Question

(a) What is the total of the Glenner reportable gross income?
(b) After they put $5600 into qualified retirement plan accounts last year, what is their adjusted gross income?
(c) How many exemptions can the family claim, and how much is the total value allowed the household?
(d) How much is the allowable standard deduction for the household?
(e) Their itemized deductions are $13,100, so should they itemize or take the standard deduction?
(f) What is their taxable income for a joint return?
(g) What is their final federal income tax liability, and what is their marginal tax rate?
(h) If Jerri’s and Samuel’s employers withheld $18,000 for income taxes, does the couple owe money to the government or do they get a refund? How much?

Jerri Nichols and her two children, Austin and Alexandra, moved into the home of her new husband, Samuel Glenner, in Ames, Iowa. Jerri is employed as a librarian, and her husband sells cars. The Glenner family income consists of the following: $40,000 from Jerri’s salary; $42,000 from Samuel’s salary; $10,000 in life insurance proceeds from a deceased aunt; $140 in interest from savings; $4380 in alimony from Jerri’s ex-husband; $14,200 in child support from her ex-husband; $500 cash as a Christmas gift from Samuel’s parents; and a $1600 tuition-and-books scholarship Jerri received to go to college part time last year.



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  • CreatedNovember 26, 2014
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