Dmitry had $42,000 of income from wages and $1,550 of taxable interest. Dmitry also made contributions of $2,700 to a tax-deferred retirement account. Dmitry has 4 dependents and files as head of household. What is Dmitry's total income? What is Dmitry's adjusted gross income? For Dmitry's filing status, the standard deduction is $18,000. What is Dmitry's taxable income? Use the 2018 tax table to find the income tax for Dmitry filing as head of household. Round to the nearest dollar.

Brian and Kim have a 12-year-old child, Stan. For 2018, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. Click here to access the income tax rate schedules. If Stan’s parents elected to report Stan’s income on his parents’ return, what would the tax on Stan’s income be?$

Which of the following individuals are required to file a tax return for 2023? Should any of these individuals file a return even if filing is not required? Why or why not? Patricia, age 19, is a self-employed single individual with gross income of $5,200 from an unincorporated business. Business expenses amounted to $4,900. Mike is single and is 67 years old. His gross income from wages was $14,150. Ronald is a dependent child under age 19 who received $6,800 in wages from a part-time job. Sam is married and files a joint return with his spouse, Lana. Both Sam and Lana are 67 years old. Their combined gross income was $26,250. Quinn, age 20, is a full-time college student who is claimed as a dependent by his parents. For 2023, Quinn has taxable interest and dividends of $2,600.

Marc, a single taxpayer, earns $60,800 in taxable income and $5,080 in interest from an investment in city of Birmingham bonds. Using the U.S. tax rate schedule for year 2022, what is his effective tax rate? (Use tax rate schedule.)

Sharon Jones is single. During 2022, she had gross income of $159,800, deductions for AGI of $5,500, itemized deductions of $14,000 and tax credits of $2,000. Sharon had $22,000 withheld by their employer for federal income tax. She has a tax  (due/refund) rounded to the nearest whole dollar of $.

Brian and Kim have a 12-year-old child, Stan. For 2018, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. No election is made to include Stan’s income on Brian and Kim’s return. Click here to access the income tax rate schedules and the trust and estate tax rate schedules. a.  For purposes of the tax on a child’s unearned income, calculate Stan’s taxable income.$ b.  Calculate Stan’s net unearned income.$ c.  Calculate Stan’s earned taxable income.$ d.  Calculate Stan's tax for 2018. $

Campbell, a single taxpayer, earns $416,000 in taxable income and $2,800 in interest from an investment in State of New York bonds. (Use the U.S. tax rate schedule.) Required: a. How much federal tax will she owe? b. What is her average tax rate? c. What is her effective tax rate? d. What is her current marginal tax rate? Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D How much federal tax will she owe? Note: Do not round intermediate calculations. Round "Federal tax" to the nearest dollar. Federal tax Required A

Chris and Heather are engaged and plan to get married. During 2023, Chris is a full-time student and earns $9,400 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Heather is employed and has wages of $72,600. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Chris Filing Single Heather Filing Single

The following information applies to Emily for 2023. Her filing status is single. Salary Interest income from bonds issued by Xerox Alimony payments received (divorce occurred in 2014) Contribution to traditional IRA Gift from parents Short-term capital gain from stock investment Amount lost in football office pool (gambling loss) Age Emily has no gambling winnings this year. Click here to access the Components of the tax formula to use. Indicate whether the following items are taxable or nontaxable to Emily. Salary Gift from parents Alimony payments received Short-term capital gain from stock investment Interest income from bonds issued by Xerox Taxable Not taxable Taxable Taxable Taxable Identify whether the items are deductible (fully or partially) by Emily. Amount lost in football office pool Not deductible Contribution to a traditional IRA Emily's taxable income in 2023 is $ Deductible $85,000 1,100 6,000 6,500 25,000 2,500 500 40

Sasha and Tray are married, have three dependent children and file a joint return in 2018. if they have adjusted gross income (AGI) of $80,000 and itemized deductions of $12,000, what is their taxable income for 2018?