Tax 1

Questions: 16. What is the tax on ordinary income? 17. What is the tax on long-term capital gain (loss) and qualified dividends? 18. What is the self-employment tax? 19. What is the kiddie tax? 20. What is the balance due or (refund)? 16. Paul paid $4,050 in real estate taxes on his principal residence. The real estate tax is used to pay for town schools and other municipal services. 17. Paul drives a 2016 Acura TL. His car registration fee (based on the car year) is $50 and covers the period 1/1/19 through 12/31/19. In addition, he paid $280 in property tax to the state based on the book value of the car. 18. In addition to the medical costs presented in 911, Paul incurred the following unreimbursed medical costs: Dentist Doctor Prescription drugs Over-the-counter drugs Optometrist Emergency room charges LASIK eye surgery Chiropractor S 310 390 215 140 125 440 2.000 265 19. Paul paid interest to his lenders as follows: $7,100 Primary home mortgage Home-equity loan Credit cards Car loan 435 498 390 20. On May 14 of the current year, Paul contributed clothing to the Salvation Army. The original cost of the clothing was $740. He has substantiation valuing the donation at $360. In addition, he made the following cash contributions and received a statement from each of the following organizations acknowledging his contribution: $700 Larkin College United Way First Methodist Church Amos House (homeless shelter) Local Chamber of Commerce 790 200 All of the above entities are nonprofit corporations and $501(c)(3) organizations except the Chamber of Commerce which is not a $501(c)(3) organization. 105 91 106 0 0 16 17 107 108 11 109 11 110 12 111113 Tax liability - Ordinary Income Tax liabilty- LTCG and Qualified dividends Self-employment tax Kiddie tax Child/dependent tax credit Less: FIT withholding Less: FIT estimates 0 Maried Fling Joint Head of Household Maried Fling Separat NET BALANCE DUE (REFUND) 2019 Taxable income Tax Liability Senate Bill .. es us Maried Filing Joint Bracket $ 19,400 $ 78,950 | 16B N7 First Second Thind Rate 10.0% 12.0% 32 14 Single Bracket $ 9,700 39.475 | B4 300 Rate 10.0% 12.0% 22 1. Head of Household Bracket $ 13,850 $ 52,850 . 2200 Maried line Seara Bracket $ 9.700 S 39,475 R1207 Rate 10.0% 12.0% 220 Sheet1 Sheet2 Sheet Ready 534 PM ANG S71020202 Questions: 16. What is the tax on ordinary income? 17. What is the tax on long-term capital gain (loss) and qualified dividends? 18. What is the self-employment tax? 19. What is the kiddie tax? 20. What is the balance due or (refund)? 16. Paul paid $4,050 in real estate taxes on his principal residence. The real estate tax is used to pay for town schools and other municipal services. 17. Paul drives a 2016 Acura TL. His car registration fee (based on the car year) is $50 and covers the period 1/1/19 through 12/31/19. In addition, he paid $280 in property tax to the state based on the book value of the car. 18. In addition to the medical costs presented in 911, Paul incurred the following unreimbursed medical costs: Dentist Doctor Prescription drugs Over-the-counter drugs Optometrist Emergency room charges LASIK eye surgery Chiropractor S 310 390 215 140 125 440 2.000 265 19. Paul paid interest to his lenders as follows: $7,100 Primary home mortgage Home-equity loan Credit cards Car loan 435 498 390 20. On May 14 of the current year, Paul contributed clothing to the Salvation Army. The original cost of the clothing was $740. He has substantiation valuing the donation at $360. In addition, he made the following cash contributions and received a statement from each of the following organizations acknowledging his contribution: $700 Larkin College United Way First Methodist Church Amos House (homeless shelter) Local Chamber of Commerce 790 200 All of the above entities are nonprofit corporations and $501(c)(3) organizations except the Chamber of Commerce which is not a $501(c)(3) organization. 105 91 106 0 0 16 17 107 108 11 109 11 110 12 111113 Tax liability - Ordinary Income Tax liabilty- LTCG and Qualified dividends Self-employment tax Kiddie tax Child/dependent tax credit Less: FIT withholding Less: FIT estimates 0 Maried Fling Joint Head of Household Maried Fling Separat NET BALANCE DUE (REFUND) 2019 Taxable income Tax Liability Senate Bill .. es us Maried Filing Joint Bracket $ 19,400 $ 78,950 | 16B N7 First Second Thind Rate 10.0% 12.0% 32 14 Single Bracket $ 9,700 39.475 | B4 300 Rate 10.0% 12.0% 22 1. Head of Household Bracket $ 13,850 $ 52,850 . 2200 Maried line Seara Bracket $ 9.700 S 39,475 R1207 Rate 10.0% 12.0% 220 Sheet1 Sheet2 Sheet Ready 534 PM ANG S71020202