Question: Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes? Adjusted gross income, $42,140 Itemized deductions, $12,240 Credit

Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes? 

Adjusted gross income, $42,140                                               Itemized deductions, $12,240 

Credit for child and dependent care expenses, $400           Federal income tax withheld, $6,686 

Amount for personal exemptions, $11,850                           Tax rate on taxable income, 10 percent

Step by Step Solution

★★★★★

3.35 Rating (167 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Taxable income would be 18050 42140 12240 11... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Personal Finance Questions!

Q:

Norr and Caylor established a partnership on January 1, 2019. Norr invested cash of $100,000 and Caylor invested $30,000 in cash and equipment with a book value of $40,000 and fair value of $50,000....

Q:

Based on the following data, estimate the cost of ending merchandise inventory: Sales (net) $4,800,000 Estimated gross profit rate 40% Beginning merchandise inventory $ 250,000 Purchases (net)...

Q:

Based on the following data, estimate the cost of ending merchandise inventory: Sales (net) $1,500,000 Estimated gross profit rate 38% Beginning merchandise inventory $ 80,000 Purchases (net) 948,000...

Q:

Based on the following data, estimate the cost of ending merchandise inventory: Sales (net) $ 5,260,000 Estimated gross profit rate 40% Beginning merchandise inventory $ 180,000 Purchases (net)...

Q:

Problem 3-4 (LO3.2) Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes. Adjusted gross income $ 42, 140 Itemized deductions Credit for child and...

Q:

Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes. Adjusted gross income $ 42, 140 Credit for child and dependent care $ 400 expenses Amount for...

Q:

Based on the following data, would beth and roger simmons recieve a refund or owe additional taxes? adjusted gross income $42, 140 credit for child and dependent care expenses $400 amount for...

Q:

Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes. Adjusted gross income Credit for child and dependent care expenses Amount for personal exemptions $...

Q:

Based on the following information, prepare a bank reconciliation to determine the adjusted (corrected balance: Onput each amount as a positive value.) S 12 Bank balance Checkbook balance Outstanding...

Q:

1. Daniel Simmons arrived at the following tax information: Gross salary: $62,250 Dividend income $140 Itemized deductions: $7,000 Interest earnings $75 One personal exemption $4050 Adjustments to...

Q:

1. Daniel Simmons arrived at the following tax information: Gross salary: $62,250 Dividend income $140 Itemized deductions: $7,000 Interest earnings $75 One personal exemption $4050 Adjustments to...

Q:

Discuss the meaning of the opening quote, "Many receive advice; only the wise profit from it."

Q:

Over how many years are patents amortized? Trademarks? Goodwill?

Q:

Maude pays $ 5 , 0 0 0 a year into an annulty contract for 2 5 years. Maude is paying A ) periodic flexible premiums B ) a single premiem C ) periodic level premiums D ) mandationy contributions

Q:

Keel Company purchased a building and land with a fair market value of $650,000 (building, $550,000, and land, $100,000) on January 1, 2016. Keel signed a 20-year, 8% mortgage payable. Keel will make...

Q:

On January 1, 2016, Patel issued $400,000 of 7%, five-year bonds payable at 109. Patel has extra cash and wishes to retire the bonds payable on January 1, 2017, immediately after making the second...

Q:

In the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed, journalized, and posted for the third quarter of the fiscal year. In this problem, you are to record...

Q:

The form on page shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 workers in Ranger Company. These amounts represent the cumulative earnings for...

Q:

Deer issued a $125,000, 6.0%, 15-year bond payable. Journalize the following transactions for Deer, and include an explanation for each entry: a. Issuance of the bond payable at face value on January...

Q:

Verbalizes a plan to decrease effects of common stressors.

Q:

2. What are the three major trade-offs you should consider as you take out a loan?

Q:

1. What steps might you take if there is a billing error in your monthly statement?

Q:

2. What steps would you take if someone stole your identity?

Q:

Each of the named recipients of money or property below is your 2020 tax return client. All relevant facts, of which you are fully aware, occurred in 2020. As to which client would you feel most...

Q:

im having some trouble with the average accounts recieveable, thank you! Essence of Skunk Fragrances, Ltd., sells 6,700 units of its perfume collection each year at a price per unit of $397. All...

Q:

A 10-year bond with a face value of 1000 dollars is redeemable at par, pays coupons at 5.9 percent per 6 months, and has a yield rate of 6.8 percent convertible semiannually. Suppose the book value...