Compute the 2019 CT individual income tax liability using the info below. Assume MFJ filing status...

  

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Compute the 2019 CT individual income tax liability using the info below. Assume MFJ filing status and both taxpayers are 55 years old. Do not prepare using tax forms (although you can use them as a guide). Prepare using spread sheet software. Due Date: December 7 No late submissions will be accepted! W-2 Income INTEREST; Bank Interest US Savings bonds Tax exempt interest: State of CT tax exempt interest 3,000 State of MA tax exempt interest 5,000 Puerto Rico tax exempt interest 7,000 Loss on the sale of CT tax exempt bond CT teachers retirement board pension Pension from prior employment US Coast Guard retirement income FEDERAL ADJUSTED GROSS INCOME FEDERAL RETURN 90,000 2,000 1,000 -3000 30,000 20,000 10,000 150,000 OTHER MAYBE RELEVENT INFORMATION: Chet contribution for college savings plan 12,000 Real estate taxes paid on home 6,000 CT withholding taxes deducted from w-2 and retirement income 7,000 Television purchased on the internet from Utah. Cost 2,000 (no sales tax paid on the purchase) FORMAT FOR SOLUTION USING EXCEL: Federal adjusted gross income 150,000 Add: Additions to federal AGI (list separately) Less: Subtractions from federal AGI (list separately) CT FEDERAL ADJUSTED GROSS INCOME (line 5 of CT return) CT income tax (line 14 of CTreturn) Credits (if any) Use tax (if any) CT income tax withheld Tax due or overpaid (line 18 of CT return) (line 25 or 26 of CT return) Compute the 2019 CT individual income tax liability using the info below. Assume MFJ filing status and both taxpayers are 55 years old. Do not prepare using tax forms (although you can use them as a guide). Prepare using spread sheet software. Due Date: December 7 No late submissions will be accepted! W-2 Income INTEREST; Bank Interest US Savings bonds Tax exempt interest: State of CT tax exempt interest 3,000 State of MA tax exempt interest 5,000 Puerto Rico tax exempt interest 7,000 Loss on the sale of CT tax exempt bond CT teachers retirement board pension Pension from prior employment US Coast Guard retirement income FEDERAL ADJUSTED GROSS INCOME FEDERAL RETURN 90,000 2,000 1,000 -3000 30,000 20,000 10,000 150,000 OTHER MAYBE RELEVENT INFORMATION: Chet contribution for college savings plan 12,000 Real estate taxes paid on home 6,000 CT withholding taxes deducted from w-2 and retirement income 7,000 Television purchased on the internet from Utah. Cost 2,000 (no sales tax paid on the purchase) FORMAT FOR SOLUTION USING EXCEL: Federal adjusted gross income 150,000 Add: Additions to federal AGI (list separately) Less: Subtractions from federal AGI (list separately) CT FEDERAL ADJUSTED GROSS INCOME (line 5 of CT return) CT income tax (line 14 of CTreturn) Credits (if any) Use tax (if any) CT income tax withheld Tax due or overpaid (line 18 of CT return) (line 25 or 26 of CT return)