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

Ee.55.

 

Demarco and Janine Jackson have been married for 20 years and have four children (no children under age 6 at year- end) who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice). The couple received salary income of $101,000 and qualified business income of $14,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $220,000 and they sold it for $270,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $17,300 of itemized deductions, and they had $4,000 withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. However, because Candice was 18 years of age at year end, the Jacksons may claim a child tax credit for other qualifying dependents for Candice. (Use the tax rate schedules.) . What is the Jacksons' taxable income, and what is their tax liability or (refund)? Note: Do not round intermediate calculations. (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction Description (5) Itemized deductions (6) Greater of standard deduction or itemized deductions (7) Deduction for qualified business income (8) Total deductions from AGI (9) Taxable income (10) Income tax liability (11) Other taxes (12) Total tax (13) Credits (14) Prepayments Tax refund with tax return $ $ Amount $ 115,000 25,900 17,300 25,900 $ 115,000 2,800 28,700 86,300 (6,921) (6,921) 4.000 (2,921)
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Transcribed Image Text:Demarco and Janine Jackson have been married for 20 years and have four children (no children under age 6 at year- end) who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice). The couple received salary income of $101,000 and qualified business income of $14,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $220,000 and they sold it for $270,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $17,300 of itemized deductions, and they had $4,000 withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. However, because Candice was 18 years of age at year end, the Jacksons may claim a child tax credit for other qualifying dependents for Candice. (Use the tax rate schedules.) . What is the Jacksons' taxable income, and what is their tax liability or (refund)? Note: Do not round intermediate calculations. (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction Description (5) Itemized deductions (6) Greater of standard deduction or itemized deductions (7) Deduction for qualified business income (8) Total deductions from AGI (9) Taxable income (10) Income tax liability (11) Other taxes (12) Total tax (13) Credits (14) Prepayments Tax refund with tax return $ $ Amount $ 115,000 25,900 17,300 25,900 $ 115,000 2,800 28,700 86,300 (6,921) (6,921) 4.000 (2,921)
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