Determine the amount of taxes owed or the refund that would result in this situation: • Filing Status: Married filing jointly . Gross Income: $125,000 • Adjustments: $6,900 Itemized Deductions: $10,400 • Credits and Withholdings: $15,000 a. What is their adjusted gross income (AGI)? b. Should they itemize or take the standard deduction? take the standard deduction itemize c. Use the simplified 2018 tax tables to determine their taxable income. "Remember to subtract the deduction to determine the taxable income. d. Determine their tax using the 2018 tax table e. What is their final tax refund or amount still owed (if they owe enter the number as a negative)?

am. 136.

Vishnu

Tax Drill - Social Security Benefits Determine the taxable amount of social security benefits for the following situations. If an amount is zero, enter "0". a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $36,000, no tax-exempt interest, and $12,400 of Social Security benefits. As a result, s 0X of the Social Security benefits are taxable. b. Assume Erwin and Eleanor have adjusted gross income of $12,000, no tax-exempt interest, and $16,000 of Social Security benefits. As a result, s O✓ of the Social Security benefits are taxable. c. Assume Erwin and Eleanor have adjusted gross income of $85,000, no tax-exempt interest, and $15,000 of Social Security benefits. As a result, s 0X of the Social Security benefits are taxable.

The following information relates to two married couples: (Click the icon to view the information.) (Click the icon to view the 2021 tax rate schedule for the Married filing jointly filing status.) (Click the icon to view the standard deduction amounts.) Read the requirement. Begin by computing taxable income for each couple. (Complete all input fields. Enter "0" for accounts with a zero balance.) McDonalds Cadys Taxable income Requirement Compute the 2021 tax due or refund due for each couple. Assume that any restrictions on itemized deductions have been applied. Ignore credits. Print Done

11.A taxpayer is claiming tax preparation expense as a legal and professional fee.  They paid $430 at your office last year.  The forms breakdown by cost is as follows:  Form 1040- $100 Form Sch. C- $125 Form SE- $55 Form 8867- $75 Form 8863- $75  What is the correct amount that can be deducted on their Schedule C for the current year?  Choose one answer.   a. $280     b. $180     c. $355     d. $430

! Required information [The following information applies to the questions displayed below.] Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation $ 2,050 7,450 4,200 650 4,650 23,700 During the year, Alexa rented out the condo for 137 days. Alexa's AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive income. Assume that in addition to renting the condo for 137 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $47,750 of gross rental receipts and her itemized deductions exceed the standard deduction before considering expenses associated with the condo and that her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to rental use of the home. Answer the…

compute the tax owed by a married couple filing jointly with a taxable income of $82,000 and a $7500 tax credit.

1. Which of the following must be included in the gross income of the recipient in 2021? a.Unemployment compensation b.Child support payments c.Welfare payments d.Gifts e.All of these choices are included in gross income.   2. All of the following must be included in gross income, except: a.Gambling winnings b.Jury duty fees c.Dividends d.Gifts e.Partnership income   3.  All of the following amounts are excluded from gross income, except: a.Gifts b.Veterans' benefits c.Tips and gratuities d.Child support payments e.Scholarship grants for tuition

Subject; accounting