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married filing jointly
gross income =89700
retirement contribution =4200
itemized deductions =19420
Net income after deductions =89700-4200-19420=66080
Tax paid=9333
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- During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amountDarrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.What is the net Form W-2 wages? Paul earned salary of $88,000 (before subtracting his 401(k) and flexible spending plan contributions and before adding any additional possible income items described in paragraphs 4-7, 11). He contributed $7,200 to his 401(k) account, and he contributed $2,600 to his flexible spending account to purchase additional health insurance. ASCI paid $632 of whole life insurance premiums to cover Paul's personal whole life insurance policy with a face value of $50,000. ASCI also paid health club dues of $825 to a nearby health club on Paul's behalf. Taking advantage of ASCI's educational assistance program, during the fall Paul enrolled in two graduate engineering classes at a local college. ASCI paid his tuition, fees, and other course-related costs of $5,300. Paul received free parking in the company's security garage that would normally cost $200 per month. Paul manages the safety program for ASCI. In recognition of his superior handling of three potential…
- All of the following taxpayers meet the modified adjusted gross requirements for the Retirement Savings Contributions ( Saver's) Credit. Which taxpayer is eligible to claim the credit on their 2023 return? 1) Alanna (25) is claimed as a dependent on her sister's return. This year, she worked as a freelance writer and contributed $2,000 to a Roth IRA. 2) Henry (19) is employed full-time by ABC, Inc, This year, elective deferrals of $5,000 were made to the company 401 (K) plan. 3) Marissa (17) is an emancipated minor who is not a dependent. She worked full-time as a dental receptionist. This year, she contribituted $1,000 to a Roth 401 (K) plan. 4) Karl (20) is afull-time student at Arkansas State University. This year, he worked part-time at a local restaurant and contributed $3,000 to a traditional IRA.What is included on line 1 of 1040 in the following problem? Matthew’s annual salary from The Pour House is $98,000. Matthew’s 2018 bonus was $6,000 (received in 2019). Matthew prticipates in his employer’s group health insurance plan to which he contributed $7,200 in 2019 for medical coverage. These contributions are made with after-tax dollars. The Pour House does not provide any retirement benefits, but it has established a § 401(k) plan to enable its employees to save for retirement. Matthew contributed $19,000 to the plan in 2019. Courtney is a licensed architect who works part time as an architectural consultant. Her professional activity code is 541310. Courtney collected $72,000 in consulting fees during 2019.A man earned wages of $49, 700 received $1300 in interest from a savings account, and contributed $3700 to a tax-deferred retirement plan. He was entitled to a personal exemption of $3800 and had deductions totaling $7140. Find his gross income, adjusted gross income, and taxable income. His gross income. His adjusted income. His taxable income.
- Kaitlyn purchased a life annuity contract with money contributed to her employer-sponsored retirement plan. The employer had contributed $300,000 and Kaitlyn contributed $150,000 after-tax. She began receiving $2,400 per month on April 1, 2022 when she was age 60. How much of each payment received by Kaitlyn is excluded from gross income? $1,550 $517 $1,452 0 $323 $484Find the gross income, the adjusted gross income, and the taxable income. A taxpayer earned wages of $65,100, received $850 in interest from a savings account, and contributed $2600 to a tax-deferred retirement plan. He was entitled to a personal exemption of $4050 and had deductions totaling $6580Salama is married to Omran. Both are 48 years of age. They itemize their deductions. Their salaries are $150,000. They provided the following information about their expenditures and other income for 2019: Loss on sales of stocks 6,500; Interest on Capital one credit card 3,200; Mortgage interest payments 14,800; IRA contribution (Traditional) 12,000; State income tax estimated payment 2,200; Contribution to charitable organizations 3,000; Charitable Contribution 500; Interest income from their saving $3,500; Calculate their taxable income for 2019. Show all your work.
- A earned wages of $38,500, received $2500 in interest from a savings account, and contributed $3900 to a tax-deferred retirement plan. was entitled to a personal exemption of $2500 and had deductions totaling $5260. Find gross income, adjusted gross income, and taxable income.A woman earned wages of $ 54500. She recieved $ 2900 in interest from a savings account. Contributed $ 3600 to a tax deferred retirement plan. she was entitled to a pesonal exemption of $ 3300 and had deductions totaling $ 5130. Find her gross income Adjusted Gross Income Taxable IncomeFor tax year 2023Cindy has work-related dependent care expenses of $3,200 for the care of one qualifying person, and work-related dependent care expenses of $3,800 for another qualifying person. What amount of these work-related expenses may Cindy use when figuring the Child and Dependent Care Credit? A) $2,800 B) $3.000 C) $7,000 D) $6,000