income is subject to federal taxes. Group of answer choices Gross Take-home Adjusted gross Taxable

MC: Topic: Income Taxation Which of the following income is subject to regular income tax? * Income from sale of personal jewelry Income from sale of lot by a real estate dealer Income from sale of inventory All of the above

Explain and what is the calculation of the following. Medicare Levy Surcharge Total Tax Liability Net tax liability(total tax liability less any applicable tax offset if any)

Theme: Adjusted Gross Income as determined by the IRS of USA. Examine the case below and do the following:1.Indicates the income items that are part of the gross income.2.Indicates the salary exclusions.3.Identify the deductions to which the taxpayer is entitled to calculate the adjusted gross income.4.Calculate adjusted gross income.5.Indicates the status that the taxpayer must file.6.Fill out Form 1040.Case 2 Carlos Martínez was born on January 9, 1967, is a teacher and is married. He had a salary of $50,000 and a tax withheld of $5,000. Carlos pays an individual retirement account (IRA) for himself of $7,000. His wife, Carmen Flores, was born on April 22, 1971, she works from home selling clothes, from which she had an income of $12,000. The couple have no children and have a joint bank account from which she earned $2,500 in interest from the bank.

Which of the following taxes has a ceiling? Choose the best answer. Group of answer choices Both Social Security Tax and Unemployment Tax Social Security Tax Unemployment Tax Medicare Tax

1. Marginal tax brackets The amount of federal income taxes that you are required to pay is based on your filing status, your taxable income, and the IRS tax rate tables. The income tax tables are meaning the tax rates increase as taxable income increases. Each filing status has seven income ranges, or brackets, and the rates are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. As your taxable Income Increases, you pay at a higher rate, but only on the income that falls within a range. The following tax brackets show how the tax in the IRS tax tables is calculated. Tax Bracket Single 10% 12% $0-$11,000 $11,001-$14,725 Tax Brackets Married Filing Jointly $0-$22,000 22% $44,726-$95,375 $22,001-$89,450 $89,451-$190,750 24% $95,376-$182,100 $190,751-$364,200 32% $182,101-$231,250 $364,201-$462,500 35% $231,256-$578,125 $162,501-$693,750 37% $578,126+ $693,751+ Single Filers Taxable Income Tax $0-$11,000 of taxable income $11,001-$44,725 plus $44,726-$95,375 plus $95,376-$182,100 plus…

Using the Code Arranged Annotations & Explanations (USTR) Topic Index, the child tax credit can be found in A. Section 24(a) B. Section 179A C. Section 30B D. None of the above

What are the 2019 tax rates for FICA Social Security and FICA Medicare? What are the 2019 maximum taxable earnings amounts for each of these taxes?

Which of the following combinations are deductible as itemized deductions in 2020? Group of answer choices A. Real estate tax, 2020 state balance due paid in 2021, personal property tax.   B.Real estate tax, foreign tax, state estimates paid in 2020..   C. State & federal withholding, real estate tax, personal property tax.   D.Real estate tax paid, state & local withholding, state balance due paid in 2020, sales tax based on state of residence and family size.