Marty Martinson has determined that the amount of his taxable income that he will report on...
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Marty Martinson has determined that the amount of his taxable income that he will report on line 1lb of his Form 1040 tax return for 2020 is $100,000. He asks for your help in calculating his total tax that he will report on line 16 in each of the following independent scenarios: a) Show your calculation of the amount of total tax Marty will report on line 11b assuming that Marty is single with no dependents and has no items to report on Schedule 2. b) Show your calculation of the amount of total tax Marty will report on line 11b assuming that Marty is single with no dependents and reports $4,500 in self-employment tax on line 4 of Schedule 2 related to a Schedule C activity. c) Show your calculation of the amount of total tax Marty will report on line 11b assuming that Marty is not married. Marty provides over half the cost of maintaining a household for himself and his 10-year-old son, who he claims as a dependent. Marty has no items to report on Schedule 2. d) Show your calculation of the amount of total tax Marty will report on line 11b assuming that Marty is married, but will use the married filing separately filing status. Marty provides over half the cost of maintaining a houschold for himself and his 18-year-old son, who he claims as a dependent. Marty has no items to report on Schedule 2. Marty Martinson has determined that the amount of his taxable income that he will report on line 1lb of his Form 1040 tax return for 2020 is $100,000. He asks for your help in calculating his total tax that he will report on line 16 in each of the following independent scenarios: a) Show your calculation of the amount of total tax Marty will report on line 11b assuming that Marty is single with no dependents and has no items to report on Schedule 2. b) Show your calculation of the amount of total tax Marty will report on line 11b assuming that Marty is single with no dependents and reports $4,500 in self-employment tax on line 4 of Schedule 2 related to a Schedule C activity. c) Show your calculation of the amount of total tax Marty will report on line 11b assuming that Marty is not married. Marty provides over half the cost of maintaining a household for himself and his 10-year-old son, who he claims as a dependent. Marty has no items to report on Schedule 2. d) Show your calculation of the amount of total tax Marty will report on line 11b assuming that Marty is married, but will use the married filing separately filing status. Marty provides over half the cost of maintaining a houschold for himself and his 18-year-old son, who he claims as a dependent. Marty has no items to report on Schedule 2.
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a b c Answer Line 11 of Form 1040 for Year 2020 shows Adjusted Gross Income AGI Marty has a 10 year ... View the full answer
Related Book For
Managerial Economics Theory Applications and Cases
ISBN: 978-0393912777
8th edition
Authors: Bruce Allen, Keith Weigelt, Neil A. Doherty, Edwin Mansfield
Posted Date:
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