Connect ACCT 401 Chapter 7 Assignment - Spring B 2015 1 Taxation I & II
(ACCT 401 - Spring B 2015 1)
Assignment:
Chapter 7
1.
Problem 7-50 (LO 7-1)
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In 2013, Lisa and Fred, a married couple, have taxable income of $355,000. If they were to file separate tax returns, Lisa would have reported taxable income of $137,500 and Fred would have reported taxable income of $217,500.Use Tax Rate Schedule for reference. |
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What is the couple’s marriage penalty or benefit?(Do not round intermediate calculations. Round your answer to 2 decimal places.Input the amount as positive value.) |
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Marriage penalty |
$ |
2.
Problem 7-52 (LO 7-1)
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Lacy is a single taxpayer. In 2013, her taxable income is $49,000. What is her tax liability in each of the following alternative situations?Use Tax rate schedule for reference.(Do not round intermediate calculations. Round your answer to 2 decimal places.) |
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a. |
All of her income is salary from her employer. |
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b. |
Her $49,000 of taxable income includes $2,900 of qualified dividends. |
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c. |
Her $49,000 of taxable income includes $14,800 of qualified dividends. |
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Tax liability |
$ |
3.
Problem 7-56 (LO 7-2)
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Brooklyn files as a head of household for 2013 and claims a total of three exemptions (3 × $3,900 = $11,700). She claimed the standard deduction of $8,950 for regular tax purposes. Her regular taxable income was $99,000. |
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What is Brooklyn's AMTI?(Input all amounts as positive values.) |
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Amount |
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(1) |
Regular taxable income |
$ |
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(2) |
Exemptions |
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(3) |
Standard Deduction |
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AMTI |
$ |
4.
Problem 7-67 (LO 7-3)
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Rasheed works for Company A, earning $386,000 in salary during 2013. |
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Assuming he has no other sources of income, what amount of FICA tax will Rasheed pay for the year? |
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Amount of FICA tax |
$ |
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Solution: Connect ACCT 401 Chapter 7 Assignment - Spring B 2015 1 Taxation I & II