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Question No. 1

In 2018, Lisa and Fred, a married couple, had taxable income of \$310,500. If they were to file separate tax returns, Lisa would have reported taxable income of \$128,500 and Fred would have reported taxable income of \$182,000. What is the couple's marriage penalty or benefit? Marriage benefit= 1989

Marriage benefits or marriage penalty -----------------------?(amount)

 Married couple Taxable income Tax if filed jointly Tax if single Marriage penalty or benefit Wife 128500 =14089+0.24* (128500-82500) = 25129 Husband 182000 = 32089+0.32* (182000-157500) = 39929 Total 310500 = 28179+0.24* (310500-165000) = 63099 65088 1989

Question No. 2

Lacy is a single taxpayer. In 2018, her taxable income is \$44,800. What is her tax liability in each of the following alternative situations?

a. All of her income is salary from her employer.

Tax Liability - (44800-38700)*0.22+4453.50= 5795.5

b. Her \$44,800 of taxable income includes \$2,800 of qualified dividends.

Tax Liability-(44800-2800-38700)*0.22+4453.50+ (2800*0.15)= 5599.5

c. Her \$44,800 of taxable income includes \$18,200 of qualified dividends.

Tax Liability-(44800-18200-9525)*.12+952.5+(18200*0.15)=5731.5

Question No. 3

In 2018, Carson is claimed as a dependent on his parent's tax return. Carson's parents provided most of his support.

What is Carson's tax liability for the year in each of the following alternative circumstances?

a. Carson is 17 years old at year-end and earned \$14,375 from his summer job and part-time job after school. This was his only source of income.

Tax Liability -(14375-12000)*0.10= 238

b. Carson is 23 years old at year-end. He is a full-time student and earned \$14,375 from his summer internship and part-time job. He also received \$5,790 of qualified dividend income.

Tax Liability- 716

 Particulars Amount Gross income = 14375+5790 = 20165 Less: standard deduction 12000 Taxable income 8165 Gross unearned income = 5790-2600 = 3190 Kiddie tax = 3190*0.15 = 478.5 Taxable income taxed at Carson rate = 8165-5790 = 2375 Ordinary tax = 2375*0.10 = 237.5 Total tax liability 716

Question No. 4

Brooklyn files as a head of household for 2018. She claimed the standard deduction of \$18,000 for regular tax purposes. Her regular taxable income was \$94,500.

What is Brooklyn's AMTI? =94500+18000=112500

Description                                                                               Amount

1.Regular taxable income- 94500

2.Standard deduction- 18000

AMTI        (Total) - 112500

Question No. 5

Sylvester files as a single taxpayer during 2018. He itemizes deductions for regular tax purposes. He paid charitable contributions of \$7,800, real estate taxes of \$3,200, state income taxes of \$5,950, and mortgage interest of \$2,200 on \$30,150 of acquisition indebtedness on his home. Sylvester's regular taxable income is \$108,000.

What is Sylvester's AMTI

AMTI --- 108000+3200+5950= 117150

What amount of AMT exemption may she deduct under each of the following alternative circumstances?

a. Her AMTI is \$410,750.

Amount of AMT exceptions--- 109400

b. Her AMTI is \$1,140,000.

Amount of AMT exceptions- 109400-[(1140000-1000000)*25%)= 74400

c. Her AMTI is \$3,200,000.

Amount of AMT exceptions- 0 as the amount exceeds the completely phased out amount of \$1437600.

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Question No. 6

In 2018, Juanita is married and files a joint tax return with her husband. What is her tentative minimum tax in each of the following alternative circumstances?

a. Her AMT base is \$131,000, all ordinary income.(Screen shot for answer)-

 Particulars Amount AMT base 131000 Dividends taxed at preferential rate 0 Tax on dividends 0 AMT base at regular rate 131000 Tax on AMT base @26% = 34060 Tax on AMT base @28% 0 Tentative minimum tax 34060

b.     Her AMT base is \$440,000, all ordinary income.(Screen shot)

 Particulars Amount AMT base 440000 Dividends taxed at preferential rate 0 Tax on dividends 0 AMT base at regular rate 440000 Tax on AMT base @26% = 191500*0.26 = 49790 Tax on AMT base @28% = (440000-191500)*0.28 = 69580 Tentative minimum tax 119370

c. Her AMT base is \$131,000, which includes \$12,200 of qualified dividends.

 Particulars Amount AMT base 131000 Dividends taxed at preferential rate 12200 Tax on dividends = 0.15*12200 = 1830 AMT base at regular rate = 131000-12200 = 118800 Tax on AMT base @26% = (131000-12200)*0.26 = 30888 Tax on AMT base @28% 0 Tentative minimum tax 32718

d. Her AMT base is \$440,000, which includes \$12,200 of qualified dividends.(Screen shot)

 Particulars Amount AMT base 440000 Dividends taxed at preferential rate 12200 Taxon dividends 15%*12200 = 1830 AMT base at regular rate =440000-12200 = 427800 Tax on AMT base @26% = 191500*0.26 = 49790 Tax on AMT base @28% = (427800-191500)*0.28 = 66164 Tentative minimum tax 117784

Question No. 7

Steve's tentative minimum tax (TMT) for 2018 is \$246,200.

a. What is his AMT if his regular tax is \$230,800?

Alternative minimum tax- 246200-230800= 15400

b. What is his AMT if his regular tax is \$252,000?

Alternative minimum tax-0. As the regular tax is more than tentative minimum tax

Question No. 8

Rasheed works for Company A, earning \$358,000 in salary during 2018.

Assuming he is single and has no other sources of income, what amount of FICA tax will Rasheed pay for the year?

