between The Tax Duel 0.$19.400 become $19.401 - 578,950 51.00.12% of the amount over $19.400 $78.951 - $168.400 59,066 +221 of the mover $78.950 $168.401 - 5321.450 $20.766.24% of the amount over $160.400 $321451 - $408.200 565.457 of the art over $21.450 5408.201 - 5612.350 53.257 35% of the ver $400,200 5612351 5164,709.56.375612350 I Part 2) Itemized Deductions John earns $32,000 & Becca earns $92,800. During 2019, John placed $2000 into a pre-tax 401k retirement account, and Becca placed $2,700 in a pre-tax FSA (Flexible Spending Account) Assume John & Becca instead apply the below itemized deductions (instead of the standard deduction) to their joint income (married filing jointly): Itemized Deductions, 2019 Home mortgage interest: $9,259 Charitable donations: $2,800 Personal property & real estate tax $5689 Use Table 2 and the itemized Deductions listed above as needed. What is their 4) Adjusted gross income for 2019? 5) Taxable income for 2019? 6) How much will they pay in taxes in 2019? 7) Should John & Becca take the standard deduction, or itemize their deductions? Why? FACS 3372 John R. Doe: 2019 Taxes Case Study NOTE: since 2020 is still in progress, we will use the 2019 tax tables this semester Part 1) Standard Deduction John earns $32,000 & Becca earns $92,800. During 2019, John placed $2000 into a pre-tax 401k retirement account, and Becca placed $2,700 in a pre-tax FSA (Flexible Spending Account). Assume they apply the standard deduction to their joint income (married filing jointly). ***Show all work to be eligible to receive partial credit*** Use Tables 1 & 2 below as needed. What is their....... 1) Adjusted gross income for 2019? 2) Taxable income for 2019? 3) How much will they pay in taxes in 2019? Table 1. Standard Deduction categories, 2019 Fhing Status Single Married Fling Jointy & Surviving Spouse Married Fling Separately Head of Household Standard Deduction Amount $12.200 $24.400 $12,200 $18.350 Saved to my Mac Q AutoSave OFF svo: FACS3372-Taxes Case Study Standard vs Itemiz... Design Layout References Mailings Review View Tell me Share Commen e Insert Draw Married individuals Filing Joint Returns and Surviving Spouses Taxable income is Between The Tax Due is: 0 - $19 400 10% of taxable income $19.401 - 578.950 $1.940 -12% of the amount over $19,400 $78.951 - $168.400 59,086 22% of the amount over $78.950 $160 401 - 5321450 $28.765 24% of the amount over $168.400 5321451 - $405,200 565,497 32% of the amount over $321.450 $406,201 - 5612,350 $93.257 35% of the amount over $408.200 5612,351 $164.709.50 37% of the amount over $612.350 Part 2) Itemized Deductions John earns $32,000 & Becca earns $92,800. During 2019, John placed $2000 into a pre-tax 401k retirement account, and Becca placed $2,700 in a pre-tax FSA (Flexible Spending Account) Assume John & Becca instead apply the below itemized deductions (instead of the standard deduction) to their joint income (married filing jointly): Itemized Deductions, 2019 Home mortgage interest: $9,259 Charitable donations: $2,800 Personal property & real estate tax: $5689 . Use Table 2 and the itemized Deductions listed above as needed. What is their....... 4) Adjusted gross income for 2019? 5) Taxable income for 20197 I 6) How much will they pay in taxes in 2019? I 7) Should John & Becca take the standard deduction, or itemize their deductions? Why? Focus