Please note to follow 2015 tax rates and information. Much thanks CHAPTER 3 Tax
ID: 2423673 • Letter: P
Question
Please note to follow 2015 tax rates and information. Much thanks CHAPTER 3 Tax Formula and Tax Determination; An Overview of P )O) compute the taxable income for 2015 in each of the following indep 29. 40.1 Compute the taxable income for 2015 in each of the following independent situations a. Drew and Meg, ages 40 and 41, respectively, are married and file a joint return. b. Sybil, age 40, is single and supports her dependent parents who live with her c. Scott, age 49, is a surviving spouse. His household includes two unmarried step- d. Amelia, age 33, is an abandoned spouse who maintains a household for her In addition to four dependent children, they have AGI of $65,000 and itemized deductions of $15,000. as well as her grandfather who is in a nursing home. She has AGI of $80,000 and itemized deductions of $8,000. sons who qualify as his dependents. He has AGI of $75,000 and itemized deductions of $10,100. three dependent children. She has AGI of $58,000 and itemized deductions of $9,500. e. Dale, age 42, is divorced but maintains the home in which he and his daughter Jill, live. Jill is single and qualifies as Dale's dependent. Dale has AGI of $64,000 and itemized deductions of $9,900Explanation / Answer
1.
2.
Drew and Meg Annual Income 65000 Itemized deduction 15000 Standard decution 12600 Tax rate $1,845.00 plus 15% of the amount over $18,450 Tax computation Annual income 65000 Less: Itemized deduction 15000 Net Income 50000 Tax 6577.5