   Chapter 18.III, Problem 2RE ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the missing information for eight of the firm's tax clients. Use the standard deductions listed on page 613.(circle your choice) Filing Status Adjustments to Adjusted Gross Standard Itemized Exemption Taxable Name (Exemptions) Income Income Income Deduction Deductions Allowances Income 2. Lerner Married filing jointly(3) $1.244 ____$47,228_____ $5,329 _________ ______________ To determine To calculate: The total income, standard deduction, exemption allowances and taxable income if Lerner had filed a marriage jointly tax return with the adjustments to income of$1244, adjusted gross income of $47228 and itemized deductions of$5329.

Explanation

Given Information:

Lerner had filed a marriage jointly tax return with the adjustments to income of $1244, adjusted gross income of$47228 and itemized deductions of $5329. Formula used: The formulas used for calculation are listed below, Total Income=Adjustments to income+Adjusted Gross IncomeTaxable Income=Adjusted Gross Incomedeductions to claimexemptions allowances Calculation: 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. The followings steps are used to calculate Step1: The Total Income is calculated as done below, Total Income = Adjustments to income + Adjusted Gross Income=$1,244+$47,228 =$48,472

Step 2: The standard deductions for marriage filing joint jointly will be \$12400 which can be seen from the standard deduction table

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