Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $2,000 in investment expenses. They also incur $3,000 of investment interest expense during the year. The Porters' income for the year consists of $150,000 in salary and $2,500 of interest income. a. What is the amount of the Porters' investment interest expense deduction for the year? Investment interest expense deduction

Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two children, and they have legitimate itemized deductions totaling $25,500. Their total income from wages is $282,000. Assume the following tax table is applicable: Married Couples Filing Joint Returns If Your Taxable Income Is You Pay This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Base Average Tax Rate at Top of Bracket Up to $19,750 $0.00   10.0% 10.0% $19,750-$80,250 1,975.00 12.0    11.5    $80,250-$171,050 9,235.00 22.0    17.1    $171,050-$326,600 29,211.00 24.0    20.4    $326,600-$414,700 66,543.00 32.0    22.8    $414,700-$622,050 94,735.00 35.0    26.9    Over $622,050 167,307.50 37.0    37.0    What is their marginal tax rate?   a. 35.0%     b. 32.0%     c. 12.0%     d. 24.0%     e. 22.0%

David and Lilly Fernandez have determined their tax liability on their joint tax return to be $3,100. They have made prepayments of $2,390 and also have a child tax credit of $2,000. What is the amount of their tax refund or taxes due? Toal tax prepayment child tax credit Tax refund

Boyd Salzer, an unmarried individual, has $246,400 AGI consisting of the following items: Salary Interest income $ 214,000 3,800 Dividend income 11,100 Rental income from real property 17,500 1. Compute Mr. Salzer's Medicare contribution tax. 2. Compute the Medicare contribution tax if Boyd Salzer files a joint income tax return with his wife Harriet.