User Account

All Pages

What is louis and lucy tax due or re

Assignment Help Accounting Basics
Reference no: EM132781282

Problem 1: Louis, age 45 and Lucy, age 40 live in Louisiana, are married, and file a joint return. Louis has a salary of $450,000 and he had $90,000 withheld for his federal income tax in 2020. Lucy home schools their three children Larry, age 5, Loni, age, 7, and Laura, age 9. Louis's employer pays $18,000 each year to Blue Cross to provide Louis and his family with health insurance coverage. Lucy received a $20,000 cash inheritance from her uncle in 2020. In 2020, they pay home mortgage interest of $50,000 on their personal residence. The home, purchased in 2009, had a $1,000,000 mortgage obtained in 2009. They paid $8,000 property tax on their personal residence. What is Louis and Lucy's tax due or refund?

Reference no: EM132781282

Questions Cloud

Identify the implications on audit report for march : Identify the implications of this on your audit report for 31 March 2020. You are the audit manager of Drew Co, a private company, that sells cookware.
Why is the traditional file-oriented approach hampered : Why is the traditional file-oriented approach hampered in responding to such information requests as Which sales persons who have been with the firm
Compute the dilutive effect of convertible bonds on earnings : Compute the dilutive effect of convertible preferred stock on earnings per share. Compute the dilutive effect of convertible bonds on earnings per share.
Compute the required installment payment : In 2018, NB Inc.'s federal taxable income was $274,000. Compute the required installment payments of 2019 tax in each of NB's 2019 taxable income is $483,000.
What is louis and lucy tax due or re : $1,000,000 mortgage obtained in 2009. They paid $8,000 property tax on their personal residence. What is Louis and Lucy's tax due or refund?
How measurement can be accomplished : How this measurement can be accomplished. Please Create a guidance sandwich that could be included in an issues memorandum that explains this process.
Differentiate business taxes and income taxes : Can Business Tax still covers transaction not in the ordinary course of trade or business? Explain. Differentiate Business Taxes and Income Taxes
What the balance in moco inventory ledger account is : $9,000 purchase that it pays for on April 29, but there are no sales in April. On April 30, the balance in MoCo's inventory ledger account is.
What is proper order for completing the financial statement : What is the proper order for completing the financial statements? Why is this order critical? what kind of accounting is he practicing? Is this acceptable

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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