Problem 14-11 (Static) [LO 14-3, 14-4, 14-5) Terrell, an unmarried individual, has the following income items: $ 31,900 55,120 (9,190) 725 Schedule C net profit Salary NOL carryforward deduction Interest income Terrell's self-employment tax was $4,507. Terrell had $6,270 in itemized deductions and one dependent child (age 9) who lives with Terrell. Terrell's Schedule C net business profit is qualified business income (non-service). Required: Compute Terrell's income tax (before credits). Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Answer is complete but not enti AGI Taxable Income Income Tax Amount $ 76,302 $36,935 x $ 5,713 x correct.

Problem 14-11 (Static) [LO 14-3, 14-4, 14-5) Terrell, an unmarried individual, has the following income items: $ 31,900 55,120 (9,190) 725 Schedule C net profit Salary NOL carryforward deduction Interest income Terrell's self-employment tax was $4,507. Terrell had $6,270 in itemized deductions and one dependent child (age 9) who lives with Terrell. Terrell's Schedule C net business profit is qualified business income (non-service). Required: Compute Terrell's income tax (before credits). Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Answer is complete but not enti AGI Taxable Income Income Tax Amount $ 76,302 $36,935 x $ 5,713 x correct.

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)

6th Edition

ISBN:9781337117005

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter3: Preparing Your Taxes

Section: Chapter Questions

Problem 2FPE: ESTIMATING TAXABLE INCOME, TAX LIABILITY, AND POTENTIAL REFUND. Hannah Owens is 24 years old and...

See similar textbooks

Similar questions

ESTIMATING TAXABLE INCOME, TAX LIABILITY, AND POTENTIAL REFUND. Hannah Owens is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned 55,000 as a sales assistant for Business Solutions: 3,910 of her wages was withheld for federal income taxes. In addition, she had interest income of 142. She takes the standard deduction. Calculate her taxable income, tax liability, and tax refund or tax owed for 2015.
Melodie's taxable income is $39,000 and she pays income tax of $4,489. If Melodie's taxable income increases to $41,000, she would pay income taxes of $4,884. What is Melodie's marginal tax rate? 19.75 22.00 18.50 12.00 Some other amount
13. Mr. Coleman, an unmarried individual, has the following income items: Interest income $24,200 Schedule C net profit 50,600 He has $9,300 itemized deductions and no dependents. Mr. Coleman's Schedule C income is qualified business income (non-service). Compute Mr. Coleman's income tax.
Kamryn Brown is single and earns $65,000 in taxable income and will use the following tax rate schedule to calculate the taxes he owes. 0 - 10,275 10% 10,276-41,775 12% 41,776-89,075 22% 89,076-170,050 24% Calculate the dollar amount of taxes that Kamryn owes. Select one: O a. $2,737.66 O b. $9,916.66 O c. $10,000.00 O d. $17,587.66 Oe. $14,300
Problem 14-11 (Static) [LO 14-3, 14-4, 14-5] Terrell, an unmarried individual, has the following income items: Schedule C net profit Salary $ 31,900 55,120 (9,190) NOL carryforward deduction Interest income 725 Terrell's self-employment tax was $4,507. Terrell had $6,270 in itemized deductions and one dependent child (age 9) who lives with Terrell. Terrell's Schedule C net business profit is qualified business income (non-service). Required: Compute Terrell's income tax (before credits). Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. AGI Taxable Income Income Tax Amount $ 76,302 $ 50,521
Problem 14-13 (Static) [LO 14-3, 14-4, 14-5] Cole, an unmarried individual with no dependents, has the following income items: Interest income $ 24,200 50.600 Schedule C net profit Cole has $9.300 Itemized deductions and the Schedule C Income is qualified business Income (non-service). Required: Compule Cole's income tax. Assume the laxable year is 2022. Use Individual Tax Rule Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. AGI Taxable income Income Tax Amount $ 71.225
Kamryn Brown is single and earns $50,000 in taxable income and will use the following tax rate schedule to calculate the taxes he owes. 0-10,275 10% 10,276-41,775 12% 41,776-89,075 22% 89,076-170,050 24% Calculate the dollar amount of taxes that Kamryn owes. Select one: O a. $2,737.66 O b. $6,616.66 O c. $10,000.00 O d. $17,587.66 O e. $11,000
What is the amount of self-employment tax that would be paid by Andy for the year assuming he earned $128,100 while working as an employee of the University and another S20,000 from a sales business he owns? Select one: a. S1,190.40 b. S1,726.03 C. $535.63 d. $2,825.91 e. None of these
Ay 3. Jody is single and had a taxable income of 142,000 last year. Using the following tax table calculate her federal income tax liability: Tax Rate Income Bracket (Single) 10% $0-$10,275 12% $10,276-$41,775 22% $41,776-$89,075 24% $89,076-$170,050 32% $170,051-$215,950 35% $215,951-$539,900 37% $539,901 or more
Problem 15-30 (Static) [LO 15-6, 15-7] Elton Weiss and Reyna Herrera-Weiss are married and report the following income items: Elton's salary Reyna's Schedule C net profit The income tax deduction for Reyna's SE tax was $3,532. Elton contributed the maximum to a Section 401(k) plan, and Reyna contributed the maximum to a SEP plan. Both spouses contributed $2,750 to their IRAS. $ 254,000 50,000 Required: Compute their AGI. Note: Round your intermediate calculations to the nearest whole dollar amount. AGI Answer is complete but not entirely correct. $ 309,500 >
Problem 1-42 (LO 1-4) Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $38,812, and Petra has W-2 income of $46,627. Use the appropriate Tax Tables and Tax Rate Schedules. Required: a. What is their tax liability using the Tax Tables? b. What is their tax liability using the Tax Rate Schedule? Note: Round your intermediate computations and final answers to 2 decimal places. a. Tax liability using Tax Tables b. Tax liability using Tax Rate Schedule
Problem 15-30 (Static) [LO 15-6, 15-7] Elton Weiss and Reyna Herrera-Weiss are married and report the following income items: Elton's salary Reyna's Schedule C net profit The income tax deduction for Reyna's SE tax was $3,532. Elton contributed the maximum to a Section 401(k) plan, and Reyna contributed the maximum to a SEP plan. Both spouses contributed $2,750 to their IRAS. Required: Compute their AGI. Note: Round your intermediate calculations to the nearest whole dollar amount. AGI $ 254,000 50,000 $ 264,468