Family federally taxable income

Reference no: EM131007514

The Lindscomb family had the following income in 2006:

Salaries	Mark	$63,500
	Ashley	57,900

Interest on investments

IBM bonds	$4,750
New York City bond	1,400
Savings account	2,600

The family made home mortgage payments that included interest of $16,480, and paid real estate (property) tax of $4,320 on their home. They also paid state income tax of $5,860 and donated $1,250 to well-known charities. The Lindscombs have three dependent children.

a. Calculate the family's federally taxable income.

b. What is their tax liability assuming they file jointly as a married couple?

c. What are their average and marginal tax rates?

Reference no: EM131007514

Questions Cloud

What is the shear stress acting on the cemented joint : Figure shows a plastic beam having a box section, where the top plate is cemented in place, as indicated. All dimensions are in millimeters. For the 12-kN load shown, what is the shear stress acting on the cemented joint?

Tax liability for 2006 : They paid real estate taxes of $1,450 and state income tax of $3,000, and they donated $550 to their church. They paid interest of $8,000 on their home mortgage. They have one dependent child. What was their tax liability for 2006?

Which phase in the sdlc is most important : Which phase in the SDLC is most important - describe the major elements and issues with waterfall development.

The application included the following financial statements : You are a loan officer for First Benevolent Bank. You have an uneasy feeling as you examine a loan application from Daring Corporation. The application included the following financial statements.

Family federally taxable income : a. Calculate the family's federally taxable income. b. What is their tax liability assuming they file jointly as a married couple? c. What are their average and marginal tax rates?

What force f can be exerted by the screw : Figure shows a portion of a C-clamp. What force F can be exerted by the screw if the maximum tensile stress in the clamp is to be limited to 30 ksi?

Joan tax liability : If long-term capital gains are taxed at 15% and all ordinary income is taxed at 25%, what is Joan's tax liability for 20X2?

Ecological components of crisis assessment : To prepare for this Assignment: Review and consider the affective, behavioral, cognitive, developmental, and ecological components of crisis assessment. Reflect on the "screen and treat" approach detailed in the London bombings article

Android virtual device or on a physical android device : Work through and develop the GeoQuiz application. Test and view the application by running it in the Android Virtual Device or on a physical Android Device.

User Account

All Pages