Compute what is the adjusted gross income

Reference no: EM132807771

Problem 1: Jack and Jill are a married couple with one dependent child. In 2019, their salaries totaled$105,000, and they suffered a capital loss of $10,000. They also received $2,000 of tax-exempt interest. They paid $12,000 in interest on home acquisition indebtedness of $200,000, state and local income and real property taxes of $12,000, and medical expenses of $3,500. They also contributed $5,000 to charity and made a $10,000 deductible IRA contribution. On their 2019Married Filing Joint tax return what is their (a) adjusted gross income; (b) their total itemized deductions; (c) the amount of their exemptions; and (d) their taxable income.

Reference no: EM132807771

Questions Cloud

How do calculate taxable income for linda : During 2019, Linda suffered serious injuries in an automobile accident. Physical therapy to recover full mobility 5,000. Calculate her 2019 taxable income.

Expenditures for training and professional development : Make the case that expenditures for training and professional development can present a positive return on the investment.

What are wendy adjusted gross income and taxable income : Itemized deductions for the year totaled $5,000. What are Wendy's 2019 (a) adjusted gross income; (b) taxable income; and (c) tax liability?

Ability to cut employee benefit costs : As HR director at Crangle Fixtures, your bonus this year is based on your ability to cut employee benefit costs.

Compute what is the adjusted gross income : Compute what is their adjusted gross income; their total itemized deductions; the amount of their exemptions; and their taxable income

Compute the budgeted cost of direct materials purchases : A manufacturing company budgets production, Compute the budgeted cost of direct materials purchases for June and direct labor cost for June.

What is the monthly payment should make in order to pay off : What is the monthly payment she should make in order to pay off this debt in 3 years, assuming she does not charge any more purchases with the card?

Develop effective expatriate performance management : In an effort to evaluate and develop an effective expatriate performance management system in the previously selected multinational corporation

What is the first minimum payment must make : APR | 19.1% compounded monthly. Patti charged $425 to her credit card last month. What is the first minimum payment she must make?

User Account

All Pages