Mathematics, 20.01.2021 01:10 notsosmart249
Problem 1-9
The Tax Formula for Individuals, Filing Status and Tax Computation, Define qualifying dependents, The Standard Deduction (LO 1.3, 1.5, 1.7)
Jim, age 50, and Martha, age 49, are married with three dependent children. They file a joint return for 2019. Their income from salaries totals $49,500, and they received $10,125 in taxable interest, $5,000 in royalties, and $3,000 in other ordinary income. Jim and Martha's deductions for adjusted gross income amount to $3,200, and they have itemized deductions totaling $18,200.
Table for the standard deduction
Filing StatusStandard Deduction
Single$ 12,200
Married, filing jointly24,400
Married, filing separately12,200
Head of household18,350
Qualifying widow(er)24,400
Click here to access the tax tables.
Calculate the following amounts:
a. Gross income$fill in the blank 1
67,625
b. Adjusted gross income$fill in the blank 2
64,425
c. Itemized deduction or standard deduction amount$fill in the blank 3
24,400
d. Taxable income$fill in the blank 4
40,025
e. Income tax liability (before any credits)
Answers: 1
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Problem 1-9
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