John eams $32,000 & Becca eams $92,800. During 2019, John placed $2000 into a pre-tex 401k...

  

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John eams $32,000 & Becca eams $92,800. During 2019, John placed $2000 into a pre-tex 401k retirement account, and Becca placed $2,700 in a pre-tax FSA (Flexible Spending Accdunt). Assume they apply the standard deduction to their joint income (married filing jointly). ***Show all work to be eligible to receive partial credit Use Tables 1 & 2 below as needed. What is their...... 1) Adjusted gross income for 20197 2) Taxable income for 2019? 3) How much will they pay in taxes in 20197 Table 1. Standard Deduction categories, 2019 Fling Status Single Married Filing Jointly & Surviving Spouse Married Fäng Separately Head of Household Table 2. Married Filing Jointly Tax Brackets, 2019: Standard Deduction Amount $12,200 $24,400 $12.200 $18.350 Married Individuals Filing Joint Returns and Surviving Spouses The Tax Due Is If Taxable income is Between 0-$19.400 $19.401 $78,960 $78.951-$160 400 $166,401-$321.450 $325451-$408.200 $408.201-1612.350 5612.351. 10% of taxable income $1,040+12% of the amount over $19,400 $9.086 22% of the amount over $78,950 $28.765+ 24% of the amount over $160.400 565.407 32% of the amount over $321450 503.257 35% of the amount over $408.200 5164 700 50 37% of the amount over 3612.350 John eams $32,000 & Becca eams $92,800. During 2019, John placed $2000 into a pre-tex 401k retirement account, and Becca placed $2,700 in a pre-tax FSA (Flexible Spending Accdunt). Assume they apply the standard deduction to their joint income (married filing jointly). ***Show all work to be eligible to receive partial credit Use Tables 1 & 2 below as needed. What is their...... 1) Adjusted gross income for 20197 2) Taxable income for 2019? 3) How much will they pay in taxes in 20197 Table 1. Standard Deduction categories, 2019 Fling Status Single Married Filing Jointly & Surviving Spouse Married Fäng Separately Head of Household Table 2. Married Filing Jointly Tax Brackets, 2019: Standard Deduction Amount $12,200 $24,400 $12.200 $18.350 Married Individuals Filing Joint Returns and Surviving Spouses The Tax Due Is If Taxable income is Between 0-$19.400 $19.401 $78,960 $78.951-$160 400 $166,401-$321.450 $325451-$408.200 $408.201-1612.350 5612.351. 10% of taxable income $1,040+12% of the amount over $19,400 $9.086 22% of the amount over $78,950 $28.765+ 24% of the amount over $160.400 565.407 32% of the amount over $321450 503.257 35% of the amount over $408.200 5164 700 50 37% of the amount over 3612.350

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Given John earning 32000 and invest 2000 in retirement account Be... View the full answer