Assignment4_Chapter 6_solutions.docx - By signing my name...

This preview shows page 1 - 3 out of 5 pages.

The preview shows page 1 - 3 out of 5 pages.
By signing my name below, I affirm that I have not accepted or discussed and will not provide ordiscuss information about the contents of this assignment from, to, or with another student.Print Your NameClearly:_______________________Signature: _______________________Print Your Section Number (e.g. T/TH 9 am or Sec. 006): ______________________________Assignment 4 (Chapter 6)ACCT 351/551Note:You can turn in either typed or handwritten homework.However, make sure the differentproblems and answers are clearly marked. List part A) and then the answer, part B) andthen the answer, and so on. In addition, make sure to circle, highlight, or double underlineyour final answers.If you make it too difficult to find the answer within your work, I will notcount the answer correct. If you have multiple answers, I will not count it correct even if one ofthe answers is correct. Staple multiple pages together and make sure your name is on each page.If pages come loose without a name, the grading will be only on what is left attached.Show your workthroughout. If your answer is wrong and you do not show your work, then Icannot offer any partial credit. Round dollar amounts to the nearest cent ($3,500.0372$3,500.04). Round percentages to the second decimal place (e.g. 35.027956%35.03%).1. Stacie and Ryan are married and file jointly for the 2018 tax year. They have two sons. Theirsons are age 10 and 14. Stacie and Ryan’s wages in total for the year was $133,000. Theiremployers withheld $18,000 in tax from their wages. In addition to the above, the followingoccurred the 2018 tax year:They moved several states away because of career relocation for Ryan. Theirunreimbursed moving costs were $10,000.NO DEDUCTION ALLOWEDStacie and Ryan pay $3,500 of the interest on a loan Ryan’s postsecondary education.ABOVE-$2,500They paid $2,000 in medical insurance premiums for the year. In addition, they paid$1,000 for hospital stay after an emergency room trip for Stacie.BELOW – BUT NOEXCESS OVER 7.5% X AGI – SO NO DEDUCTIONThe couple paid $250 for an accountant to prepare their taxes.NO DEDUCTIONALLOWEDTheir accountant calculates that their total state income tax liability is $4,000. The couplepay all their state taxes during the 2018 tax year.BELOW - ALLa)Determine Stacie and Ryan’s AGI.(6 points)1

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 5 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Fall
Professor
Staff
Tags
Taxation in the United States, Ryan, Stacie

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture