Assigment#5.docx - Assigment#5 Due by Question Joe and...

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Assigment#5 Due by 3/12/2019 Question: Joe and Jessie are married and have one dependent child, Lizzie who is 12 years old. Joe works as a design engineer for a manufacturing firm while Jessie runs a craft business from their home. Jessie’s craft business consists of making craft items for sale at craft shows that are held periodically at various locations. Jessie spends considerable time and effort on her craft business and it has been consistently profitable over the years. Joe and Jessie own a home and pay interest on their home loan (balance of $220,000 as of 12/31/2018). Neither Joe nor Jessie is blind or over age 65, and they plan to file as married joint. Below is the couple’s 2018 income, expenses and credits/payments information: Income: Joe’s salary $ 124,100 Jessie’s craft sales 18,400 Interest from certificate of deposit 1,650 Interest from Treasury bond funds 716 Interest from municipal bond funds 920 Expenditures: Federal income tax withheld from Joe’s wages $ 13,700 State income tax withheld from Joe’s wages
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  • Fall '08
  • ELIAS
  • Taxation in the United States, Income tax in the United States, Jessie

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