Individual Tax (Joint) Calculation

Assuming a joint return, compute projected 2019 taxable income, tax liability and net tax payable or refund due. (US Tax) Complete the calculation under the template.

CALCULATING INDIVIDUAL TAX Harris and Willa B. Taxpayer will file a joint federal income tax return. Harris, age 40, is a manager of a sporting goods store. Willa, who is 39, is a vice president at a regional bank. The couple comes to you in early December seeking tax advice. They have received or will receive the following amounts: Salaries H-90,000, W-132,000 Interest from Erie County bonds Interest from Fidelity Corporate Bond Fund Dividends from common & preferred stocks (domestic corporations) Life insurance proceeds (H's mother) Inheritance (H's mother) Proceeds from sale of stock held four years (cost 11,000) 6,000 8,000 5,000 750,000 500,000 20,000 Itemized deductions- State income tax withheld from pay Property taxes Home mortgage interest Charitable contributions (cash) 8,700 4,900 7,000 7,100 Harris's employer withheld 11,900 of federal income tax, Willa's employer withheld 19,000. In addition, they paid federal quarterly estimates totaling 4,000 (1,000 per quarter). Harris had Social Security tax of 5,580 and Medicare tax of 1,305 withheld by his employer. Willa's social Security and Medicare tax amounts withheld were 8,184 and 1,914, respectively. Their 8-year old daughter, Daisy, attends an after-school program and summer day camp program while they work, entitling them to a 600 Dependent Care (childcare) credit. In addition, since she is under age 17, they will be entitled to the 2,000 Child credit. Salary INTEREST-County Bond --Corp bond fund Dividends Life Insurance proceeds Inheritance Gross Income Deds. FOR AGI AGI Deds. FROM AGI Taxes Home Mtg Interest Charitable contribution Total itemized ded, Relevant standard ded TAXABLE INCOME Tax Liability Calculation: Gross Fed. Ine. Tax. -Tax Credits FEDERAL INCOME TAX LIABILITY Prepayments: Fed Income Tax Due (Refund) Note if an item of income is an exclusion, just put a-0-in or write "exclusion