User Account

All Pages

Compute the adjusted gross income

Assignment Help Accounting Basics
Reference no: EM132694991

Married Couple and 2 children 16 and 17

Husband earns $75,000 (and withholds tax of $10,000)

Wife earns teaching $45,000 (and withholds tax of $6,000)

In the summer, the wife runs a summer camp program and has the following items:

Income $12,000

Expenses:

Marketing 1,500

Contract labor 2,500

Equipment 14,000 (bought in May and used 100% in business)

Contract labor 2,000

Interest Income CDS 3,000

Mortgage Interest 10,000

Property Taxes 5,000

Medical 14,000

Business expense 2,000 (Non-Reimbursed husband job)

They will file married filing jointly. Take only MACRS depreciation on the equipment but do not elect to expense under 179. Please show your work. Use 2019 tax law.

Question 1: Compute their business income.

Question 2: Compute their adjusted gross income.

Question 3: Compute their itemized deductions.

Question 4: Compute their taxable income.

Question 5: Compute their tax liability.

Reference no: EM132694991

Questions Cloud

Changing trends in suicide and perceptions of intimacy : Summarize the case you identified in the e-activity and identify the type of suicide. Then, examine the role that social media played.
Give a succinct overview of the global company : Imagine you work for one of the following global companies:
Prepare the appropriate journal entry for each transaction : Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries necessary at year-end
List five common registration errors : List five common registration errors that affect the revenue cycle.
Compute the adjusted gross income : Compute their adjusted gross income. They will file married filing jointly. Take only MACRS depreciation on the equipment but do not elect to expense
Record the transfer of the unspent funds : Record the transfer of the unspent funds in the capital projects fund to the debt service fund. Record the entry to close the nominal accounts
Dividends of workplace diversity : Managers who build strong, diverse organizations reap numerous dividends, as described here and shown in Exhibit 9.16. The dividends of diversity include the fo
What should the future corporate strategy be : How does the Virgin Group as a corporate parent add value to its businesses? To what extent are these parenting skills relevant to the differing businesses unit
Core competencies of twin disc incorporated : What is the relationship between the core competencies of Twin Disc Incorporated, the core competencies this company feels it needs

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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