User Account

All Pages

What is their marginal tax rate

Assignment Help Taxation
Reference no: EM13668873

The Johnsons are buying a home that has monthly mortgage payments of $3,000, or $36,000 a year. Of this amount, $32,800 goes for interest and real estate property taxes. The couple has an additional $14,000 in itemized deductions. Using these numbers and Table 4-3, calculate their taxable income and tax liability. 

Assuming they had a combined $18,000 in federal income taxes withheld, how much of a refund will the Johnsons receive? 
What is their marginal tax rate? 

Based on gross income, what is their average tax rate?

Reference no: EM13668873

Questions Cloud

Research paper : Student selects a focus area from Accounting, Finance, Information Systems, Human Resource Information Systems, International, Marketing, or Operations in the evaluation of the strategic alternatives.
Which type of audit should be performed : Explain how you would describe to the management team the difference between a compliance and a substantive audit. Provide examples to help clarify your explanation.
What is your short-run mpc : Suppose that permanent income is find outd as the average of income over the past five years; that is Yp=(Y1+Y2+Y3+Y4+Y5)/5. Suppose further that consumption is given by C=0.9YP.
Is it better to minimize the cost of the inventory : Is it better to minimize the cost of the inventory with a method like EOQ or to order only to meet demand? Why?
What is their marginal tax rate : Assuming they had a combined $18,000 in federal income taxes withheld, how much of a refund will the Johnsons receive? What is their marginal tax rate?
The eoq model : The EOQ model has a number of assumptions. List them and explain whether they are readily attainable. For example, will the adjustment for quantity discounts easily work?
Based on the learning curve : Based on the learning curve from (1), calculate the total time requires to produce the first 400 units, and the average time of the first 200 units.
Design and implement a java program : Design and implement a Java program which defines an array of size SIZE, randomly populated with Integer or int values in the range 1 .. MAXRNG and sorts the array in increasing order of its values using QuickSortOpt1 and then by QuickSortOpt2. Consi..
Which would you choose and why : The one hundred mile Leadville Marathon is being held on a very hot day and you are running the medical tent. A runner is brought in unconscious and with severe dehydration. You have Nursing Assistants taht know how to do IV''s, but you have to decid..

Reviews

Write a Review

Taxation Questions & Answers

  Taxable income

Determine taxable income before considering expense.

  Prepare a tax research memo

Prepare a tax research memo to the file that addresses the issues you feel are most relevant to Mimi's various issures.

  Income by ordinary concepts

Explain what is meant by income by ordinary concepts

  Identify the tax issues

Identify the tax issues that are raised and the relevant sections of the legislation. Identify any cases and other sources of law or information that apply.

  Calculate carolines taxable income

Calculate Carolines taxable income

  Taxation – law and practice

Show the tax issues that are raised and the relevant sections of the legislation.

  Payment to the taxpayer

Brief statement in your own words of the facts of the cases.

  Prepare regular corporation tax return

Prepare the C Regular Corporation Tax Return for the Lawson And Norman Enterprise

  Taxation law

Advise the participants in the ‘barter' system of the income tax implications, if any, of participating in the system.

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

Discuss- A tax on cigarettes is a good way of raising tax revenue for the government

  Prepare the required journal entry

Prepare the required journal entry to record the tax expense

  Calculate barbs taxable income

Calculate Barb's taxable income? What nonrefundable credit is Barb eligible for based on the information you have?

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