Reference no: EM132484660
Jack and Jill are married and file a joint return for 2019. They have wage income of $150;000;
net long term capital gains of $20;000;
net short term capital gains of $5;000;
corporate bond interest of $3;000; share of S corporation income of $8;000;
cash distributions from the S Corporation of $3;000;
ordinary cash dividends of $6;000;
qualifying cash dividends of $5;000;
inheritance received from deceased aunt's estate of $18;000;
deductions for AGI of $11;000;
itemized deductions of $26;000;
tax credits of $2;000; and
estimated tax payments and withholding of $22;000.
Question 1:Their applicable standard deduction is $24,000. Using the appropriate tax schedule, compute their tax due or refund. NOTE: You MUST show and label ALL calculations, including AGI, Taxable Income, and Tax Liability amounts.
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