Question: Please answer all questions. QUESTION Vanessa files as single,which entitles her to a $12,000standard deduction.Since she bought a house several years ago,she has deductible expenses

Please answer all questions.

QUESTION Vanessa files as single,which entitles her to a $12,000standard deduction.Since she bought a house several years ago,she has deductible expenses of: Mortgage interest =$7,800 Property taxes =$2,940 State taxes =$3,250

  1. Assuming Vanessa chooses the largest possible deduction,how much does she get to deduct from her adjusted gross income?

QUESTION Vanessa's taxable yearly income is $36,550.If she files as single,based on the 2018tax brackets from the 3-6power point,how much did she owe for her 2018federal income taxes?

QUESTION Amitis a single parent with one child. His gross salary is $43,500 this year. His employer withheld $2,610 to contribute to their retirement pension fund and another $3,840 to pay for health insurance premiums. Since he is filing as head of household, Amitqualifies for a standard deduction of $18,350, which he takes since his itemized deductions are significantly less than that.

  1. Based on this information, what is Amit'staxable income?

QUESTION Anthony and Susan are married filing jointly.Their combined taxable income is currently $160,000. Due to raises, their taxable income will increase by $8,500. Based on the 2018 tax brackets in the 3-6 power point, how muchmoretax will they pay because of the raises?

QUESTION Patrick and Carolyn are in the 22% tax bracket and itemize their deductions. They qualify for a $2,800 tax credit because of their 2 children and a$1500 tax deduction for Patrick's travel expenses for work.

  1. Their tax bill is reduced by( )because of the $2,800 tax credit.
  2. Their tax bill is reduced by( ) because of the $1,500 tax deduction.

QUESTION Barney's taxable yearly income is $256,300.If he files as head of household,based on the 2018tax brackets from the 3-6power point,how much did he owe for his2018federal income taxes?

QUESTION Pat and Sam have a combined gross income of $68,550.Every month Pat contributes $245to his tax-deferred IRA and his employer withholds $650in health insurance premiums for hisfamily.Meanwhile,Sam'semployer withholds $200 per month for a childcare flex spending account.Since they are married and file jointly, they qualify for a standard deduction of $24,000.

  1. Based on this information, what is their taxable income?

QUESTION Amy is single with a taxable income of $38,000.She has been offered a new position which will raise her taxable income to $45,000.Based on the 2018 tax brackets in the 3-6power point,how muchmorewill she pay in taxes because of the new position?

Round all answers to 2 decimal places.

Please show me your all works. Thanks.

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