Mr. and Mrs. Brown have the following tax information for 2020 and file a joint return...
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Mr. and Mrs. Brown have the following tax information for 2020 and file a joint return [Note: do NOT consider AMT when preparing the solution to this problem]: Salary-Mr. Brown Salary-Mrs. Brown Gross receipts from Mr. Brown's consulting business Expenses related to Mr. Brown's consulting business Interest from City of Mansfield bonds Itemized deductions: Mortgage interest Real property taxes QBID Withholdings of income tax Timely made payments of estimated tax (total) $70,000 50,000 200,000 120,000 9,000 21,000 11,000 16,000 35,000 30,000 SHOW AND LABEL ALL WORK (IN THE SPACES PROVIDED BELOW) TO RECEIVE ANY CREDIT!!!!!! REQUIRED YOU MUST PROVIDE YOUR CALCULATION HERE YOU MUST PLACE YOUR ANSWER HERE A. Compute their Adjusted Gross Income. B. Assume AGI is $200,000. Compute their taxable income. C. Assume taxable income is $200,000. Compute their regular income tax liability. D. Assume total tax liability is $50,000. What is the net tax due or tax refund? Mr. and Mrs. Brown have the following tax information for 2020 and file a joint return [Note: do NOT consider AMT when preparing the solution to this problem]: Salary-Mr. Brown Salary-Mrs. Brown Gross receipts from Mr. Brown's consulting business Expenses related to Mr. Brown's consulting business Interest from City of Mansfield bonds Itemized deductions: Mortgage interest Real property taxes QBID Withholdings of income tax Timely made payments of estimated tax (total) $70,000 50,000 200,000 120,000 9,000 21,000 11,000 16,000 35,000 30,000 SHOW AND LABEL ALL WORK (IN THE SPACES PROVIDED BELOW) TO RECEIVE ANY CREDIT!!!!!! REQUIRED YOU MUST PROVIDE YOUR CALCULATION HERE YOU MUST PLACE YOUR ANSWER HERE A. Compute their Adjusted Gross Income. B. Assume AGI is $200,000. Compute their taxable income. C. Assume taxable income is $200,000. Compute their regular income tax liability. D. Assume total tax liability is $50,000. What is the net tax due or tax refund?
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Answer rating: 100% (QA)
A Compute their Adjusted Gross Income AGI Abovetheline deductions Where Salary Mr Brown 70000 Salary ... 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:
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