Question
Use the attached Standard Deductions and Tax Table to answer the following questions. Show your steps and write your answers in a complete sentence. 9.
Use the attached Standard Deductions and Tax Table to answer the following questions. Show your steps and write your answers in a complete sentence.
9. Adrian is filing as a head of household. His taxable income is $100,400. Calculate the amount of tax he owes using the provided tax table.
10. Nash and Bexley are married and filing jointly. In 2018, Nash earned $42,500 in wages, Bexley earned $54,000 in wages, and they earned $11,000 in income from a rental property. They have deposited $5,000 in a tax deferred savings plan, and have $26,250 in itemized deductions. (Show all computations, but Complete Sentences NOT required. Please properly label the values found with $, gross, AGI, taxable incomeetc.) a. (1 pt) What is their gross income? b. (1 pt) What is their adjusted gross income? c. (2 pts) What is their taxable income? d. (2 pts) What are their taxes owed from the tax table? e. (2 pts) If they together had $7,950 withheld, and have $1,150 in credits, will they owe money or receive a refund? Be sure to show the calculation and amount they owe/receive.
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