fin 380 INCOME TAX PROBLEMS 2022expanded

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Arizona State University *

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380

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Accounting

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Feb 20, 2024

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doc

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Uploaded by ChefSparrow816

1. Bob and Ella are a married couple with no children and file jointly. They had gross income of $67,400, and $1,800 in adjustments and $16,950 in itemized deductions. Calculate their tax liability and marginal tax rate and average tax rate. Gross income Adjustments Adjusted gross income Standard/itemized deduction Subtotal Personal exemption Taxable income Tax liability Average/Marginal tax rates 2. Barry Cuda is single and had wages of $55,400 and interest income of $1,100. He also had itemized deductions of $14,635. Calculate Barry’s tax liability, MTR and ATR. Gross income Adjustments Adjusted gross income Standard/itemized deduction Subtotal Personal exemption Taxable income Tax liability Average/Marginal tax rates 3. Bob and Sally are a married couple with three children. They

had gross income of $109,530 and itemized deductions of $28,800. Calculate their tax liability, MTR and ATR. Gross income Adjustments Adjusted gross income Standard/itemized deduction Subtotal Personal exemption Taxable income Tax liability 4. Sally Mander is a single parent with two children. She has wages of $41,600 and interest income of $250. She has $14,200 in itemized deductions. Calculate her tax liability and MTR and ATR. Gross income Adjustments Adjusted gross income Standard/itemized deduction Subtotal Personal exemption Taxable income Tax liability Average/Marginal tax rates 5. Jay Aquire is a college student who made $14,500 in gross income. Calculate his tax liability and MTR and ATR.

Gross income Adjustments Adjusted gross income Standard/itemized deduction Subtotal Personal exemption Taxable income Tax liability Average/Marginal tax rates 6. Terry Dactel is single and had income of $74,500. Terry also received $1,345 in interest income and had itemized deductions of $9,750. Terry sold stock and realized a long-term capital gain of $4700. If Terry has paid $8,900 in federal taxes, how large of a refund will he receive? 7. A married couple has one young child. Their wages are $142,600 and itemized deductions are $23,540. A long-term capital gain of $2500 was realized during the year. Interest income of $825 and dividend income of $380 was also received. The couple also sold stock and made a short-term capital gain of $1200. They also qualify for child tax credit of $2000. Calculate their tax

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