ACCTG 405 HW 3 - $ 6,062.50 Less: Tax Credits {$50 x...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
ACCTG 405 HW 3 13-42 a. MFJ: Child Tax Credit = $2,000 b. MFJ High Income TP’s: {$50 x [($122,000 - $110,000)/$1,000]} Reduction = $600 Child Tax Credit = $1,400 3-42, 48 a. Salary $80,000 ST Capital Loss (Cap: 3K in 1 year) (3,000) Cash Prize from Church Raffle 1,000 AGI $78,000 Less: Itemized Deductions (9,500) Less: Exemptions: (7 x $3,500) (24,500) Taxable Income $ 44,000 Tax [$5,975 + 25% ($44,000-$43,650)]
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: $ 6,062.50 Less: Tax Credits {$50 x [($78,000 - $75,000)/$1,000]} = $150 reduction from 4K (3,850) Tax after Credits $ 2,212.50 b. Salary $85,000 Sales Proceeds 15,000 Gross Income $100,000 Less: Deductions for AGI (5,000) AGI $91,000 Less: Itemized Deductions (8,200) Less: Personal and Dependency Exemptions...
View Full Document

This note was uploaded on 09/16/2009 for the course ACCTG 405 taught by Professor Enis during the Spring '08 term at Pennsylvania State University, University Park.

Page1 / 2

ACCTG 405 HW 3 - $ 6,062.50 Less: Tax Credits {$50 x...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online