1. Use the following worksheet to estimate your federal income tax liability based on the 2012...

 

 

Transcribed Image Text:

1. Use the following worksheet to estimate your federal income tax liability based on the 2012 guidelines presented in the text or current tax regulations and rates. (The Excel worksheet will calculate your tax liability based on your input.) Select one of the following as your Filing Status: Single Married, Filing Joint Return • Married, Filing Separate Return • Head of Household . Qualifying Widow(er) with Dependent Child www Your status will determine how you compute your taxes. Gross Income Computation: Salary (After Retirement Contribution) Interest Income Dividend Income Long-Term Capital Gains Short-Term Capital Gains Gross Income Standard Deduction Itemized Deductions Medical Expenses Minus 10% Adjusted Gross Income Deductible Medical Expenses D $ $ $ es $ $ $ + Enter the Larger of the Total Itemized Deductions or Standard Deduction Exemptions Taxable Income (Gross Income Deductions and Exemptions) Tax Liability Capital Gains Tax $4,000x Long-Term Capital Gains Long-Term Capital Gains Tax Rate Capital Gains Tax Your Total Tax Liability (Capital gains tax plus tax liability) (Number of exemptions) s $ in $ 10 $ $ FA 1. Use the following worksheet to estimate your federal income tax liability based on the 2012 guidelines presented in the text or current tax regulations and rates. (The Excel worksheet will calculate your tax liability based on your input.) Select one of the following as your Filing Status: Single Married, Filing Joint Return • Married, Filing Separate Return • Head of Household . Qualifying Widow(er) with Dependent Child www Your status will determine how you compute your taxes. Gross Income Computation: Salary (After Retirement Contribution) Interest Income Dividend Income Long-Term Capital Gains Short-Term Capital Gains Gross Income Standard Deduction Itemized Deductions Medical Expenses Minus 10% Adjusted Gross Income Deductible Medical Expenses D $ $ $ es $ $ $ + Enter the Larger of the Total Itemized Deductions or Standard Deduction Exemptions Taxable Income (Gross Income Deductions and Exemptions) Tax Liability Capital Gains Tax $4,000x Long-Term Capital Gains Long-Term Capital Gains Tax Rate Capital Gains Tax Your Total Tax Liability (Capital gains tax plus tax liability) (Number of exemptions) s $ in $ 10 $ $ FA