User Account

All Pages

Calculate tax liability

Assignment Help Taxation
Reference no: EM13330132

Ron, age 64, is an account executive for Cobb Advertising, Inc. Ron's annual salary is $80,000. Other benefits paid by Cobb for Ron were:

Health and accident insurance $1,500
Group-term life insurance Policy $120,000 in coverage
Payment of country club dues $3,660
Payment of dues to professional organizations and subscriptions to trade journals $550
Parking space in parking garage $3,120
Matching contributions to qualified pension plan. Ron contributes the maximum that will be matched - 5% of his salary. $4,000
Christmas cash bonus $125
Reimbursement for college course under a non-discriminatory plan $3,500

Ron is married to Raquel, age 65. Raquel retired last year. This year she received $20,000 in Social Security payments. Ron and Raquel also have income from these sources:

Interest from joint savings account $980
Tax-exempt interest $1,000
Value of building inherited from Ron's grandfather $80,000
Rental income received from inherited building $2,820


Required:
A. Compute the couple's taxable income assuming they will use the standard deduction.
B. Calculate their tax liability.

Reference no: EM13330132

Questions Cloud

Explain helium has a lower boiling point than nitrogen : Helium has a lower boiling point than nitrogen. What do you conclude about the polarizability of helium in comparison to that of nitrogen
Determine the velocity of the particle as a function of time : A particle starts from the origin with velocity 5 m/s at t = 0 and moves in the xy plane with a varying acceleration given by = (8t), Determine the velocity of the particle as a function of time
What is the average force acting on the car by inner barrier : You are the design engineer in charge of the crashworthiness of new automobile models. What is the average force acting on the car by the inner barrier
What is the chemical formula of non-cyclic alkane : If a non-cyclic alkane shows a molecular ion peak at m/z 464, what is the chemical formula
Calculate tax liability : Calculate tax liability.
What is the impulse of the given nail : A 11kg hammer strikes a nail at a velocity of 8.7m/s and comes to rest in a time interval of 7.4ms, What is the impulse of the given nail
How fast does it move after the bullet emerges : A 23-g bullet traveling 270m/s penetrates a 2.2kgblock of wood and emerges cleanly at 215m/s. how fast does it move after the bullet emerges
Explain the half-reaction of common ion for o : What is the half-reaction of P(s) going to the most common ion for O? Hint: P is under N in the periodic table so, their most common charge should be the same.
Which is the summation of all the given numbers : Suppose you have a procedure that can partition a set of positive integers into two equal weight subsets. How could you use this procedure to solve the subset-sum problem?

Reviews

Write a Review

Taxation Questions & Answers

  Taxable income

Determine taxable income before considering expense.

  Prepare a tax research memo

Prepare a tax research memo to the file that addresses the issues you feel are most relevant to Mimi's various issures.

  Income by ordinary concepts

Explain what is meant by income by ordinary concepts

  Identify the tax issues

Identify the tax issues that are raised and the relevant sections of the legislation. Identify any cases and other sources of law or information that apply.

  Calculate carolines taxable income

Calculate Carolines taxable income

  Taxation – law and practice

Show the tax issues that are raised and the relevant sections of the legislation.

  Payment to the taxpayer

Brief statement in your own words of the facts of the cases.

  Prepare regular corporation tax return

Prepare the C Regular Corporation Tax Return for the Lawson And Norman Enterprise

  Taxation law

Advise the participants in the ‘barter' system of the income tax implications, if any, of participating in the system.

  A tax on cigarettes is a good way of raising tax revenue

Discuss- A tax on cigarettes is a good way of raising tax revenue for the government

  Prepare the required journal entry

Prepare the required journal entry to record the tax expense

  Calculate barbs taxable income

Calculate Barb's taxable income? What nonrefundable credit is Barb eligible for based on the information you have?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd