Mr. and Mrs. Bachman, both age 65, file a joint return. In 2021, they have wages of $30,000, dividends of $6,200, and municipal bond interest of $3,000, and they received $10,300 for the sale of stock that cost $4,000 in 1992. They made a $3,000 contribution to their Roth IRA, paid $4,100 in deductible mortgage interest and real estate taxes, and made a $2,500 charitable contribution. What is their gross income, adjusted gross income, and taxable income?

Clarke, age 39, and Jessica, age 50, are married with two dependent children. They file a joint return for 2020. Their income from salaries totals $105,000; they receive $2,000 in taxable interest and $2,000 in royalties. Their deductions for adjusted gross income amount to $5,100; they have itemized deductions totalling $40,000. Calculate the following amounts: a. Gross income b. Adjusted gross income c. Itemized deduction or standard deduction amount d. Deduction for exemptions e. Taxable income f. Regular income tax liability from rate schedule

George and Wanda received $29,100 of Social Security benefits this year ($11,000 for George, $18.300 for Wanda). They also received $4,800 of interest from jointly owned City of Ranburne Bonds and dividend income. What amount of the Social Security benefits must George and Wanda include in their gross income under the following independent situations? Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Required: a. George and Wanda file married joint and receive $8,750 of dividend income from stocks owned by George b. George and Wanda file married separate and receive $8,750 of dividend income from stocks owned by George c. George and Wands file married joint and receive $32.200 of dividend income from stocks owned by George d. George and Wanda file married joint and receive $16,100,of dividend income from stocks owned by George Complete this question by entering your answers in the…

36. Subject : - Accounting

Jane and Ed Rochester who are filing Married Filing Jointly are married with a 2-year-old child, who lives with them and whom they support financially. They normally take the standard deduction. What would be the 2023 Gross Income if Ed and Jane realized the following items of income and expense: Ed's Salary $ 35,000 Jane's Salary $100,000 Municipal bond interest income $400 Capital Loss on Investments of ($5,000) Ordinary Dividends $2500 Standard Deduction $27,700 Real property tax (from AGI) $10,000 Charitable contributions (from AGI) $7,000 $134,500 O $132,500 $122,500 $106,800

Lori is 45 years old and has always contributed the maximum to her Tax-Free Savings Account (TFSA) on each January 1st since the program started in 1999. As of January 1, 2023, she has contributed a total of $88,000 which includes the latest contribution of $6,500, for a total market value of $234,590! If Lori continues to contribute $6,500 each January 1st until her retirement in 20 years, how much will she have in her TFSA where she expects to earn 6% compounded weekly? Assume that we are January 1, 2023, and that TFSA contributions continue on each January 1st at $6,500 until Lori’s retirement.

Janet and James purchased their personal residence 15 years ago for $262,500. For the current year, they have an $65,625 first mortgage on their home, on which they paid $3,281 in interest. They also have a home equity loan to pay for the children's college tuition secured by their home with a balance throughout the year of $121,750. They paid interest on the home equity loan of $12,175 for the year. Calculate the amount of their deduction for interest. paid on qualified residence acquisition debt and qualified home equity debt for the current year. It an amount is zero, enter "0". a. Qualified residence acquisition debt interest $ b. Qualified home equity debt interest. $

John established his first Roth IRA seven years ago and has made a total participant contribution of $6,500 so far. Four years ago, he also converted his Traditional IRA assets ($6,000) to his Roth IRA (tax deduction was allowed when he contributed to his Traditional IRA and he has paid tax at the time of conversion). John is now 55 years old, healthy, and the balance in John's Roth IRA is $15,500. (a). If John withdraws $15,500 from his account to pay for vacation, is it a qualified distribution (answer yes or no)? (b). If John withdraws $15,500 from his account to pay for vacation, what amount is considered as participant contribution, taxable conversion, and earnings, respectively (in $)? participant contribution amount:$ taxable conversion: $ earnings: $ (c). Following (b), what amount is subject to income tax and what amount is subject to early-distribution penalty obligation? amount subject to income tax: $ 7. early-distribution penalty obligation: $ (d). If John withdraws…

Social Security is paid in with after-tax dollars but may be subject to tax if annual income exceeds a base amount. A single taxpayer’s base is $25,000. Married taxpayers filing jointly have a base of $32,000. Married taxpayers filing separately have a base of zero. Suppose Eric is retiring this year at age 67. The following table shows his data. Part-time salary $30,500 Annual savings account interest $300 Annual dividends $2,750 Annual interest on Dallas municipal bonds $1,550   Based on the income calculated, Eric will have   % of his Social Security benefits taxed.

Patricia buys a house (her principal residence) during the current year for $2,000,000, paying $500,000 down and borrowing the other $1,500,000 at 5% interest. If her interest expense for the year is $75,000, how much will her maximum deduction for interest expenses be? This is a federal taxation question.