Question
With the data provided below from the Taxpayer, please perform the computations of the income tax return for the year 2019 required in the fiscal
With the data provided below from the Taxpayer, please perform the computations of the income tax return for the year 2019 required in the fiscal year.
Taxpayer data:
Resident taxpayer of PR all year 2019. Taxpayer Status: Single Taxpayer with a Senior dependent. Salaries received during the year 2019 for work through W-2. $ 31,248.00
Tax Withheld- $ 797.00 Profit attributable to services rendered (Schedule M) $ 101.00 Taxpayer made mortgage loan payments during 2019, whose mortgage interest totaled the amount of $ 2,460.00 In addition, the taxpayer had Contributions to individual retirement accounts to a banking institution in the amount of $ 100.00. I only make a contribution during 2019 in the amount of $ 100.00. Taxpayer had medical expenses $ 1,051.00
Table of Computations to determine the contribution.
Use the following table to calculate the normal tax for individuals applicable to years beginning after December 31, 2012:
If the net income subject to contribution is:
No more than $ 9,000
In excess of $ 9,000
in excess of $ 25,000 but not in excess of $ 41,500
In excess of $ 61,500
Then, The contribution will be:
0%
7% of the excess of $ 9,000
$ 1,120 plus 14% of the excess of $ 25,000
$ 3,430 plus 25% of the excess of $ 61,500
1. What is the Adjusted Gross Income of the taxpayer?
2. What is the total deductions?
3. What is the amount of Personal Extension?
4. What is the Total Deductions and Personal Extensions?
5. What is the net income subject to contribution?
6. Contribution according to Tax Table 2019?
Note: This calculation does not refer to the amount to be paid or the refund according to the result of the return.
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