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THX ! Given this information, how much taxable income will the Wilsons have in 2014? (Note: Assume that Ethan is covered by a pension plan
THX !
Given this information, how much taxable income will the Wilsons have in 2014? (Note: Assume that Ethan is covered by a pension plan where he works, the standard deduction of $12,400 for married filing jointly applies, and each exemption claimed is worth $3,950.) Do not round your intermediate calculations.
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Ethan and Zoe Wilson are married and have one child. Ethan is putting together some figures so that he can prepare the Wilson's joint 2014 tax return. He can claim three personal exemptions (including himself). So far, he's been able to determine the following with regard to income and possible deductions: Total unreimbursed medical $1,155 expenses incurred Gross wages and 50,700 commissions earned IRA contribution 5,000 Mortgage interest paid 5,300 Capital gains realized on 1,400 assets held less than 12 months Income from limited 150 partnership Job expenses and other 875 allowable deductions Interest paid on credit cards 360 Dividend and interest 600 income earned Sales taxes paid 2,470 Charitable contributions 1,150 made Capital losses realized Interest paid on a car loan 550 Alimony paid by Ethan to his 5,900 first wife Social Security taxes paid 2,700 Property taxes paid 750 State income taxes paid 1,600 3,475Step by Step Solution
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