Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two children, and they have legitimate itemized deductions totaling $26,000. Their total income from wages is $278,600. Assume the following tax table is applicable: Married Couples Filing Joint Returns If Your Taxable Income Is Up to $19,750 $19,750-$80,250 $80,250-$171,050 $171,050- $326,600 $326,600- $414,700 $414,700- $622,050 You Pay This Amount on Plus This Percentage on the Base of the Bracket the Excess over the Base 10.0% 12.0 22.0 24.0 Over $622,050 What is their average tax rate? $0.00 1,975.00 9,235.00 29,211.00 66,543.00 94,735.00 167,307.50 32.0 35.0 37.0 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 22.8 26.9 37.0

Xavier and his wife Maria have total W-2 income of $95,102. They will file their tax return as married filing jointly. They had a total of $7,910 withheld from their paychecks for federal income tax. Using the 22% from the tax table, Indicate whether the amount is a refund or additional tax.

Taxpayers are allowed two tax breaks for adoption expenses. They are allowed: Qualified Expenses Paid personally Paid by employer a. Exclusion Exclusion Exclusion Credit Oc. Credit Exclusion Od. Credit Credit

Roger and Nicole are married filing a joint income tax return. Their AGI for 2021 is $98,000. They are both taking classes to earn their graduate degrees. During 2021, Roger's tuition expenses totaled $7,500 while Nicole's expenses were $6,800. They are not eligible for the American Opportunity Tax Credit because they claimed the credit during the four years they were undergraduate students. What is their Lifetime Learning tax credit for 2021? $0 $2,860 $2,000 $2,500 2:41 PM 55°F 12/14/2021

Determine the amount of the child tax credit in each of the following cases: a. A single parent with modified AGI of $214,800 and one child age 4. b. A single parent with modified AGI of $79,400 and three children ages 7, 9, and 12. c. A married couple, filing jointly, with modified AGI of $409,333 and two children age 14 and 16. d. A married couple, filing jointly, with modified AGI of $133,455 and one child, age 13. Child Tax Credit Allowed

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Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $ 40, 240, and Petra has W-2 income of $46, 677. Use the appropriate Tax Tables and Tax Rate Schedules. Required: What is their tax liability using the Tax Tables? What is their tax liability using the Tax Rate Schedule. How do I find the permitted deduction?

Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $2,000 in investment expenses. They also incur $3,000 of investment interest expense during the year. The Porters' income for the year consists of $150,000 in salary and $2,500 of interest income.   b. What would their investment interest expense deduction be if they also had a ($2,000) long-term capital loss?

Sheila and Joe Wells are married with two dependent children. During 2021, they have gross income of $99,800, deductions for AGI of $3,500, itemized deductions of $10,000 and tax credits of $2,000. The Wells' had $6,000 withheld by their employer for federal income tax. They have a total tax of Blank 1 and an amount due/refund of Blank 2 (Use the tax table in Appendix D) Correct Answer Blank 1: 8149 Blank 2: 149