As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the missing information for one of the firm's tax clients. The following table gives the standard deduction for various filing statuses.Standard DeductionsSingle or married filing separatelyMarried filing jointly or surviving spouseHead of householdName65 or older and/or blindand/or someone else canclaim you (or your spouseif filing jointly) as a dependent:CampbellFiling Status IncomeUsing the standard deduction table above, complete the following table (in $).Adjusted GrossMarried filingjointly$56,120Adjustments toIncome$1,760$12,000$$24,000Varies(See www.irs.gov for information.)$18,000When finding your client's taxable income, which deduction did you use?Ostandard deductionO itemized deductionsIncomeStandardDeduction---Select--- ✓ItemizedDeductions$5,710 $TaxableIncome

Income = Adjusted Gross Income + Adjustments To Income

As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the missing information for one of the firm' Standard Deductions Single or married filing separately Name Married filing jointly or surviving spouse Head of household Campbell 65 or older and/or blind and/or someone else can claim you (or your spouse if filing jointly) as a dependent: Married filing jointly Using the standard deduction table above, complete the following table (in $). Filing Status Income Adjustments to Adjusted Gross Income Income $56,120 $1,760 $12,000 $24,000 When finding your client's taxable income, which deduction did you use? standard deduction O itemized deductions $18,000 Varies (See www.irs.gov for information.) Standard Deduction -Select- Itemized Deductions $5,710 $ Taxable Income

As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the missing information for one of the firm' Standard Deductions Single or married filing separately Name Married filing jointly or surviving spouse Head of household Campbell 65 or older and/or blind and/or someone else can claim you (or your spouse if filing jointly) as a dependent: Married filing jointly Using the standard deduction table above, complete the following table (in $). Filing Status Income Adjustments to Adjusted Gross Income Income $56,120 $1,760 $12,000 $24,000 When finding your client's taxable income, which deduction did you use? standard deduction O itemized deductions $18,000 Varies (See www.irs.gov for information.) Standard Deduction -Select- Itemized Deductions $5,710 $ Taxable Income

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

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 5FPE: Calculating taxable income for a married couple filing jointly. Freya and Sebastian Hunter are...

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Calculating taxable income for a married couple filing jointly. Freya and Sebastian Hunter are married and have one child. Sebastian is putting together some figures so he can prepare the Hunters joint 2018 tax return. So far, hes been able to determine the following concerning income and possible deductions: Given this information, determine the amount of the available itemized deductions. How much taxable income will the Hunters have in 2018? (Note: Assume that Sebastian is not covered by a pension plan where he works, his child qualifies for the child tax credit, and the standard deduction of 24,000 for married filing jointly applies.)
As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the missing information for one of the firm's tax clients. The following table gives the standard deduction for various filing statuses. Standard Deductions Single or married filing separately Married filing jointly or surviving spouse Head of household 65 or older and/or blind and/or someone else can claim you (or your spouse if filing jointly) as a dependent: Warfield Name Filing Status single Using the standard deduction table above, complete the following table (in $). Income $12,000 $3,340 $24,000 $18,000 Varies (See www.irs.gov for information.) When finding your client's taxable income, which deduction did you use? standard deduction itemized deductions Adjustments to Adjusted Gross Income Income $49,160 Standard Deduction ---Select--- Itemized Deductions $13,160 tA Taxable Income
As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the missing information for one of the firm's tax clients. The following table gives the standard deduction for various filing statuses. Name Standard Deductions Single or married filing separately Campbe || Married filing jointly or surviving spouse Head of household 65 or older and/or blind and/or someone else can claim you (or your spouse if filing jointly) as a dependent: Incom e Using the standard deduction table above, complete the following table (in $). Filing Statu S Adjusted Gross Income Adjustmen ts to Income $52,12 0 $1,560 $12,000 $ $24,000 Marrie d filing jointly When finding your client's taxable income, which deduction did you use? C standard deduction itemized deductions $18,000 Varies (See www.irs.gov for information.) $ Standard Deduction Itemized Deduction S $5,910 Taxable Income $
As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the missing information for one of the firm's tax clients. The following table gives the standard deduction for various filing statuses. Standard Deductions Single or married filing separately $12,000 Married filing jointly or surviving spouse $24,000 Head of household $18,000 65 or older and/or blindand/or someone else canclaim you (or your spouseif filing jointly) as a dependent: Varies(See www.irs.gov for information.) Using the standard deduction table above, complete the following table (in $). Name Filing Status Income Adjustments toIncome Adjusted GrossIncome StandardDeduction ItemizedDeductions TaxableIncome Campbell Married filingjointly $56,320 $1,560 $ $ ---Select--- 12,000 24,000 18,000 $5,710 $ When finding your client's taxable income, which deduction did you use? A. standard deduction B. itemized deductions
As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the missing information for one of the firm's tax clients. The following table gives the standard deduction for various filing statuses. Standard Deductions Single or married filing separately $12,000 Married filing jointly or surviving spouse $24,000 Head of household $18,000 65 or older and/or blindand/or someone else canclaim you (or your spouseif filing jointly) as a dependent: Varies(See www.irs.gov for information.) Using the standard deduction table above, complete the following table (in $). Name Filing Status Income Adjustments toIncome Adjusted GrossIncome StandardDeduction ItemizedDeductions TaxableIncome Campbell Married filingjointly $56,120 $1,760 $ $ $5,710 $ When finding your client's taxable income, which deduction did you use? standard deductionitemized deductions
As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the missing information for one of the firm's tax clients. The following table gives the standard deduction for various filing statuses. Standard Deductions Single or married filing separately $12,000 Married filing jointly or surviving spouse $24,000 Head of household $18,000 65 or older and/or blindand/or someone else canclaim you (or your spouseif filing jointly) as a dependent: Varies(See www.irs.gov for information.) Using the standard deduction table above, complete the following table (in $). Name Filing Status Income Adjustments toIncome Adjusted GrossIncome StandardDeduction ItemizedDeductions TaxableIncome Warfield single $ $3,240 $49,260 $ $14,160 $ When finding your client's taxable income, which deduction did you use? standard deductionitemized deductions