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Question - Show all components of your work for partial credit review.
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
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
Qualified Out of Pocket Medical Expenses
Donations to church
Real Estate taxes on primary residence
2,500
6,000
Mortgage interest on primary residence (<$1M)
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):
a. All Income
b. Exclusions (if any)
c. Gross income (including Rob's SE income)
d. Deductions For AGI
e. Adjusted gross income
f. Itemized deduction or standard deduction amount
g. Deduction for exemptions
h. Taxable income
i. Income tax liability
j. Self-employment tax liability
k. Net tax due or refund (show calculation)
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