Mark and Patricia report adjusted gross income of $410,000 and itemized deductions of $31,000 for the interest
Question:
Mark and Patricia report adjusted gross income of $410,000 and itemized deductions of $31,000 for the interest on their home acquisition mortgage (principal amount of $890,000 acquired in 2015), $14,000 in state and local taxes, and $38,000 in charitable contributions. They file a joint income tax return and have four dependent children under age 16. What is their taxable income for 2018 and allowable tax credits?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (12 reviews)
331000 taxable income and 7500 child tax credit Itemized deductions 3...View the full answer
Answered By
Ali Khawaja
my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Taxation For Decision Makers 2019
ISBN: 9781119497288
9th Edition
Authors: Shirley Dennis Escoffier, Karen A. Fortin
Question Posted:
Students also viewed these Business questions
-
Mark and Patricia report adjusted gross income of $380,500 and itemized deductions of $64,000 (interest on home acquisition mortgage with a principal amount of $890,000, taxes, and charitable...
-
Mark and Patricia report adjusted gross income of $380,500 and itemized deductions of $64,000 for the interest on home acquisition mortgage (principal amount of $890,000), taxes, and charitable...
-
Lynn and Dave, a married couple, have AGI of $300,000 in 2018 and report the following itemized deductions before deducting any floors that may apply: Interest on their home acquisition mortgage...
-
Explain why it has been suggested that the new rules in IFRS 16 could bring the biggest shake-up to retailers financial statements for decades.
-
Describe the connective tissue and nervous tissue making up a peripheral nerve.
-
For the following exercises, use the vertex (h, k) and a point on the graph (x, y) to find the general form of the equation of the quadratic function. (h, k) = (0, 1), (x, y) = (1, 0)
-
Your instructor will divide your class randomly into groups of four to six people. Acting as a team, with everyone offering ideas and one person serving as official recorder, each group will be...
-
The Alpha Beta Company produces two products; A and B, that are made from components C and D. Given the following product structures, master scheduling requirements, and inventory information,...
-
Use the attached image and SQL DDL Commands to query the appropriate tables and populate with four rows of data. Please include explanation for script. CUSTOMER PK CustomerID CustomerName Address...
-
ABE Plumbing Inc. opened its doors in 1979 as a wholesale supplier of plumbing equipment, tools, and parts to hardware stores, home-improvement centers, and professional plumbers in the Allentown-...
-
Justin is single and has taxable income of $190,000 of which $140,000 is attributable to his consulting sole proprietorship. He paid W-2 wages to his employees of $60,000. a. What is Justins...
-
Cindy files as head of household and has three dependent children ages 12, 14, and 16. Her AGI is $205,000 for 2018. How much can Cindy claim for the child tax credit?
-
Following are the data on the number of copepods in each of 12 containers after 14 days for three different diets from Exercise 16.49. Use a family confidence level of 0.95. Perform a Tukey multiple...
-
Corporate takeovers (mergers and acquisitions) play a very important role in today's business environment. Critically discuss this statement.
-
5. Using the Rybczynski Theorem, a. If you were a Capital owner, would you support foreign direct investment coming into your country? Why or why not? b. If you were a worker, would you support...
-
What assumption about monopolistic competition results in intra-industry trade?
-
7-We start off with a coil and a magnetic field (B= 0.52 T), starting orientation shown in the diagram below. By rotating the coil (from the center) counterclockwise for 0.264 s, an emf of 3.1 V is...
-
Lando Inc's perpetual preferred stock sells for $50.6 per share and it pays a $4.90 annual dividend. If the company were to sell a new preferred issue, it would incur a flotation cost of 3.50% of the...
-
At what frequency will a generator with an rms voltage of 504 V produce an rms current of 7.50 mA in a 0.0150-F capacitor?
-
What are the main distinctions between the different schools of legal interpretation?
-
In no more than three PowerPoint slides, list some general guidelines that a taxpayer can use to determine whether it has an obligation to file an income tax return with a particular state. (Include...
-
Fallow Corporation is subject to tax only in State X. Fallow generated the following income and deductions. State income taxes are not deductible for X income tax purposes. Sales...
-
Dillman Corporation has nexus in States A and B. Dillmans activities for the year are summarized below. Determine the apportionment factors for A and B assuming that A uses a three-factor...
-
Coursework One (LO1 and LO2) The Assignment Template You should; depending on your own skills and experience, identify a suitable graduate position, or a placement with a chosen company. You then...
-
The decision to dedicate the resources needed to fund and support the Department of Communications within Navistar International sends a signal that corporate communication is seen as vital to the...
-
(B) Every year companies in Australia generally expect to have to pay some of their earnings to the Australian government in the form of income tax. However, the amount paid to the government is...
Study smarter with the SolutionInn App