Jane Binyan is single with one dependent and files as head of household. She is the chief financial officer at the university where she works, and her salary is $173,400. She has other income of $2800, interest income of $8400, and adjustment to income of $6000 for a 401K retirement plan at work. Her itemized deductions are $14,380 in mortgage interest, $4820 in state income tax, $7800 in real estate taxes, and $6800 in charitable contributions. What is the amount of her tax?

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Tucker (age 52) and Elizabeth (age 48) are a married couple. Tucker is covered under a qualified retirement plan at his job and earned $90,000 in 20x 4. Elizabeth is employed as a lab technician and earned $30,000 but is not covered under a qualified retirement plan. They file a joint return; have interest and dividend income of $25,000. What is the maximum amount of tax deductible contributions that may be made to a traditional IRA? $12,000 $13,000 50 $6,000

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 $.

My daughter earns a salary of $40,800 per year, payable monthly. She is married and claims four withholding allowances. What is her federal income tax? Gross monthly is $3400

Kevin owns a small business with two employees. For one payroll period the total withholding tax for all employees was 1,536. The total employees Social security tax was $168 and the total employers social security tax was $251. The total employees Medicare tax was $110 How much John deposit as the employer's share of social security tax and Medicare tax? What is the total tax that must be deposited?

Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December she received a $41,000 bill from her accountant for consulting services related to her small business. Isabel can pay the $41,000 bill anytime before January 30 of next year without penalty. Assume her marginal tax rate is 37 percent this year and next year, and that she can earn an after-tax rate of return of 6 percent on her investments. Required: What is the after-tax cost if Isabel pays the $41,000 bill in December?

Sam and Margaret are 62 and 59 respectively. They are married, lived together all year, but prefer to file taxes separately.  Both work and each have a traditional IRA.  Sam is mostly retired but Margaret works full-time.  In 2022, Sam earned $4,500 in wages from working at Walmart as a Greeter.  He also received $29,000 in annuity income.  Margaret earned $65,000 in wages.  What is the maximum Sam can contribute to his IRA?

Erica has the following: Salary = $30,000; RPP contribution = $2,000; mortgage interest = $1,000; Union dues = $800; Basic Personal Amount = $11,635. Her federal income tax rate = 15%. What amount of federal income tax does Erica owe? A) $2,335 B) $4,200 C) $2,259 D) $2,829

Haley, 44, is unmarried, filing head of household with the following income for the year. Wages $32,275 dollars, Bank interest $380, Municipal bond interest $330, Lottery prize $800. Gift from her father's $4000. Haley also contributed $2500 to her traditional IRA, which she will deduct. Halley's adjusted gross income is $30,955. $30,955, $31,285, $34,485, $37,785.