Federal Income Tax
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Suppose that my filing status on the Federal Income Tax Form 1040 is married filing jointly and that my spouse and I find that our set of itemized deductions is less than our standard deduction. Then to seek the lowest tax liability, my spouse and I should
| a. |
use the standard deduction. |
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| b. |
itemize deductions. |
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| c. |
add our standard deduction to our income. |
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| d. |
add our itemized deductions to our income. |
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| e. |
have lots of arguments doing our taxes together. |
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- In 2023, Lisa and Fred, a married couple, had taxable income of $412,600. If they were to file separate tax returns, Lisa would have reported taxable income of $231,300 and Fred would have reported taxable income of $181,300. Use Tax Rate Schedule for reference. What is the couple's marriage penalty or benefit? Note: Do not round intermediate calculations. Marriage benefit CWhich of the following is not true? Taxpayers must file a federal income tax return if their gross income exceeds the standard deduction amount set for their filing status If Tony's wife died on January 1, 2020 and he remarried on December 31, 2020, he can only file either married filing jointly or married filing separately with his new wife. The 16th Amendment to the US Constitution legalized the direct taxation of individuals' income. For US tax purposes, the tax rate on individuals' income is a flat rateA new client, Mary, is your first client. She needs to lodge his income tax for 2021/22. Further, she wants toknow about some tax-related provisions and practices. She asks some questions - what are the differencesbetween taxable income, ordinary income, and statutory income? What types of ordinary and statutory incomedo not constitute assessable income?
- Determine the taxable amount of Social Security benefits for the following situations. If an amount is zero, enter "0". a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $46,000, no tax-exempt interest, and $12,400 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. b. Assume Erwin and Eleanor have adjusted gross income of $12,000, no tax-exempt interest, and $16,000 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. c. Assume Erwin and Eleanor have adjusted gross income of $85,000, no tax-exempt interest, and $15,000 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.Determine the taxable amount of social security benefits for the following situations. a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $39,200, no tax-exempt interest, and $13,720 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. b. Assume Erwin and Eleanor have adjusted gross income of $19,800, no tax-exempt interest, and $21,780 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. c. Assume Erwin and Eleanor have adjusted gross income of $116,500, no tax-exempt interest, and $17,475 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.In choosing between taking the standard deduction and itemizing deductions from AGI, what effect, if any, does each of the following have? The age of the taxpayer(s). The health (i.e., physical condition) of the taxpayer. Whether taxpayers rent or own their residence. Taxpayer’s filing status (e.g., single, married, filing jointly). Whether married taxpayers decide to file separate returns. The number of dependents the taxpayer can claim.
- Which of the following is NOT a condition a taxpayer must meet to claim injured spouse? O Must file married ting separately. O Received and reported income on a joint retur O Made and reported tax payments, such as withhoefing or estimated tax, or is eligible for EITC or other refundable credits on a joint return O is not required to pay the past-due amount.If husband and wife are both employed, which is correct regarding their income tax exemption in the tax table? A. Each spouse shall be entitled to a P250,000 income tax exemption in the tax table. B. Each spouse is allowed P500,000 income tax exemption in the tax table C. Either the husband or the wife can take advantage of the P500,000 income exemption in the tax table. D. Only the husband shall be allowed P250,000 income tax exemption in the tax table. What is the basis of the computation of the optional income tax? A. Net taxable income B. Goss sales/receipt in excess of P250,000 C. Net compensation income D. Gross sales/receipt As a rule non-profit, non-stock corporations are exempt from income tax. which of these non-profit entities is subject to income tax? A. Association B. School C. Farmers' cooperative D. Hospital Benguet State University, a public educational institution, is: A. Subject to income tax…Determine the taxable amount of social security benefits for the following situations. If an amount is zero, enter "$0".a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $36,000, no tax-exempt interest, and $12,400 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.b. Assume Erwin and Eleanor have adjusted gross income of $12,000, no tax-exempt interest, and $16,000 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.c. Assume Erwin and Eleanor have adjusted gross income of $85,000, no tax-exempt interest, and $15,000 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.
- Bee and Barney Mayberry have $71,500 in gross income and enough allowable deductions to itemize. Determine the best income tax form for them to use if they are filing jointly. Explain the major reason they can't use the other forms. What is the best income tax form for them to use if they are filing jointly? (Select the best answer below.) O A. Form 1040NR. O B. Form 1040. O C. Form 1040EZ. O D. Form 1040A. Etext pages Financial calculator Ask my instructor Clear all Check answerWhich one of the following conditions must be satisfied in order for a married taxpayer to be taxed on only his income if he resides in a community property state? a.The husband and wife must live apart for the entire year. b.The husband and wife must live apart for more than half the year. c.The husband and wife must be in the process of filing for a divorce. d.Only one of the spouses can be working and earning an income. e.None of these choices are correct.Use the Tax Rate Schedules to determine the tax liability for each of the following cases. a. Single taxpayer, taxable income of $20,032. b. Single taxpayer, taxable income of $47,172. c. Married taxpayers, who file a joint return, have taxable income of $20,000. d. Married taxpayers, who file a joint return, have taxable income of $58,547. e. Married taxpayers, who file a joint return, have taxable income of $21,103. f. Single taxpayer, taxable income of $86,178. Note: For all requirements, round your intermediate computations and final answers to 2 decimal places. a. b. C. d. e. f. S Answer is not complete. Tax liability 1,114.40