Rahul and Ruby are married taxpayers. They are both under age 65 and in good health. For 2020 they have a total of $107,700 in wages and $330 in interest income. Rahul and Ruby's deductions for adjusted gross income amount to $2,285 and their itemized deductions equal $16,230. They claim two exemptions for the year on their joint tax return. Table for the standard deduction Filing Status Standard Deduction Single $12,400   Married, filing jointly 24,800   Married, filing separately 12,400   Head of household 18,650   Qualifying widow(er) 24,800   a.  What is the amount of Rahul and Ruby's adjusted gross income? $fill in the blank  b.  In order to minimize taxable income, Rahul and Ruby will   in the amount of $fill in the blank  c.  What is their taxable income? $fill in the blank

Q: Arthur and Cora are married and have 2 dependent children. They have a gross income of $92,500.…

A: The tax liability for the year 2020 of married and filed jointly assessees's should be determined by…

Q: Drake and Davina are married and file a joint return for 2021 with taxable income of $100,000 and…

A: Introduction: Your tax liability is the sum of income you owe to taxing authorities such as your…

Q: Ciara had $78,000 of income from wages and $2,950 of taxable interest. Ciara also made contributions…

A: Introduction Income from wages: Wage income is the total of all earnings earned by a person in a…

Q: In 2021, Sven is single and has $138,000 of regular taxable income. He itemizes his deductions as…

A: The alternative minimum tax (AMT) applies to taxpayers who falls under high income by fixing a limit…

Q: Lucy is 17 years old and a dependent of her parents. She receives $9,000 of wages from a​ part-time…

A: Lucy is 17 years below 19 years of age and hence qualified for children tax rate  Wages =9000…

Q: In 2021, Jasmine and Thomas, a married couple, had taxable income of $101,000. If they were to file…

A: To calculate the benefit or penalty we have to calculate the tax liability jointly and seprately.…

Q: Jermaine and Kesha are married, file a joint tax return, haveAGI of $75,000, and have two children.…

A: Taxable Income: The amount of adjusted gross income that is liable to be taxed is known as taxable…

Q: Victor and Roberta Sanchez file jointly and had a combined income of $87,700 last year. They…

A: Tax liability is the amount of taxes that need to be paid to the government.

Q: Jermaine and Kesha are married, file a joint tax return, haveAGI of $75,000, and have two children.…

A: American Opportunity credit is also known as American Opportunity Tax Credit (AOTC) is a credit for…

Q: Oscar and Mary have no dependents and file a joint income tax return for 2020. They have adjusted…

A: Formula: Taxable income = Gross income - itemized deductions

Q: Sandra and Nick, married taxpayers filing a joint return, have $180,000 in taxable income in 2019.…

A: For the 2019 the standard deduction for married filing jointly is $ 24,400.…

Q: Whitney received $75,000 of taxable income in 2020. All of the income was salary from her employer.…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: Diego, age 88, married Dolores, age 60, in 2020. Their salaries for the year amounted to $47,230 and…

A: Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: Jack files married filing separately, and in 2020 his taxable income is $278,300, as computed below.…

A: The amount being paid to the tax authority or government as their revenue is known as tax. It is…

Q: Robert and Mary file a joint tax return for 2021 with adjusted gross income of $104,000. Robert and…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Sam had $69,487 of income from wages and $215 of taxable interest. Sam also made contributions of…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Rebecca and Gregory, a married couple filing a joint return, reported adjusted gross income of…

A: ANSWER Amount $ 500 of state income tax refund will be included in gross income of 2020.   Working…

Q: L. A. and Paula file as married taxpayers. In August of this year, they received a $6,740 refund of…

A: a. Because they did not itemize their deductions . L.A. and Paula received no benefit from the…

Q: Huy is single, age 40, and operates a sole proprietorship.In 2020, Huy's sole proprietorship…

A: It is the deduction available on the qualified business income subject to the provisions of IRS.…

Q: Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $80,000 and they…

A: Given: Gross income = $80,000 Standard deduction = $24,000

Q: Eddie and Krysten married on January 1, 2020 and had their baby, Eddie Jr. on December 31, 2020.…

A: The tax refund is given to the taxpayer for the overpayment of tax.

Q: Addison had $80,000 of income from wages and $1,850 of taxable interest. Addison also made…

A: Head of household can claim dependent allowance up to $2000 per child dependent on him in the year…

Q: ll of 2020 after having completed her junior year during the spring of that year.  Both Devona and…

A: Calculation of American Opportunity credit available to Jerome and Kelly for 2020 American…

Q: In December 2020, Ben and Jeri (married filing jointly) have a long-term capital gain of $55,000 on…

A: Long term capital gain above $ 80000 = 125000 - 80000 = $ 45000

Q: Charles and Joan Thompson file a joint return. In 2019, they had taxable income of $90,160 and paid…

A: 2020 tax slab of married filing jointly is used to calculate the amount of the tax.

