Jack and Patricia are married, file jointly, and have one dependent (12-year old qualifying child). Jack...

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Jack and Patricia are married, file jointly, and have one dependent (12-year old qualifying child). Jack receives a $91,000 salary. Patricia is self-employed. Her sole proprietorship's revenues are $97,000, and its expenses are $46,000. Jack and Patricia each make a $6,000 deductible contribution to a traditional IRA. Their itemized deductions are $28,500. Federal income taxes of $7,500 are withheld from Jack's paychecks, and Patricia makes $2,600 of estimated tax payments. (Click the icon to view the standard d (Click the icon to view the 2019 tax ra Read the requirement. First, compute their gross income. Gross income Choose from any list or enter any numb i Reference Married individuals filing joint returns and surviving spouses Heads of households STANDARD DEDUCTION Filing Status Unmarried individuals (other than surviving spouses and heads of households) Married individuals filing separate returns Additional standard deduction for the aged and the blind; Individual who is married and surviving spouses Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse Taxpayer claimed as dependent on another taxpayer's return: Greater of (1) earned income plus $350 or (2) $1,100. * These amounts are $2,600 and $3,300, respectively, for a taxpayer who is both aged and blind. 2019 Child Tax Credit = $2,000 per qualifying child Reference Married, Filing Joint and Surviving Spouse The tax is: . 10% of taxable income. $1,940.00 + 12% of the excess over $19,400. .$9,086.00 +22% of the excess over $78,950. $28,765.00 +24% of the excess over $168,400. ..$65,497.00 + 32% of the excess over $321,450. ..$93,257.00 + 35% of the excess over $408,200. $164,709.50 +37% of the excess over $612,350. If taxable income is: Not over $19,400 Over $19,400 but not over $78,950 Over $78,950 but not over $168,400 Over $168,400 but not over $321,450 Over $321,450 but not over $408,200 Over $408,200 but not over $612,350 Over $612,350 - X $ $ $ $ - X 24,400 18,350 12,200 12,200 $1,300* $1,650* Jack and Patricia are married, file jointly, and have one dependent (12-year old qualifying child). Jack receives a $91,000 salary. Patricia is self-employed. Her sole proprietorship's revenues are $97,000, and its expenses are $46,000. Jack and Patricia each make a $6,000 deductible contribution to a traditional IRA. Their itemized deductions are $28,500. Federal income taxes of $7,500 are withheld from Jack's paychecks, and Patricia makes $2,600 of estimated tax payments. (Click the icon to view the standard d (Click the icon to view the 2019 tax ra Read the requirement. First, compute their gross income. Gross income Choose from any list or enter any numb i Reference Married individuals filing joint returns and surviving spouses Heads of households STANDARD DEDUCTION Filing Status Unmarried individuals (other than surviving spouses and heads of households) Married individuals filing separate returns Additional standard deduction for the aged and the blind; Individual who is married and surviving spouses Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse Taxpayer claimed as dependent on another taxpayer's return: Greater of (1) earned income plus $350 or (2) $1,100. * These amounts are $2,600 and $3,300, respectively, for a taxpayer who is both aged and blind. 2019 Child Tax Credit = $2,000 per qualifying child Reference Married, Filing Joint and Surviving Spouse The tax is: . 10% of taxable income. $1,940.00 + 12% of the excess over $19,400. .$9,086.00 +22% of the excess over $78,950. $28,765.00 +24% of the excess over $168,400. ..$65,497.00 + 32% of the excess over $321,450. ..$93,257.00 + 35% of the excess over $408,200. $164,709.50 +37% of the excess over $612,350. If taxable income is: Not over $19,400 Over $19,400 but not over $78,950 Over $78,950 but not over $168,400 Over $168,400 but not over $321,450 Over $321,450 but not over $408,200 Over $408,200 but not over $612,350 Over $612,350 - X $ $ $ $ - X 24,400 18,350 12,200 12,200 $1,300* $1,650*

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Gross Income is the sum of money individuals earn before ... View the full answer