Sally and Jim are married and have taxable income in 2019 of $700,000. If they could file
Question:
Sally and Jim are married and have taxable income in 2019 of $700,000. If they could file their income tax as single individuals, each of them would have taxable income of $350,000. Do they have a marriage when they file their joint return? If so, what is the amount of the penalty?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (8 reviews)
Yes they have a marriage penalt...View the full answer
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Taxation For Decision Makers 2020
ISBN: 9781119562108
10th Edition
Authors: Shirley Dennis Escoffier, Karen Fortin
Question Posted:
Students also viewed these Business questions
-
Sally and Jim are married and have taxable income in 2013 of $160,000. If they could file their income tax as single individuals, each of them would have taxable income of $80,000. Do they have a...
-
Sally and Jim are married and have taxable income in 2016 of $160,000. If they could file their income tax as single individuals, each of them would have taxable income of $80,000. Do they have a...
-
Sally and Jim are married and have taxable income in 2018 of $700,000. If they could file their income tax as single individuals, each of them would have taxable income of $350,000. Do they have a...
-
Analyze how you will use the challenge the process and enable others to act practices to improve the three leadership areas that you selected in module one. ? select one leadership theory or approach...
-
Is the weighted-average method or FIFO method usually more accurate? Why?
-
A soft tennis ball is dropped onto a hard floor from a height of 1.95 m and rebounds to a height of 1.56 m. (Assume that the positive direction is upward.) (a)Calculate its velocity (in m/s) just...
-
On a distant planet small-amplitude waves travel across a \(1-\mathrm{m}\)-deep pond with a speed of \(5 \mathrm{~m} / \mathrm{s}\). Determine the acceleration of gravity on the surface of that...
-
Thomas Flanagan was an audit partner and key member of management (Vice Chairman) at Deloitte LLP, based out of the firm's Chicago office. During the latter part of his career, he managed a large...
-
Project: Parole: Are We Better Off Without It? As you learned in this lesson, federal parole was eliminated in 1984. This made a dramatic impact on the incarceration system in the United States....
-
The St. Lucia Blood Bank, a private charity partly supported by government grants, is located on the Caribbean island of St. Lucia. The blood bank has just finished its operations for September,...
-
Go to the IRS website and click on About IRS, and then click on Tax Statistics. What sub headings appear under the Statistics of Income?
-
If a taxpayer has $40,000 of employee salary in 2019, how much will be withheld for the Social Security and Medicare taxes?
-
A scatterplot of Salary against Years Experience for some employees and the scatterplot of residuals against predicted Salary from the regression line are shown in the figures. On the basis of these...
-
A Y-connected synchronous generator grounded through a neutral impedance \(Z_{n}\) with a zero-sequence impedance \(Z_{g 0}\)____________ has zero-sequence impedance \(Z_{0}=\) in its zero-sequence...
-
In per-unit sequence models of three-phase three-winding transformers, for the general zero-sequence network, the connection between terminals \(\mathrm{H}\) and \(\mathrm{H}^{\prime}\) depends on...
-
Limits on takeovers of locals by national unions and a listing of the financial responsibilities of union officials were provisions of the ____________Act. a) National Labor Relations b) Taft-Hartley...
-
Explain the terms: (i) timing differences, (ii) permanent differences, (iii) deferred tax liability and (iv) deferred tax asset as per accounting standard related to taxes on income.
-
Describe in brief disclosure requirements of accounting standards related to accounting for fixed assets and investments.
-
The university has built a new parking garage. There is always an available parking spot, but it costs $1 per day. Before the new garage was built, it usually took 15 minutes of cruising to find a...
-
After graduating from college and working a few years at a small technology firm. Preet scored a high-level job in the logistics department at Amex Corporation. Amex sells high-quality electronic...
-
John has taxable income of $30,000. William has taxable income of $60,000. Determine their 2013 income taxes if they are both single individuals. Compare their incomes and their income taxes. What...
-
Lilikoi Corporation began business in 2011. Lilikoi earned taxable income of $40,000 in 2011 and $120,000 in 2012. For 2013, Lilikoi Corporation has a net operating loss of $50,000 and decides to...
-
What are three objectives of income taxation?
-
sarasota corporation produces high - performance rotors. it expects to produce 3 0 , 0 0 0 rotors in the coming year. it has invested $ 4 , 3 1 2 , 5 0 0 to produce rotors. the company has a required...
-
3. Find the value of uo in the circuit in figure below. 4 6 2 mA ( 3 2 + 5 V 6 Do +
-
Hillside issues $ 2 , 1 0 0 , 0 0 0 of 5 % , 1 5 - year bonds dated January 1 , 2 0 2 1 , that pay interest semiannually on June 3 0 and December 3 1 . The bonds are issued at a price of $ 1 , 8 1 4...
Study smarter with the SolutionInn App