User Account

All Pages

Using proper tax rate schedule find jackies tax liability

Assignment Help Taxation
Reference no: EM131154460

The Park family consists of the following:

•Jackie O. Park; age 40; SSN: XXX-XX-XXXX; business analyst; single; unmarried
•Leslie T. Park; age 16; SSN: 000-00-0000; daughter; high-school student; lives at home
•Alex K. Park; age 12; SSN: NNN-NN-NNNN; son; middle-school student; lives at home

Pertinent information:

•Address: 132 Oakbrook Drive, Houston, Texas 77091

•The Parks do not want to contribute to the presidential election campaign

•Jackie does not receive child support. She pays all of the household expenses including the upkeep of Leslie and Alex. Only Jackie can claim Leslie and Alex as dependents.

•Using the correct Tax Rate Schedule (Not to be confused with the IRS Tax Tables) calculate the tax payer's Tax Liability

•Jackie also operates a realty company on a part-time basis. Her income from this business is from real estate sales during the year. She is a sole proprietor and her company's name is Jaleal Realty Company. Jackie rents a small office to operate this business.

Jackie had the following earnings on her W-2:

•Wages: $55,159
•Federal tax withheld: $7,460
•Social Security tax withheld: $3,420
•Medicare tax withheld: $800

Other tax data:

•Texas State's general sales tax deduction allowed is $924.
•Jackie received $610 of personal interest income from her bank.
•She donated $230 in cash to her church during the year.

•Real estate taxes paid on her personal residence were $1,980, and the mortgage interest paid to her bank in New York, NY on the primary residence for the year was $16,000.

•Medical expenses for the family were as follows:

?medical insurance premium $3,244
?payments for doctor's visits $1,760
?$850 was paid for dentists
?$230 for prescription drugs

•Using the proper tax rate schedule for her filing status, calculate Jackie's tax liability.

Reference no: EM131154460

Questions Cloud

What value can wireless networking add to a business : Why is wireless networking (Wi-Fi) becoming so widely used in both companies and households? What value can it add to a business? Please provide a specific example.
Write a paper about alcoholism as a psychological disorder : Write a paper about Alcoholism as a psychological disorder. 3 pages minimum. name at least 3 sources
Analyze key elements of training and development geared : Analyze key elements of training and development geared toward improving the performance of the specific small business for which you are consulting. Predict three to five (3-5) potential challenges that the managers or owners of the business cou..
Write patient education pamphlet : A male patient arrives for a well visit. During the visit, he mentions his significant other is trying to get pregnant. Write patient education pamphlet
Using proper tax rate schedule find jackies tax liability : Using the proper tax rate schedule for her filing status, calculate Jackie's tax liability. Real estate taxes paid on her personal residence were $1,980, and the mortgage interest paid to her bank in New York.
Whether the device is operating in the depletion mode : Comment on whether the device is operating in the depletion mode or in the enhancement mode.
Find idealized expressions for the active and ohmic states : Find idealized expressions for the active and ohmic states and sketch the universal characteristics of an n-channel enhancement MOSFET operated below breakdown.
Determine specific resources and two specific competencies : Evaluate the importance of an internal environmental analysis for a healthcare organization. Determine three specific reasons why an internal analysis has become an important activity for healthcare organizations.
What are the pros and cons of a reward system : What are the pros and cons of a reward system? Discussion should include tangible/extrinsic (candy, stickers, etc.), social/intrinsic (praise), and privileges (time). In a classroom environment

Reviews

Write a Review

Taxation Questions & Answers

  A explain basic income tax planning strategies for estates

a. explain basic income tax planning strategies for estates. b. the ricardo trust is a simple trust that correctly uses

  Compute cecils 2014 income tax payable

Compute cecils 2014 income tax payable - Except for housing Sarah provides her own support from her business and $1,600in dividends on stocks that she inherited from her mother.

  Evaluate the tax rules for a parsonage

Evaluate the tax rules for a parsonage usually? Under each of the subsequent conditions, what are the tax implications to the Imam and mosque?

  Why would you want to state all partnership assets

Partnership why would you want to state all partnership assets in terms of current prices at the admission of a new partner?

  How much qualifies for the charitable contribution deduction

How much total combined income tax do Black and George pay in the current year and how much is Sparrow's tax liability for 2011 and How much qualifies for the charitable contribution deduction

  Submitted in accordance with assessment policy

The assignment is to be submitted in accordance with assessment policy stated in the Subject Outline and Student Handbook It is the responsibility of the student submitting the work to ensure that the work is in fact his/her own work. Ensure that whe..

  Depreciation expense will be reported for tax purposes

What annual depreciation expense will be reported on the income statement for the center and what annual depreciation expense will be reported for tax purposes?

  Prepare the appropriate entries for the lessor

Prepare the appropriate entries for the lessor to record the lease, the initial payment at its commencement, and at the December 31 fiscal year-end under each of the following two independent assumptions:

  Tax treatment in a complete liquidation of a corporation

31.True or False? All shareholders receive the same tax treatment in a complete liquidation of a corporation. Explain.32. [LO 5] True or False? A corporation recognizes all gains and losses on liquidating distributions of property to noncorporate sha..

  Tax research paper due by december 6 2014 its a research

due by december 6 2014 ltbrgtits a research paper that information have come from irs code section and sited in the 3

  What amount can edwina apply as credit against her 2011

Edwina worked at three jobs during 2011. She earned 30,000, 40,000 and 9,000 respectively form the jobs and had 10,000 from self-employment income. What amount can Edwina apply as credit against her 2011 income tax liability for overpayment of F..

  Calculate the capital gain under the indexation method

Calculate the capital gain under the indexation method and calculate the capital gain under the 50% discount method.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd