b. Joan is a single college student who is claimed as a earned $1,550 from a part-time job and has $1,150 in interest income. dependent by her parents. She C. Leslie, age 64, and Mark, age 66, are married and file a joint return. They received $17,800 in interest income from a savings account. d. Ray, age 60, and Jean, age 57, are married and file a joint tax return. Their only income is $14,700 in interest income. e. Harry, a 19-year-old single taxpayer, had net earnings from self-employment of $1,500 14. Determine from the tax table in Appendix A the amount of the income tax for each the following taxpayers for 2018: Taxable Income Income Tax Filing Status Taxpayeris) S. $21,000 Single Allen $ $ $ 24,545 MFS Boyd 35,784 MFJ Caldwell 27,450 45,000 H of H Dell Single Evans

b. Joan is a single college student who is claimed as a earned $1,550 from a part-time job and has $1,150 in interest income. dependent by her parents. She C. Leslie, age 64, and Mark, age 66, are married and file a joint return. They received $17,800 in interest income from a savings account. d. Ray, age 60, and Jean, age 57, are married and file a joint tax return. Their only income is $14,700 in interest income. e. Harry, a 19-year-old single taxpayer, had net earnings from self-employment of $1,500 14. Determine from the tax table in Appendix A the amount of the income tax for each the following taxpayers for 2018: Taxable Income Income Tax Filing Status Taxpayeris) S. $21,000 Single Allen $ $ $ 24,545 MFS Boyd 35,784 MFJ Caldwell 27,450 45,000 H of H Dell Single Evans

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter2: Income Tax Concepts

Section: Chapter Questions

Problem 20P: Sheila, a single taxpayer, is a retired computer executive with a taxable income of 100,000 in the...

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Similar questions

Bill and Anne Chambers are married and file a joint return. They have no children. Their college friend Ryan lived with them for the entire current tax year. Ryan is 40 years old and earned 2,000 at a part-time job and received 25,000 in municipal bond interest. Ryan is a citizen of the United States and is unmarried. Which of the following statements is true regarding claiming Ryan as a dependent on the Chamberses tax return? a. If Ryan earns 15,000 in self-employment income in addition to the part-time job and municipal bond interest, he will qualify as a dependent on the Chamberses tax return. b. Ryan qualifies as a dependent for the Chamberses under the qualifying child rules. c. As long as Ryan does not provide more than half of his own support, he qualifies as a dependent for the Chamberses under the qualifying relative rules because he lived with them for the entire year. d. As long as the Chamberses provide more than half of Ryans support, he qualifies as a dependent for the Chamberses under the qualifying relative rules.
Sheila, a single taxpayer, is a retired computer executive with a taxable income of 100,000 in the current year. She receives 30,000 per year in tax-exempt municipal bond interest. Adam and Tanya are married and have no children. Adam and Tanyas 100,000 taxable income is comprised solely of wages they earn from their jobs. Calculate and compare the amount of tax Sheila pays with Adam and Tanyas tax. How well does the ability-to-pay concept work in this situation?
Dana and Larry are married and live in Texas. Dana earns a salary of $45,000 and Larry has $25,000 of rental income from his separate property. If Dana and Larry file separate tax returns, what amount of income must Larry report? $0 $22,500 $25,000 $47,500 None of the above
Cooper and Brandy are married and file a joint income tax return with two separate Schedule Cs. Cooper is an independent security specialist who spent $395 on uniforms during the year. His laundry expenses for the uniforms were $175 for this year, plus $65 for altering them. Brandy works as a drill press operator and wears jeans and a work shirt on the job, which cost $175 this year. Her laundry costs were $50 for the work clothes. Brandy is also required by state regulators to wear safety glasses and safety shoes when working, which cost a total of $115. How much is Cooper's total deduction on his Schedule C for special clothing and uniforms? $_____________ How much is Brandy's total deduction on her Schedule C for special clothing and uniforms? $_______________
Abbe, age 56, is married and has two dependent children, one age 14, and the other a 21 -year-old full-time student. Abbe has one job, and her husband, age 58, is not employed. If she expects to earn wages of $50,000, file jointly, and take the standard deduction, how many allowances should Abbe claim on her Form W-4? 4 5 7 8 9