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Tax Formula for IndividualsIncome from whatever source derived:Minus: ExclusionsGross IncomeAdjusted gross income (AGI)Minus: Deductions for adjusted gross income (AGI)Minus: Deductions from adjusted gross income (AGI)Taxable incomeMinus: PaymentsGross income tax (Use current year tax table)Total incomeNet income tax payable or (refund due):Required:Child's Net Unearned Income WorksheetUnearned IncomeLess: Statutory deductionLess:Greater of standard deduction of $950 orIntemized deductions directly connected with the production of the unearned incomeNet unearned incomeWages:Taxable interest:JamesJonasCompute the taxable income and tax liability for James and Jonas.Tax Formula for Individuals (Simplified): JamesTax Formula for Individuals (Simplified): JonasAnthony and Latrisha are married and have two sons, James, age 25 and Jonas, age 13. Both sons are properly claimed as dependents. Anthony and Latrisha's marginal tax rate is 25% in the current year and they file a joint return. Both James and Jonas had part-time jobs as well as some unearned income. Below is a summary of their total income.a. Allen is divorced from his wife. He maintains a household for himself and his dependent mother.b. Beth is divorced from her husband. She maintains a home for herself and supports an elderly aunt who lives in a retirement home.c. Cindy was widowed last year. She maintains a household for herself and supports her dependent daughter, who lived with her during the year.SolutionIn the following situations, indicate whether the taxpayer qualifies as a head of household and whether it is advantageous to use the head of household filing status. If the head of household filing status is not available, please explain why.d. Doug is not divorced but lived apart from his wife for the entire year. He maintains a household for himself and his dependent daughter. He does not receive any financial support from his wife.a. Anita is single, age 68, and has a salary of $22,000 and interest of $300.b. Betty owns an apartment complex that produced rental income of $36,000. Expenses totaled $38,500.d. Donna is a head of household. Her salary is $27,000 and she has $200 of interest income.Which tax form is used by the following individuals? Choose the simplest form available and explain why this is the best option.c. Clay's wife died last year. He qualifies as a surviving spouse. His salary is $24,000.
A360 Problems Mod03

A360 Problems Mod03

Question # 00004136 Posted By: neil2103 Updated on: 11/25/2013 11:27 PM Due on: 11/30/2013
Subject Finance Topic Finance Tutorials:
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Anthony and Latrisha are married and have two sons, James, age 25 and Jonas, age 13. Both sons are properly claimed as dependents. Anthony and Latrisha's marginal tax rate is 25% in the current year and they file a joint return. Both James and Jonas had part-time jobs as well as some unearned income. Below is a summary of their total income.






James Jonas
Wages: $2,800 $400
Taxable interest: 1,800 2,000

Required:
Compute the taxable income and tax liability for James and Jonas.
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  1. neil2103
    Tutorial # 00003916 Posted By: neil2103 Posted on: 11/25/2013 11:34 PM
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