Vanessa and Michael are a married couple who had a joint income of $134, 297 in 2011. They have one dependent child. They paid $7,100 in state and local taxes and contributed $10,000 to charity. What is their taxable income for 2011?
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- In 2015, Fred and Elizabeth, who are married and filing jointly, received $29,000 in social security benefits. Their AGI (excluding social security) is $36,000 and they received $12,000 in tax-exempt interest income. How much of their social security must they include in gross income in 2015? Do not copy from chegg.Barry and his wife Mary have accumulated over $4 million during their 45 years of marriage. They have three children and five grandchildren. How much will Barry and Mary remove from their estate if they gift the maximum amount possible in 2013 to their children and grandchildren without incurring any gift tax liability? Total amount removed without any gift tax liability $ 28000 xMax and Wendy have a MAGI of $55,000. They are married and file jointly. Max has a student loan that he paid $3,000 in student loan interest in 2022. Wendy also has a student loan that she paid $1,500 in student loan interest in 2022. How much student loan interest can they deduct on their tax return in 2022?
- Tim and Kate attend St. Peter Roman Catholic Church were they contribute $75 each Sunday by check for a total of $3,900. They also made a voluntary contribution of $200 when a nephew was baptized on July 26, 2018. Can Tim and Kate deduct this amount from the tax return for 2018?Barry and Mary have accumulated over $5.2 million during their 50 years of marriage. They have two children and seven grandchildren. How much money can they gift to their children in 2020 without any gift tax liability?[The following information applies to the questions displayed below.]Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500. Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $2,000 child tax credit for Matthew. Marc and Michelle paid $6,000 of expenditures that qualify as itemized deductions and they had a total of $3,500 in federal income taxes withheld from their paychecks during the course of the year. (Use the tax rate schedules.) Comprehensive Problem 4-54 Part-a through e a. What is Marc and Michelle’s gross income? b. What is Marc and Michelle’s adjusted gross income? c. What is the total amount of Marc…
- Barry and his wife Mary have accumulated over $4 million during their 45 years of marriage. They have three children and five grandchildren. How much money can Barry and Mary gift to their children in 2013 without any gift tax liability? Total gift amount without any gift tax liability $ 112000 XBarry and his wife Mary have accumulated over $9 million during their 52 years of marriage. They have two children and four grandchildren. How much money can Barry and Mary gift to their grandchildren in 2019 without any gift tax liability? Total gift amount without any gift tax liabilityMarc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500. Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $2,000 child tax credit for Matthew. Marc and Michelle paid $6,000 of expenditures that qualify as itemized deductions and they had a total of $5,500 in federal income taxes withheld from their paychecks during the course of the year. (Use the tax rate schedules.) what is the total amount of marc and michelle's deductions from agi? what is marc and michelle's taxable income? what is marc and michelle's taxes payable or refund due for the year?
- Barry and Mary have accumulated over $4.5 million during their 50 years of marriage. They have three children and two grandchildren. How much money can Barry and Mary gift to their grandchildren in 2020 without any gift tax liability?Herb and Carol are married and file a joint tax return claiming their three children, ages 4, 5, and 18, as dependents. Their AGI for 2018 is $405,600 and their pre-credit tax liability is about $84,000. What is Herb and Carol's child tax credit for 2018?Hermano and Rosetta are a retired couple who file jointly and receive $10,000 in Social Security benefits during the current year. They also receive $3,000 in interest on their savings account and taxable pension payments of $28,000. What is their gross income if a. They receive no other sources of income? $ b. They receive $13,000 in interest from tax-exempt bonds they own? $