Compute their federal income tax liability

Reference no: EM132218645

Question - Willie and Wilma are both retired and over age 65. They have interest income of $7,200 from savings accounts and CDs. They also have tax-exempt interest of $6,000. Their social security benefits received during the year were $7,000 and $8,400 respectively. Willie receives an annuity of $350 per month which he began receiving two years ago. Willie is permitted to exclude 24% of the annuity payments for income tax purposes. In addition, Willie receives a fully taxable pension of $12,000. Willie and Wilma will t return for 2016. Their itemized deductions are $6,100 and they have no dependents.

Compute their 2016 federal income tax liability, if any.

Reference no: EM132218645

Questions Cloud

What are the anticipatory measures or strategies they can : As a business student, how to do you think the corporations that are in the midst of BREXIT can recover from such disruption?

How should an employer weigh conflicting values : How Should an Employer Weigh Conflicting Values? In this situation, whose rights were affected? What basic rights were at stake?

What kinds of changes have you seen : The purpose of this discussion is to help you prepare for your assignment in this unit. In your discussion post, you have the opportunity to think.

How the strengths you have chosen for your partner would : Identify the two leadership points you would want to share at the workshop, and discuss why you selected those points.

Compute their federal income tax liability : Willie and Wilma are both retired and over age 65. Their itemized deductions are $6,100 and they have no dependents. Compute their federal income tax liability

Describe dov charney and american apparel with respect : What are some examples of values that you have with respect to professional work? What is meant by "Spending your Time and Attention Wisely" .

Identify the life stage along with the psychological crisis : The purpose of this assignment is to use what you have learned about lifespan theories, models of resilience, and psychosocial development to assess.

Examine gaps in the life model : Piedra and Engstrom (2009) noted how the life model "remains general and unspecific regarding factors that affect immigrant families" (p. 272).

What can parents do to ensure healthy development : If you were educating expecting parents on pregnancy, labor and delivery, as well as the first year of life with their new baby, what would you tell them?

User Account

All Pages