Anne and Joseph are married and live together, they have a 5-year old child who is a

Fantastic news! We've Found the answer you've been seeking!

Question:

Anne and Joseph are married and live together, they have a 5-year old child who is a dependent. Joseph earned $80,000 as a trucker and Anne is a stay-at-home mom that cares for their daughter. Joseph had $8,000 of his wages withheld for federal income taxes by his employer. They also had interest income from a savings account of $200 and Joseph made a $6,000 contribution to his traditional IRA. They take the standard deduction for those married filing jointly and they also qualify for the child tax credit of $2,000.

For tax year 2020 calculate their:

a) adjusted gross income

b) their taxable income

c) tax liability

d) tax refund or tax owed.

Posted Date: Oct 02, 2021 01:33 AM

See More Questions

A 5 year old machine having original cost $10000 has a book value of $6000 at the end of one-half of its expected economic life. Estimated operating costs for next year will amount to $5000. An...
(1)Janice made a $6,000 contribution to her traditional IRA account. Her employer, Worldwide publishing, offers a 401k that Janice contributes to. (2)Sale of LMN publically traded stock on 8/15/2019...
Cindy and Paul are married and live together in Arizona. During the year, Paul receives a salary of $45,000 and $4,000 of dividends from stock that is his separate property. Cindy receives a salary...
Below are the Statements of Comprehensive Income of A and B Companies for 2020. A's Statement of Comprehensive Income was prepared before it reported its share of B's income. A uses the equity...
What does it mean if a bond is callable?
An analyst has modeled the stock of Crisp Trucking using a two-factor APT model. The risk-free rate is 6%, the expected return on the first factor (r1) is 12%, and the expected return on the second...
A particle that has mass $m$ and charge $q$ enters a uniform magnetic field that has magnitude $B$ and is directed along the $x$ axis. The initial velocity of the particle is in the $x y$...
Prescott Manufacturing evaluates the performance of its production managers based on a variety of factors, including cost, quality, and cycle time. The following are nonfinancial measures for quality...
* Select the jobs of the operating system many answers Manage CPU and Memory Provide computer with power Provide user interface Cool down the computer
Assume the standard deviation of the return on every stock is 40%, and the correlation coefficient between any two stocks is 0.2. The market is perfect and short-selling is not restricted. As for...
Spot interest rates and yields You have estimated spot rates as follows: a). What are the discount factors for each date (that is, the present value of $1 paid in year t )? b). Calculate the PV of...
Contribution can be sought a. only when defendants are jointly liable. b. can be sought from a defendant who has a valid defense. c. can be sought from an employer if workers compensation statutes...
True Or False The doctrine of equitable indemnity provides that the indemnitor must pay the indemnitee the full amount that the indemnitee paid the plaintiff.
True Or False The omnibus clause of most insurance policies has increased the need for automobile-consent statutes.
What was the common law rule regarding contribution, and what is the majority rule today?
What should a plaintiff do before agreeing to release a defendant?
Ignoring energy losses due to friction, and taking the density of water to be 1000 kg/m, consider the following two cases: (a) Water flows in a tapered pipe at a rate of 1400 L/min from Point A with...
The test statistic in the NeymanPearson Lemma and the likelihood ratio test statistic K are intimately related. Consider testing H 0 : = 0 versus H a : = a , and let * denote the test statistic...
The plaintiff [Christine Parent] leased an automobile from Amity Autoworld, Ltd. (hereafter Amity) [in Amityville, New York] in January 2002. Amity sold all its Toyota automobile franchise assets * *...
Iberia Surgical [LLC] was formed, in August 1998, by a group of physicians practicing in Iberia Parish [Louisiana] for the purpose of establishing an ambulatory, outpatient surgery center. * * * Dr....
The Communications Act of 1934 established a system of limited-term broadcast licenses subject to various conditions * * * . * * * [These conditions include] the indecency banthe statutory...

Anne and Joseph are married and live together, they have a 5-year old child who is a

Question:

Expert Answer:

a adjusted gross income 74200 b their taxable income 49400 c tax liabil... View the full answer

Students also viewed these accounting questions