Adjusted gross income-taxable income and tax liability

Assignment Help Financial Accounting

Reference no: EM13905815

Randy and Sharon are married and have two dependent children. Their 2015 tax and other related information is as follows: Total salaries $160,000, Bank account interest income $3,500, Municipal bond interest income $1,500, Value of employer provided medical insurance $12,500, Employer paid premiums for $50,000 of group term life insurance $5,500, Dividend income from ABC stock $2,000, Loan from Randy's parents $5,000, Gift from Randy's parents $15,000, Share of Partnership income $18,000, Distribution from Partnership $9,000, Total itemized deductions $17,000. Compute Randy and Sharon's adjusted gross income, taxable income and tax liability.

Reference no: EM13905815

Questions Cloud

Eosinophils function to produce the signs and symptoms : How can this be determined by his signs and symptoms? How might another type of latex hypersensitivity reaction present? How do T2H cells, mast cells, and eosinophils function to produce the signs and symptoms typical of a type I hypersensitivity di..

Actual expense method for calculating home office expenses : Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other tha..

Expenses in connection with her condo : Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance $1,000 Advertising expense 500 Mortgage interest 3,500 Property taxes 900 Repairs & maintenance 650 Utilities..

Assume that these assets have a ten year life : Assume Polaris invested $ 2.12 million to expand its manufacturing capacity. Assume that these assets have a ten year life, and that Polaris requires a 10% internal rate of return on these assets.

Adjusted gross income-taxable income and tax liability : Randy and Sharon are married and have two dependent children. Their 2015 tax and other related information is as follows: Compute Randy and Sharon's adjusted gross income, taxable income and tax liability.

Benefit by using activity based costing : Evaluate and discuss whether Boeing could benefit by using Activity Based Costing (ABC). The discussion should include what factor(s) influenced your decision, the ramifications of implementing ABC in the international business environment of Boeing,..

Do you follow people on twitter : Consider the following: Do you follow people on Twitter? Do you tweet, use Pinterest, Facebook, or instant message your friends? How often? Revisit the "Tweeting Towards Freedom" article in thisweek's Notes and Readings

Shares of preferred stock were outstanding : Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were o..

What amount of benefits must jasmine include in her income : What amount of these benefits must Jasmine include in her gross income?

User Account

All Pages