Amount of FICA tax--- (128700*0.062)+(200000*1.45%)+ (358000-200000)*2.35%= 7979.4+2900+3713= 14592

Question No. 9

Kyle, a single taxpayer, worked as a free-lance software engineer for the first three months of 2018. During that time, he earned \$48,000 of self-employment income. On April 1, 2018, Kyle took a job as a full-time software engineer with one of his former clients, Hoogle Inc. From April through the end of the year, Kyle earned \$198,000 in salary.

What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year?

Self employment/FICA tax-- 12517

 Particulars Amount Social security tax on salary = 128700*6.2% = 7979 Net earnings from self employment = 48000*92.35% = 44328 Medicare tax on self employment = 44328*1.45% = 643 Sum of tax payer compensation and net earnings from self employment = 198000+44328 = 242328 Medicare tax = 200000*1.45% =2900 Medicare tax @2.35% = 242328-200000 *2.35% =995 Employee portion of Medicare tax 3895 Total FICA payable 12517

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Question No. 10

rey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with his wife.

What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations?

a.   His AGI is \$109,500.

Amount of Child tax credit- 2000

b.   His AGI is \$428,400.

Amount of Child tax Credit-2000- (428400-400000)/2000*50= 1290

c. His AGI is \$422,100, and his daughters are ages 10 and 12.

Amount of Child tax credit-2000*2- (422100-400000)/2000*50= 3448

Question No. 11

In 2018, Elaine paid \$2,040 of tuition and \$480 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband.

What is the maximum American opportunity credit that Elaine can claim for the tuition payment and books in each of the following alternative situations?

a. Elaine's AGI is \$82,750.

American Opportunity credit --- 2130

 Particulars Amount AOC before phase out = 2000+ (2040+480-2000)*0.25 = 2130 AGI 82750 Phased out threshold 160000 Excess AGI 0 Phase out range for married 20000 Phase out percentage = 0 Phase out amount 0 AOC after phase out 2130

b. Elaine's AGI is \$175,600. (Round your intermediate calculations to the nearest whole dollar amount.)

American Opportunity credit - 469

 Particulars Amount AOC before phase out = 2000+ (2040+480-2000)*0.25 = 2130 AGI 175600 Phased out threshold 160000 Excess AGI 15600 Phase out range for married 20000 Phase out percentage 78% Phase out amount 1661 AOC after phase out 469

c. Elaine's AGI is \$199,000.

American Opportunity credit -- 0

 Particulars Amount AOC before phase out = 2000+ (2040+480-2000)*0.25 = 2130 AGI 199000 Phased out threshold 160000 Excess AGI 39000 Phase out range for married 20000 Phase out percentage 100% Phase out amount 2130 AOC after phase out 0

Question No. 12

This year Lloyd, a single taxpayer, estimates that his tax liability will be \$11,500. Last year, his total tax liability was \$16,000.

He estimates that his tax withholding from his employer will be \$8,750.

a. How much does Lloyd need to increase his withholding by (for the year), in order to avoid the underpayment penalty?

Increase in withholding-11500-8750= 2750

c. Assuming Lloyd does not make any additional payments, what is the amount of his underpayment penalty? Assume the federal short-term rate is 5 percent.

 Dates Actual withholding Required withholding Over or under withheld Penalty per quarter April 15 =8750/4 = 2187.5 =11500/4*.9 = 2587.5 (400) = 400*.08/4 = 8 June 15 = 8750/2 = 4375 = 5175 (800) 16 September 15 6562.5 7762.5 (1200) 24 Jan 15 8750 103750 (1600) 32 Total 80

Question No. 13

Eva received \$60,000 in compensation payments from JAZZ Corp. during 2018. Eva incurred \$5,000 in business expenses relating to her work for JAZZ Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of \$12,000. Based on these facts answer the following questions: Use Tax Rate Schedule for reference.

d. Assume that Eva is considered to be a self-employed contractor. What is her regular tax liability for the year? (Round your intermediate computations and final answer to the nearest whole dollar amount.) \$7771

 Particulars Amount Gross compensation payment 60000 Less:  Business expenses (5000) Net self employment income 55000 Percentage of self income chargeable to tax = 92.35%*55000 = 50793 Self employment tax rate 15.3% as the earnings are less than \$128400 Self employment tax liability = 50793*15.3% = 7771

Question No. 14

John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2018, John worked as a computer technician at a local university earning a salary of \$152,000, and Sandy worked part-time as a receptionist for a law firm earning a salary of \$29,000. John also does some Web design work on the side and reported revenues of \$4,000 and associated expenses of \$750. The Fergusons received \$800 in qualified dividends and a \$200 refund of their state income taxes. The Fergusons always itemize their deductions and their itemized deductions were well over the standard deduction amount last year. The Fergusons had qualifying insurance for purposes of the Affordable Care Act (ACA).

The Fergusons reported making the following payments during the year:

• State income taxes of \$4,400. Federal tax withholding of \$21,000.
• Alimony payments to John's former wife of \$10,000 (divorced in 2014).
• Child support payments for John's child with his former wife of \$4,100.
• \$12,200 of real property taxes.
• Sandy was reimbursed \$600 for employee business expenses she incurred. She was required to provide documentation for her expenses to her employer.
• \$3,600 to Kid Care day care center for Samantha's care while John and Sandy worked.
• \$14,000 interest on their home mortgage (\$400,000 acquisition debt).
• \$3,000 interest on a \$40,000 home-equity loan. They used the loan to pay for a family vacation and new car.
• \$15,000 cash charitable contributions to qualified charities.
• Donation of used furniture to Goodwill. The furniture had a fair market value of \$400 and cost \$2,000.

a)   What is the Fergusons' 2018 federal income taxes payable or refund, including any self-employment tax and AMT, if applicable?

Refund = 1053.00

Refer the tax forms attached

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