Financial Planning Activities: This worksheet asks you to calculate Federal Taxes for the current year. For...

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Financial Planning Activities: This worksheet asks you to calculate Federal Taxes for the current year. For the amounts, deductions and taxes for the most recent tax year. You need to calculate the income tax for total income of 50,000. Use the STANDARD deduction for married filing joint status. Amount withheld for federal income tax is 2,500. IRS.org is a great resource (I have attached a blank 1040 form for your use, the standard deduction amount is there on page 2; The instruction booklet is also available for you so you can look up the income tax in the tax tables section of the instructions for your taxable income estimate.) Please note - use the information given here and not your personal situation for the worksheet. Suggested Web Sites: www.irs.gov Gross income (wages, salary, investment income, and other ordinary income $ Less Adjustments to income - $ Equals Adjusted gross income Less Standard deduction OR Itemized deduction: (filing status medical expenses (exceeding 7.5% of AGI) state/local income, property taxes mortgage, home equity loan interest contributions casualty and theft losses moving expenses, job-related and miscellaneous expenses (exceeding 2% of AGI) Amount $ Equals Taxable income Estimated tax (based on current tax tables or tax schedules)___ Less Tax credit (s) Plus Other taxes Total itemized or standard deduction) = $ Equals Total tax liability Less withholding and payments Equals Tax due (or refund) $ = $ =$ - S + $ = $ - $ = $ $ $ $ Financial Planning Activities: This worksheet asks you to calculate Federal Taxes for the current year. For the amounts, deductions and taxes for the most recent tax year. You need to calculate the income tax for total income of 50,000. Use the STANDARD deduction for married filing joint status. Amount withheld for federal income tax is 2,500. IRS.org is a great resource (I have attached a blank 1040 form for your use, the standard deduction amount is there on page 2; The instruction booklet is also available for you so you can look up the income tax in the tax tables section of the instructions for your taxable income estimate.) Please note - use the information given here and not your personal situation for the worksheet. Suggested Web Sites: www.irs.gov Gross income (wages, salary, investment income, and other ordinary income $ Less Adjustments to income - $ Equals Adjusted gross income Less Standard deduction OR Itemized deduction: (filing status medical expenses (exceeding 7.5% of AGI) state/local income, property taxes mortgage, home equity loan interest contributions casualty and theft losses moving expenses, job-related and miscellaneous expenses (exceeding 2% of AGI) Amount $ Equals Taxable income Estimated tax (based on current tax tables or tax schedules)___ Less Tax credit (s) Plus Other taxes Total itemized or standard deduction) = $ Equals Total tax liability Less withholding and payments Equals Tax due (or refund) $ = $ =$ - S + $ = $ - $ = $ $ $ $

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To calculate the income tax for a total income of 50000 for married filing joint status using the st... View the full answer