Q: Zack is single and  has collected the following information for preparing his 2021 taxes: Gross…

A: According to the given question,  we are required to compute the adjusted gross income and taxable…

Q: Huy is single, age 40, and operates a sole proprietorship. In 2020, Huy's sole proprietorship…

A: Qualified business income (QBI) deduction is a deduction available to eligible sole proprietors…

Q: Herb and Carol are married and file a joint tax return claiming their three children, ages 4, 5, and…

A: Solution:- Child tax credit (CTC) applies for child dependants below 17 years of age only. Hence…

Q: n 2021, Lisa and Fred, a married couple, had taxable income of $305,200. If they were to file…

A: Taxable income: When one individual earns income from a country then he or she has to pay tax as per…

Q: In 2020, Marley, age 70 and head of household (unmarried), had income of $37,000 and exclusions of…

A: AGI stands for Adjusted Gross Income. AGI is the difference between gross income & adjustments…

Q: What is the maximum amount that Terry and Jennifer may each deduct for contributions to their…

A: Pension plan: Pension plan can be defined as the plan where both employer and employee contribute…

Q: Mario, a single taxpayer with two dependent children, has the following items of income and expense…

A: Part( a )Mario's taxable income or loss for 2020. Adjusted Gross Income :-  Gross receipts from…

Q: Jermaine and Kesha are married, file a joint tax return, have AGI of $75,000, and have two children.…

A: Concept used: Maximum up to tax liability or Actual paid or 2500 whichever amount is lower will be…

Q: Mr. and Mrs. Montgomery are filing a joint tax return. While listing their deductions, they find…

A: The standard deduction is the amount of untaxed income that can be utilised to lower your tax…

Q: Brian and Kim have a 12-year-old child, Stan. For 2019, Brain and Kim have taxable income of…

A: Brian and Kim are minor kids their taxable income=$52000 Stan's Interest income=$4500

Q: Wilson and Joan, both in their 30s, file a joint income tax return for 2020. Wilson's wages are…

A: SOLUTION- PENSION IS A CONTRACT FOR A FIXED SUM TO BE PAID REGULARLY TO A PERSON , TYPICALLY…

Q: Antonio and Maria deduct for state taxes?

A: a. Itemized deductions of $9,500 and deduct $5,600 for taxes on Antonio’s Schedule C for his…

Q: Myrna and Geoffrey filed a joint tax return in 2019. Their AGI was $85,000, and itemized deductions…

A: The Tax benefit rule U/s 111 states if any deduction is claimed in prior year and subsequently it…

Q: 1. Theodore, age 74, and Maureen, age 59, are married taxpayers with two dependents. Their adjusted…

A: 1. a. $24,400 + $1,300 = $25,700     b. $43,600 - $25,700 =$17,900.

Q: Bill is a single taxpayer, age 27. In 2020, his salary is $29,000 and he has interest income of…

A: 1. Calculation of Gross Income and adjusted Gross income   CALCULATION PARTICULAR AMOUNT…

Q: In December 2019, Ben and Jeri (married filing jointly) have a long-term capital gain of $55,000 on…

A: A. LONG TERM CAPITAL GAIN ABOVE $78,750 = $125,000 - $78,750 =$46,250   B. TAX ON LONG TERM…

Q: In 2020, Jasmine and Thomas, a married couple, had taxable income of $106,000. If they were to file…

A: If Jasmine and Thomas file joint return as a married couple: Joint Income = $106,000 Income Tax =…

Q: What is the other dependent credit Mr. and Mrs. Vonce may claim on their 2019 tax return?

A: Income tax: - Income tax is the tax that is paid by the individual/firm/company when it earns…

Q: Phil and Linda are 25-year-old newlyweds and file a joint tax return. Linda is covered by a…

A: The maximum contribution limit to Traditional IRA is $ 6000 per person or $ 12000 if MFJ. The…

Q: Brock, age 50, and Erin, age 49, are married with three dependent children. They file a joint return…

A: The income tax liability of an individual depends on his or her earnings during the previous…

Q: Rahul and Ruby are married taxpayers. They are both under age 65 and in good health. For 2021 they…

A: Tax refers to the amount charged by the government from the individual and organizations on the…

Q: Diego, age 28, married Dolores, age 27, in 2019. Their salaries for the year amounted to $80,000 and…

A: Tax liability: When the assessee is earned the income of among any of the sources of income then its…

Q: Brock, age 50, and Erin, age 49, are married with three dependent children. They file a joint return…

A: Gross Income = Income from Salary + Interest + Royalties + Other Income Adjusted Gross Income =…

Q: Dmitry had $42,000 of income from wages and $1,550 of taxable interest. Dmitry also made…

A: Taxable income is the income calculated after multiplying the tax rate by the net income and…