Question: Please show all work and number each problem correctly! 9. Using the married filing jointy status and their income and expense statement, calculate the 2014
9. Using the married filing jointy status and their income and expense statement, calculate the 2014 tax liability for Shameka and Curtis Williams. First use the standard deduction, and then use the following itemized deductions: Income Eamed income Interest income Expenses Home mortgage interest Real estate and state income taxes $7,900.00 3,850.00 700.00 $49,000.00 2,300.00 Exptain to the Williams which method they should use and why Shameka and Curtis' total gross income for the 2014 tax year is $ (Round to the nearest cent.) . Round Assuming Shameka and Curtis are fling jointly, their exemption amount for the 2014 tax year is $ to the nearest cent.) If Shameka and Curtis use the standard deduction, their standard deduction amount for the 2014 tax year is Round to the nearest dollar.) Note: Miscellaneous deductions, unlike charitable contributions are subject to a deduction threshold.) Click the following link for a standard deduction table. Their taxable income for the 2014 tax year is $ Round to the nearest cent) If Shameka and Curtis use the standard deduction, their total income tax due for the 2014 tax year is $ (Round to the nearest cent.) Click the following link for the tax rates and brackets table. If Shameka and Curtis itemize their deductions, their itemized deduction amount for the 2014 tax year is S (Round to the nearest cent.) If Shameka and Curtis itemize their deductions, their taxable income for the 2014 tax year is $ the nearest cent.) If Shameka and Curtis itemize their deductions, their total income tax due for the 2014 tax year is $ (Round to the nearest cent.) Click the following link for the tax rates and brackets table.3 Which method should they use? (Select the best answer below.) Round to A. Standard deduction. O B. Itemized deduction. 1: Data Table Standard Deduction Amounts 2014 Filing Status Single Married Filing Jointly or Surviving Spouse Head of Household Married Filing Separately $6,200 $12.400 $9,100 $6,200 Personal Exemptions in 2014: $3,950 Child Tax Credit in 2014: $1,000 per child
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