BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

Solutions

Chapter
Section
BuyFindarrow_forward

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
8 Mervis Married filing jointly (4) $37,550 $8,400

To determine

To calculate: The total income, standard deduction, exemption allowances and taxable income if Mervis had filed as married jointly tax return with the adjustments to income of $696 and adjusted gross income of $37,550 and itemized deductions of $8,400.

Explanation

Given Information:

Mervis had filed as married jointly tax return with the adjustments to income of $696 and adjusted gross income of $37,550 and itemized deductions of $8,400.

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

Step 1: The total income is calculated as done below,

Total Income = Adjustments to income + Adjusted Gross Income = $696 + $37,550 =$38,246

Step 2: The standard deductions for married jointly filing will be $12,400 which can be seen from the standard deduction table.

Step 3: None of the conditions are given for high income return so the exemption allowances are calculated as done below,

Exemption Allowances=$3,950×number of exemptions claimed= $3,950×4= $15,800

Step 4: Now, as the deduction to claim, $12,400 is more than the itemized deductions, $8,400 then the standard deductions are taken into account for the calculation of taxable income

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Chapter 18 Solutions

Show all chapter solutions add
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

Additional Math Solutions

Find more solutions based on key concepts

Show solutions add

Find the derivative. Simplify where possible. 41. y=cosh1x

Single Variable Calculus: Early Transcendentals, Volume I

In Exercises 1-8, find the indicated limit by first plotting the graph of the function in a suitable viewing wi...

Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach

(a) y=4x2 (b) x = y3

Precalculus: Mathematics for Calculus (Standalone Book)

Find the median for the following set of scores: 1, 9, 3, 6, 4, 3, 11, 10

Essentials of Statistics for The Behavioral Sciences (MindTap Course List)

40. Revenue If the marginal revenue for a product is find the total revenue function.

Mathematical Applications for the Management, Life, and Social Sciences

Suppose . Then F(x)g(x) + C f′(g(x)) + C F(g′(x)) + C F(g(x)) + C

Study Guide for Stewart's Single Variable Calculus: Early Transcendentals, 8th