Solution-Determine the for the cowens 2015 tax year

Determine the for the cowens 2015 tax year

Assignment Help Taxation

Reference no: EM13845238

Rob (age 40) and Susan (age 39) Cowen are married. Susan works as a retail manager and Rob is a self-employed electrician but does not maintain a home office. Their 2014 tax and other information are as follows:

Salary - Susan	75,000
Federal withholding on salary	29,000
State withholding on salary	4,000
Interest income on municipal bonds:
State of Connecticut	2,000
Savings account interest	900
Dividends from RGR, Inc. (all are non-qualified)	3,000
Value of employer provided medical insurance	2,000
Inheritance from Susan's father's estate	7,000
Interest paid on personal car loan	800
Interest paid on personal loan	1,000
Child support paid to Rob's ex-wife	10,000
Alimony paid to Rob's ex-wife	3,000
Qualified Out of Pocket Medical Expenses	4,000
Donations to church Real Estate taxes on primary residence	2,500 6,000
Mortgage interest on primary residence (<$1M)	4,000
Rob's business revenues	50,000
Rob's business expenses	17,000

Required: Using the tax formula format, determine the following for the Cowen's 2015 tax year(show all calculations):

All Income                                                                       $___________
Exclusions (if any)                                                             $ ___________
Gross income (including Rob's SE income)                           $ ___________
Deductions For AGI                                                          $ ___________
Adjusted gross income                                                      $ ___________
Itemized deduction or standard deduction amount                $ ___________
Deduction for exemptions                                                  $ ___________
Taxable income                                                                 $ ___________
Income tax liability                                                           $ ___________
Self-employment tax liability                                              $ ___________
Net tax due or refund (show calculation)                             $ ___________

Reference no: EM13845238

Questions Cloud

Apples-enzymatic browning : This experiment will monitor the amount of enzymatic browning of apple slices. In apples there is an enzyme called phenolase. When an apple is touched by oxygen, the phenolase catalyses the formation of brown pigments.

How will you retrieve environment variables in c sharp : Question: How will you retrieve environment variables in C#.net?

Write a c sharp dot net code for file system watcher : Write a C sharp dot Net code for File System Watcher.

List out the data types available in c sharp : List out the data types available in C# and their corresponding class/struct in .NET class library.

Determine the for the cowens 2015 tax year : Susan works as a retail manager and Rob is a self-employed electrician but does not maintain a home office - Determine the for the Cowen's 2015 tax year

Conduct brief research on culture bound disorders : Conduct brief research on "culture bound disorders" and provide a link to your source (be sure that the source is credible.) Briefly describe/list some of the features of the disorder

What are human factors involved in personalized heart models : What are the human factors involved in Personalized Heart models for surgical planning?

What are the tools the federal government has : What are the tools the federal government has

Describe personalized heart models for surgical planning : Question: Describe Personalized Heart models for surgical planning?

User Account

All Pages

Determine the for the cowens 2015 tax year

Reference no: EM13845238

Reference no: EM13845238

Questions Cloud

Reviews

Write a Review

Taxation Questions & Answers

Taxable income

Prepare a tax research memo

Income by ordinary concepts

Identify the tax issues

Calculate carolines taxable income

Taxation – law and practice

Payment to the taxpayer

Prepare regular corporation tax return

Taxation law

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

Prepare the required journal entry

Calculate barbs taxable income

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT