Acct. 4400 Learning module 3 Roger and Trish are married and file jointly. They have three...

 

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Acct. 4400 Learning module 3 Roger and Trish are married and file jointly. They have three children: Bob is aged 23 and a full time student who does not furnish more than half his own support; Kim who is 17 and lives at home; Harris who is 20 and a part time student who earns $12,000 from a job and saves this for college. Roger and Trish pay for his support. Roger contributes $5,000 to an IRA, and pays alimony to a former spouse of $10,000. They have itemized deductions of $13,400. Roger is 65 years old. Roger's salary is $117,000! Trish has a small business which has revenue of $4,000, and business expenses of $2,850. Roger has withholdings of $13,000. Trish gets a small business tax credit of &5,000. Compute their taxes due or refund. Acct. 4400 Learning module 3 Roger and Trish are married and file jointly. They have three children: Bob is aged 23 and a full time student who does not furnish more than half his own support; Kim who is 17 and lives at home; Harris who is 20 and a part time student who earns $12,000 from a job and saves this for college. Roger and Trish pay for his support. Roger contributes $5,000 to an IRA, and pays alimony to a former spouse of $10,000. They have itemized deductions of $13,400. Roger is 65 years old. Roger's salary is $117,000! Trish has a small business which has revenue of $4,000, and business expenses of $2,850. Roger has withholdings of $13,000. Trish gets a small business tax credit of &5,000. Compute their taxes due or refund.

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Roger and Trishs taxable income is 117000 4... View the full answer