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 $25,750. Their total income from wages is $288,800. What is the couple's taxable income?

Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $69,700. Meg works part time at the same university. She earns $33,600 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules. Dividends and Capital Gains Tax Rates) Note: Round your final answers to the nearest whole dollar amount. a. What is the Comers' tax liability for 2022 if they report the following capital gains and losses for the year? Short-term capital gains Short-term capital losses Long-term capital gains Long-term capital losses $ 9,600 (2,300) 15,600 (6,300) Total tax liability

ed Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $69,800. Meg works part time at the same university. She earns $43,200 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules, Dividends and Capital Gains Tax Rates.) Note: Round your final answers to the nearest whole dollar amount. b. What is the Comers' tax liability for 2023 if they report the following capital gains and losses for the year? Short-term capital gains Short-term capital losses Long-term capital gains Long-term capital losses $ 1,600 0 13,040 (10,100) Total tax liability $ 9,975 X

Randy and Sandy, a married couple with six young children, have a gross income of $160,000, adjustments of $10,900, and itemized deductions totaling $19,350.  If personal exemptions for the year are $4,100 each and the standard deduction is $14,600 for married couples, what is Randy and Sandy's taxable income if they file jointly?

Theodore, age 74, and Maureen, age 59, are married taxpayers with two dependents. Their adjusted gross income for the 2020 tax year is $43,600, and they have itemized deductions of $7,800. Determine the following for Theodore and Maureen's 2020 income tax return: ​ a. The greater of the amount of their standard deduction or their itemized deductions b. Their taxable income

What tax forms should be used for the following tax return? Tim is a self-employed business person (sole proprietor of an unincorporated business) and Sarah a corporate executive. Gross income is $276,000 combined and the couple have two dependents.

Compute the taxable income for 2020 in each of the following independent situations: Drew and Meg, ages 40 and 41, respectively, are married and file a joint return. In addition to four dependent children, they have AGI of $125,000 and itemized deductions of $27,000. Sybil, age 40, is single and supports her dependent parents who live with her, as well as her grandfather who is in a nursing home. She has AGI of $80,000 and itemized deductions of $8,000. Scott, age 49, is a surviving spouse. His household includes two unmarried stepsons who qualify as his dependents. He has AGI of $75,000 and itemized deductions of $10,100. Amelia, age 33, is an abandoned spouse who maintains a household for her three dependent children. She has AGI of $58,000 and itemized deductions of $10,650. 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 $9,900.

Mr. and Mrs. Montgomery are filing a joint tax return. While listing their deductions, they find that they can deduct $7,540 from medical bills, $2,384 from state taxes, $6,440 from charitable donations, and $3,530 from interest on from their mortgage. The standard deduction for married couples filing jointly is $25,800. How does the standard deduction compare to the Montgomery's deductions? The standard deduction is $19,894 better than the Montgomery's deductions O The Montgomery's deductions are $5,906 better than the standard deduction. O The Montgomery's deductions are $19,894 better than the standard deduction. O The standard deduction is $5,906 better than the Montgomery's deductions

Taylor and Kevin are married and file a joint return. Taylor and Kevin have two young children (ages 3 and 5) that live with them full time. Assume these children meet the criteria for the child tax credit and that Taylor and Kevin are eligible to claim it. Recall that the 2023 standard deduction amount for married filing jointly is $27,700. Also assume that their employers withheld $8,000 of federal income tax from their paychecks. Assuming that Taylor and Kevin's taxable income is $100,000, and considering the facts above, please compute how much tax is due with the couple's return. For your convenience, the married filing jointly (MFJ) schedule is shown below. If TI is over: But not over: The tax is: $0 $22,000 $89,450 $190,750 $364,200 $22,000 $693,750 $89,450 $190,750 $364,200 $462,500 $462,500 $693,750 No limit = 10% of taxable income. = $2,200 + 12% of amount over $22,000 = $10,294 + 22% of amount over $89,450 = $32,580 + 24% of amount over $190,750 = $74,208 + 32% of amount…

Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $69,900. Meg works part time at the same university. She earns $33,200 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules. Dividends and Capital Gains Tax Rates.) Note: Round your final answers to the nearest whole dollar amount. Problem 7-45 Part-b (Algo) b. What is the Comers' tax liability for 2022 if they report the following capital gains and losses for the year? $ 1,500 0 Short-term capital gains Short-term capital losses Long-term capital gains Long-term capital losses Total tax liability 13,100 (10,100)