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Merlo, Accountant

Category: Tax

Satisfied Customers: 9783

Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad

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2.) Jason and marry are married tax payers in 2008 they are

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2.) Jason and marry are married tax payers in 2008 they are both under age 65 and in good health. For this tax year they have a total of $41,000 wages and $500 in interestincome Jason and Mary's deductions for adjusted gross income amount to $5,000 and there itemized deductions equal $7950. They claim two exemptions for the year on their joint tax return.
a). What is the amount of Jason and Mary's adjusted gross income?
b.) what is the amount of their itemized deductions or standard deduction?
c.) what is their 2008 taxable income?

3.) Leslie is a single tax payer who is under age 65 and in good health. For 2008, she has a salary of 23000 and itemized deductions of $1,000. Leslie is entitled to one exemption on her tax return.
a.) What is Leslie's adjusted gross income?
b.) What amount of itemized or standard deductions should she claim?
c.) What is the amount of Leslie's taxable income?

4.) Diego age 28 married Dolores age 27 in 2008. There salaries for the year amounted to $46,479 and they had interest of $3,500. Diego and Dolores deductions for adjusted gross income amounted to $1,900 their itemized deductions were $10,172, and they claimed two exemptions on their return.
a.) What is the amount of their adjusted gross income?
b.) What amount of itemized or standard deductions should she claim?
c.) What is their taxable income?

5.) In 2008 Lou has a salary of $54,000 from her job. She also has interest income of $1,700 Lou is single and has no dependents. During the year Lou sold silver coins held as a investment for a $7,000 loss. Calculate the following amounts.
a.) Adjusted gross income?
b.) standard deduction
c.) exemptions
d.) taxable income

11.) Ulysses and Penelope are married and file separate returns for 2008. Penelope itemizes her deductions on her return. Ulysses adjusted gross income was $17,400 his itemized deductions were$2,250 and he is entitled to one exemption. Calculate Ulysses income tax liability.

12.)Alicia age 27 is a single full-time college student who is supported by her parents she earns $5,500 from a part time job and has taxable interest income of $1,400 Her itemized deductions are $690. Calculate Alicia's tax liability for 2008.

13.) Melissa and Aron are married taxpayers with taxable income of $102,000.
a.) When calculating their tax liability are you required to use taxtables or the tax rate schedules or does it matter?
b.) What is their tax liability?

14.) Jonathan is a 35 year old single tax payer with adjusted gross income $45,000 he uses the standard deduction and has no dependents.
a.) Calculate Jonathan's taxable income.?
b.) When calculating the tax liability are you required to use tax tables or the tax rate schedules or does it matter?
c.)What is Jonathan's tax liability?

19.) Jim age 50 are married with three dependent children. They file a joint return for 2008. Their income from salaries totals $50,000 and they received $10,000 in taxable interest, $5,000 in royalties and $3,000 of other ordinary income. Jim and Maratha's deductions for adjusted income amount to $3,200 and they have itemized deductions totaling $12,000 calculate the following?
a.) gross income b.) adjusted gross income
c.) itemized deductions or standard deduction amount
d.) number of exemptions
e.) taxable income
f.) tax liability

Frank age 35, and Joyce age 34, are married and file a joint income tax return for 2008. Their salaries for the year total $83,000 and they have taxable interest income of $4,000. They have no deductions for adjusted gross income. Their itemized deductions are $12,000. Frank and Joyce do not have any dependents.
a.) What is the amount of their adjusted gross income?
b.) What is their deductions for personal exemptions?
c.) What is the amount of their taxable income?

Christine is a single 50-year old taxpayer. Her only income is $40,000 of wages calculate taxable income and her tax liability?

2a) AGI is $36,500
2b) They should use the standard deduction of $10,900 because it is higher than their itemized deductions
2c) They have a standard deduction of $10,900 and two personal exemptions of $3,500 each, so their taxable income is $18,600

3a) The AGI is $23,000
3b) She should use the standard deduction of $5,450
3c) She has a standard deduction of $5,450 and one personal allowance of $3,500, so her taxable income is $14,050

4a) Their AGI is $48,079
4b) Use the higher standard deduction of $10,900
4c) Standard deduction of $10,900 and two personal exemptions of $3,500 each gives them taxable income of $30,179

5a) Her AGI is $48,700
5b) Use the standard deduction of $5,450
5c) She has one personal exemption for herself of $3,500
5d) Taxable income is $39,750

11. Ulysses has deductions of $2,250 and one personal exemption of $3,500. His taxable income is $11,650 and his tax liability is $1,350.

12. Alicia has total income of $6,900. She has no tax liability since her total income is less than $8,950 for the year.

13a) They must use the tax schedules. The tax tables only go up to incomes of $100,000 or less
13b) Their tax liability is $18,188.00

14a) With standard deduction of $5,450 and one personal exmeption of $3,500, the taxable income is $36,050
14b) He must use the tax tables
14c) Tax liability is $5,363

19a) Gross income is $68,000
19b) AGI is $64,800
19c) They should use the itemized deductions of $12,000
19d) Taxable income is $35,300
19e) Tax liability is $4,496.00

Frank and Joyce:
a) Their AGI is $87,000
b) They have two personal exemptions of $3,500 each for a total of $7,000
c) Their taxable income is $68,000

Christine has:
a) Taxable income of $31,050
b) Her tax liability is $4,275.00

These questions took quite a bit of time, so positive feedback and bonuses are greatly appreciated.

I have included explanations on how I arrived at these numbers where I could. Some of the figures such as the tax liability simply comes from the tax tables or tax schedules.

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