ACCTG 405 HW 3 - $ 6,062.50 Less Tax Credits{$50 x($78,000...

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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)]
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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...
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