John has gross income of $60,000. The amount of adjustments is $2,000. Under the current tax...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
John has gross income of $60,000. The amount of adjustments is $2,000. Under the current tax system, personal exemption is $18,250. He is single. The standard deduction is $11,400 and his itemized deduction is $10,400. He is eligible for some tax credits, which amount to $3000. (1) Find his AGI and TI (2)Suppose that his taxes owed before tax credits are considered is $3,418, how much should he pay as taxes finally? (3)IRS withheld $2000, how much will he be refunded? John has gross income of $60,000. The amount of adjustments is $2,000. Under the current tax system, personal exemption is $18,250. He is single. The standard deduction is $11,400 and his itemized deduction is $10,400. He is eligible for some tax credits, which amount to $3000. (1) Find his AGI and TI (2)Suppose that his taxes owed before tax credits are considered is $3,418, how much should he pay as taxes finally? (3)IRS withheld $2000, how much will he be refunded?
Expert Answer:
Answer rating: 100% (QA)
1 Johns AGI Adjusted Gross Income is calculated as follows AGI Gross income Adjustm... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these finance questions
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-4. Ivan and Irene paid the following in 2012 (all by check or can otherwise be...
-
1. Find the dual to the linear program. (7 points) min 4x1 - x2 + 2x3 s.t. x + x 5 2x1+x2 7 2x2 + x3 26 x1 + x3 = 8 x20, X2, X3 unconstrained. 2. Stoco manufactures hammers, pliers, wrenches, and...
-
ABC Company produces mode trains. During the month of July, it produced 4,000 trains. The actual labor hours were 8 hours per train. Its standard labor hours are 10 hours per train. The standard...
-
Substituted pyrroles are often prepared by treatment of a 1, 4-diketone with ammonia. Propose amechanism. R + H20 RCCH2CH2R" R- NH3 R.
-
Is wind usually a cause of mechanical or chemical weathering? Explain why you think so.
-
Sony ('orp). launched its PlayStation 4 in late 2013. It was introduced at a price point of \(\$ 399\). At the time of introduction, a technology firm performed a tear-down of the PlayStation and...
-
Account balances taken from the ledger of Builders Supply Corporation on December 31, 2011, before adjustment, follow information relating to adjustments on December 31, 2011: (a) Allowance for Bad...
-
Capital Budget Problem - project of machine purchase, operation and termination. Calculate the cost to enter project. Buy machine Transport in Set up $100,000 15,000 5.000 Calculate the annual...
-
The isotope technetium-99m is used by doctors to image the skeleton and heart muscles. Fol- lowing injection, the concentration of this isotope decays exponentially in the body. a. Let N(t) represent...
-
The lengths of the diagonals of a rhombus are 24 cm and 32 cm. Calculate the length of the altitude of the rhombus.
-
Why is the evaluation component of the marketing plan necessary?
-
During inspection of the continuous process of making large rolls of floor coverings, 0.5 imperfections are spotted per minute on average. Use the Poison distribution to find the probabilities (a)...
-
In a factory, \(8 \%\) of all machines break down at least once a year. Use the Poisson approximation to the binomial distribution to determine the probabilities that among 25 machines (randomly...
-
What models are useful for performing a situation analysis?
-
What is the capitalized rate of return and how is it selected?
-
Consider sending a file of 50 Mbits over a path of 4 links. Each link transmits at a rate of 10 Mbps. The network is lightly loaded so that there are no queuing delays, the processing delay is...
-
Cornell and Roberts are partners who agree to admit Stanley to their partnership. Cornell has a capital balance of $80,000 and Roberts has a capital balance of $120,000. Cornell and Roberts share net...
-
During 2012, Palo Fiero purchases the following property for use in his manufacturing business: Palo uses the accelerated depreciation method under MACRS, if available, and does not make the election...
-
During 2012, Tom sold Sears stock for $10,000. The stock was purchased 4 years ago for $13,000. Tom also sold Ford Motor Company bonds for $35,000. The bonds were purchased 2 months ago for $30,000....
-
In June of 2012, Maureen's house is vandalized during a long-term power failure after a hurricane hit the city. The president of the United States declares Maureen's city a disaster area as a result...
-
Smith & Co, experienced the following six events in its first year of operations: 1. Shareholders contributed \($60,000\) cash. 2. Purchased land for \($40,000\) cash. 3. Borrowed \($18,000\) in cash...
-
Marilyn Miller began the second year of her floral business with \($12,000\) in cash in her bank account. Using the information below, all of which occurred during Year 2, prepare a statement of cash...
-
The following financial information is known about Pfizer, Inc. for the year ended December 31, 2015. (all amounts in millions): yom a. The balance of cash and cash equivalents was \($3,641\). b....
Study smarter with the SolutionInn App