Chapter 18.III, Problem 25RE

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

Buck and Meghan Calder had combined income of $97,320 last year. For tax purposes, the Calders claim four exemptions and their filing status is married filing jointly. They contributed $5,000 to their retirement plan and had total itemized deductions of $17,200. In addition, the Calders had a tax credit for the disabled of $3,430. If their combined income tax withheld last year amounted to $10,887. calculate the following:

a. Adjusted gross income

b. Taxable income

c. Tax liability

d. Are the Calders entitled to a refund, or do they owe additional taxes? How much?

**(a)**

To determine

**To calculate:** The adjusted gross income, if Buck and Meghan Calder have the combined income of $97,320 in last year and they have filed under marriage jointly status. They have the retirement plan of $5,000 and total itemized deductions of $17,200. Calder have the tax credit for disabled is $3,430 and if the combined tax withheld costs $10,887 in last year.

Explanation

**Given Information:**

Buck and Meghan Calder have the combined income of $97,320 in last year and they have filed under marriage jointly status. They have the retirement plan of $5,000 and total itemized deductions of $17,200. Calder have the tax credit for disabled is $3,430 and if the combined tax withheld costs $10,887 in last year.

**Calculation:**

Consider the provided information,

Buck and Meghan Calder have the combined income of $97,320 in last year and they have filed under marriage jointly status. They have the retirement plan of $5,000 and total itemized deductions of $17,200. Calder have the tax credit for disabled is $3,430 and if the combined tax withheld costs $10,887 in last year.

Since, the taxable income is defined as the income to which tax rates are functional in order to discover the total amount of tax payable for the year...

**(b)**

To determine

**To calculate:** The taxable income, if Buck and Meghan Calder have the combined income of $97,320 in last year and they have filed under marriage jointly status. They have the retirement plan of $5,000 and total itemized deductions of $17,200. Calder have the tax credit for disabled is $3,430 and if the combined tax withheld costs $10,887 in last year.

**(c)**

To determine

**To calculate:** The tax liability, if Buck and Meghan Calder have the combined income of $97,320 in last year and they have filed under marriage jointly status. They have the retirement plan of $5,000 and total itemized deductions of $17,200. Calder have the tax credit for disabled is $3,430 and if the combined tax withheld costs $10,887 in last year.

**(d)**

To determine

Whether the Calders entitled to a refund or they owe additional taxes, Buck and Meghan Calder have the combined income of $97,320 in last year and they have filed under marriage jointly status. They have the retirement plan of $5,000 and total itemized deductions of $17,200. Calder have the tax credit for disabled is $3,430 and if the combined tax withheld costs $10,887 in last year.

Sect-18.I P-1TIESect-18.I P-2TIESect-18.I P-3TIESect-18.I P-4TIESect-18.I P-1RESect-18.I P-2RESect-18.I P-3RESect-18.I P-4RESect-18.I P-5RESect-18.I P-6RE

Sect-18.I P-7RESect-18.I P-8RESect-18.I P-9RESect-18.I P-10RESect-18.I P-11RESect-18.I P-12RESect-18.I P-13RESect-18.I P-14RESect-18.I P-15RESect-18.I P-16RESect-18.I P-17RESect-18.I P-18RESect-18.I P-19RESect-18.II P-5TIESect-18.II P-6TIESect-18.II P-7TIESect-18.II P-8TIESect-18.II P-9TIESect-18.II P-1RESect-18.II P-2RESect-18.II P-3RESect-18.II P-4RESect-18.II P-5RESect-18.II P-6RESect-18.II P-7RESect-18.II P-8RESect-18.II P-9RESect-18.II P-10RESect-18.II P-11RESect-18.II P-12RESect-18.II P-13RESect-18.II P-14RESect-18.II P-15RESect-18.II P-16RESect-18.II P-17RESect-18.II P-18RESect-18.II P-19RESect-18.II P-20RESect-18.III P-10TIESect-18.III P-11TIESect-18.III P-12TIESect-18.III P-13TIESect-18.III P-14TIESect-18.III P-1RESect-18.III P-2RESect-18.III P-3RESect-18.III P-4RESect-18.III P-5RESect-18.III P-6RESect-18.III P-7RESect-18.III P-8RESect-18.III P-9RESect-18.III P-10RESect-18.III P-11RESect-18.III P-12RESect-18.III P-13RESect-18.III P-14RESect-18.III P-15RESect-18.III P-16RESect-18.III P-17RESect-18.III P-18RESect-18.III P-19RESect-18.III P-20RESect-18.III P-21RESect-18.III P-22RESect-18.III P-23RESect-18.III P-24RESect-18.III P-25RESect-18.III P-26RESect-18.III P-27RESect-18.III P-28RESect-18.III P-29RESect-18.III P-30RECh-18 P-1CRCh-18 P-2CRCh-18 P-3CRCh-18 P-4CRCh-18 P-5CRCh-18 P-6CRCh-18 P-7CRCh-18 P-8CRCh-18 P-9CRCh-18 P-10CRCh-18 P-11CRCh-18 P-12CRCh-18 P-13CRCh-18 P-14CRCh-18 P-1ATCh-18 P-2ATCh-18 P-3ATCh-18 P-4ATCh-18 P-5ATCh-18 P-6ATCh-18 P-7ATCh-18 P-8ATCh-18 P-9ATCh-18 P-10ATCh-18 P-11ATCh-18 P-12ATCh-18 P-13ATCh-18 P-14ATCh-18 P-15ATCh-18 P-16ATCh-18 P-17ATCh-18 P-18ATCh-18 P-19ATCh-18 P-20ATCh-18 P-21ATCh-18 P-22ATCh-18 P-23ATCh-18 P-24ATCh-18 P-25ATCh-18 P-26ATCh-18 P-27ATCh-18 P-28ATCh-18 P-29ATCh-18 P-30AT

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