Chapter 1 discussion

Chapter 1 discussion - #11 Ulysses and Penelope are married...

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#11 Ulysses and Penelope are married and file separate returns for 2009. Penelope itemizes her deductions on her return. Ulysses' adjusted gross income was $17,400, his itemized deductions were $2,250, and he is entitled to one exemption. Calculate Ulysses' income tax liability before taking the Making Work Pay credit. Problem #11 on page 1-34 $17,400.00 gross income - $2,250.00 itemized deductions $15,150.00 - $3,650.00 exemption $11,500.00 taxable income $1,311.00 tax liability #14 Jonathan is a 35-year-old single taxpayer with adjusted gross income of $45,000. He uses the standard deduction and has no dependents. a. Calculate Jonathan's taxable income. Please show your work. a. $45000.00-$5700.00= $39,300.00 b. When you calculate Jonathan's tax liability are you required to use the tax tables or the tax rate schedules, or does it matter? c. What is Jonathan's tax liability? Make sure to show your work. Problem #14 on page 1-35 There are several conditions that must be met before a taxpayer is required to file a U.S. income tax return. Please give a brief discussion of the conditions. There are several conditions that must be met before a tax payer is required to file for a tax return. There is five different filing statuses, single, married filing jointly, married filing separately, head of household, and qualifying widow (or) with dependent child. If single there are two stipulations, under 65 years of age, or, 65 or older. If a person is married they have the option of filing, jointly or married, but still filing separately. If filing separately, there is however no age requirements that need be met. If wanting to apply as head of household, one must be unmarried, not entitled to file as a widow or widower, and have a dependent (typically a child). The widow (or) with dependent option works in a couple of different ways. First, one may file jointly for the year of the spouses death. Second, the widow may keep this as the filing status for the
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Chapter 1 discussion - #11 Ulysses and Penelope are married...

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