Mr. Rivera and Mrs. Lopez are married, and they have 50 and 66 years respectively years old. Their income consisted of the following sources

They have Salaries: Mr. Rivera $45,000 and Mr. Lopez $ 35,000
Interest received in Federal Bonds $1,000
Interest received in Private Banks Accounts $2,000

Jury Duty Compensation $3,000

Inheritance (Herencia recibida por Mrs. López) $10,000
Interest in Milwaukee city bonds 1,500

Withholding Tax payment $2,000 and 3,000

Please present computation items.

Make the follows calculations:

1. Gross Income:

2. Adjusted Gross Income:

3. Standard Deduction

4. Additional Standard Deduction:

5. The taxable income is:

6. The Total tax liability: (Please, use the table at the end of the problem)

7. The Payment or Refund:

i. Please mention in which form or schedule should be included the followings items;

• They have Salaries: Mr. Rivera $45,000 and Mr. Lopez $ 35,000 _____________
• Interest received in Federal Bonds $1,000 ______________
• Interest received in Private Banks Accounts $2,000 _________________
• Jury Duty Compensation $3,000 __________
• Inheritance (Herencia recibida por Mrs. López) $10,000 ____________
• Interest in Milwaukee city bonds $1,500 _______________

 

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r m in 00 AutoSave OFF Home Insert Draw Design Layout Print Web Layout Layout Page 3 of 3 | 1 Outline Draft Focus Immersive. Reader ... References ✓ Ruler Gridlines Navigation Pane Mailings Review 100 Zoom Zoom Problema-Examen1-2021-22-Saved to my Mac 185 words English (United States) Accessibility: Investigate View Picture Format - One Page EE Multiple Pages to 100% Page Width 1 New Arrange Split Window All 2 3 ģimpožupanžempu³espuțiq|m³|mj If Taxable Income Is: Not over $19,750 Over $19,750 but not over $80,250 Over $80,250 but not over $171,050 Tell me Over $171,050 but not over $326,600 Over $326,600 but not over $414,700 Over $414,700 but not over $622,050 Over $622,050 4 Switch Windows TABLE 1-Section 1()(2)(A) - Married Individuals Filing Joint Returns Spouses 5 Macros The Tax Is: 10% of the taxable income $1,975 plus 12% of the excess over $19,750 $9,235 plus 22% of the excess over $80,250 $29,211 plus 24% of the excess over $171,050 $66,543 plus 32% of the excess over $326,600 $94,735 plus 35% of the excess over $414,700 $167,307.50 plus 37% of the excess over $622,050 ✓ Interest received in Private Banks Accounts $2.000 ✓ Jury Duty Compensation $3,000. ✓ Inheritanss. (Herencia recibida por Mrs. López) $10,000 ✓ Interest in Milwaukee city bonds $1.500 Please mention in which form or schedule should be included the followings items: ✓ They have Salaries: Mr. Rivera $45,000 and Mr. Lopez $ 35,000 ✓ Interest received in Federal Bonds $1,000 6 [▬▬▬▬ Focus Share Comments + 87% r m in 00 AutoSave OFF Home Insert Draw Design Layout Print Web Layout Layout Page 3 of 3 | 1 Outline Draft Focus Immersive. Reader ... References ✓ Ruler Gridlines Navigation Pane Mailings Review 100 Zoom Zoom Problema-Examen1-2021-22-Saved to my Mac 185 words English (United States) Accessibility: Investigate View Picture Format - One Page EE Multiple Pages to 100% Page Width 1 New Arrange Split Window All 2 3 ģimpožupanžempu³espuțiq|m³|mj If Taxable Income Is: Not over $19,750 Over $19,750 but not over $80,250 Over $80,250 but not over $171,050 Tell me Over $171,050 but not over $326,600 Over $326,600 but not over $414,700 Over $414,700 but not over $622,050 Over $622,050 4 Switch Windows TABLE 1-Section 1()(2)(A) - Married Individuals Filing Joint Returns Spouses 5 Macros The Tax Is: 10% of the taxable income $1,975 plus 12% of the excess over $19,750 $9,235 plus 22% of the excess over $80,250 $29,211 plus 24% of the excess over $171,050 $66,543 plus 32% of the excess over $326,600 $94,735 plus 35% of the excess over $414,700 $167,307.50 plus 37% of the excess over $622,050 ✓ Interest received in Private Banks Accounts $2.000 ✓ Jury Duty Compensation $3,000. ✓ Inheritanss. (Herencia recibida por Mrs. López) $10,000 ✓ Interest in Milwaukee city bonds $1.500 Please mention in which form or schedule should be included the followings items: ✓ They have Salaries: Mr. Rivera $45,000 and Mr. Lopez $ 35,000 ✓ Interest received in Federal Bonds $1,000 6 [▬▬▬▬ Focus Share Comments + 87%

Answer rating: 100% (QA)

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