FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

Can somebody please answer 23-28 please?

Answer questions 23-28 concerning the following information. Show all of your work. Gregory and Brenda Morris, filing 1040 married, filing jointly 2 children 23. 24. 25. 26. 27. 28. 2/10 Taxpayer: Filing status: Exemptions: Taxes withheld: Income: $5,300 Mr. Morris: Mrs. Morris: Interest income: Bonus for Mr. Morris: Deductions: Medical expenses Drugs: $ 400 Hospitalization insurance: $1,000 $2,000 $1,600 Doctor bills: Dentist bills: Eyeglasses: Medical supplies: Interest expenses Home mortgage: $32,000 $20,000 $ 500 $4,000 Contributions $6,000 Calvary Church: $5,000 Oakdale Children's Home: $1,000 $ 200 $ 800 ____How many exemptions are allowed? What is the adjusted gross income? How much is the medical deduction? How much is the deduction for contributions? How much is the taxable income? How much additional tax do they owe?
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Transcribed Image Text:Answer questions 23-28 concerning the following information. Show all of your work. Gregory and Brenda Morris, filing 1040 married, filing jointly 2 children 23. 24. 25. 26. 27. 28. 2/10 Taxpayer: Filing status: Exemptions: Taxes withheld: Income: $5,300 Mr. Morris: Mrs. Morris: Interest income: Bonus for Mr. Morris: Deductions: Medical expenses Drugs: $ 400 Hospitalization insurance: $1,000 $2,000 $1,600 Doctor bills: Dentist bills: Eyeglasses: Medical supplies: Interest expenses Home mortgage: $32,000 $20,000 $ 500 $4,000 Contributions $6,000 Calvary Church: $5,000 Oakdale Children's Home: $1,000 $ 200 $ 800 ____How many exemptions are allowed? What is the adjusted gross income? How much is the medical deduction? How much is the deduction for contributions? How much is the taxable income? How much additional tax do they owe?
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