Unit 2 Project Federal Tax - line 55 5916 - tax liability...

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1040 line 7 102,000, line 8a 3100, line 9a 1600 (line 9b also assuming qualified) line 22 106700, line 37 106700, line 38 106700, line 40 23400 - itemized deductions line 41 83300, line 42 18250 - 5 exemptions x3650, line 43 65050 line 44 8916 - tax from table *note if dividends are qualified this tax would be $240 less, since they are in the 15% tax bracket, and the tax on qualified dividends for them would be 0%; there is a worksheet for this called something like qualified dividend and capital gain worksheet and problem doesnt say these are qualified or to use the worksheet line 46 8916, line 51 3000 child tax credit - 3 children at 1000 each, line 54 3000
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Unformatted text preview: line 55 5916 - tax liability shedule a, line 4 0 medical expenses are 0 because they are less than 7.5% of AGI line 5 7700, line 6 1100, line 8 300, line 9 9100, line 10 9700, line 15 9700, line 16 3900, line 17 700, line 19 4600, line 29 23400 schedule b part 1, line 1 3100, line 2 3100, line 4 3100 part 2, line 5 1600, line 6 1600, - complet part 3 - no, no form 8283 only need to fill in part I - can take fmv as deduction also note municipal bond interest is not taxable. withholding for federal income taxaes is not deductible, and neither is interest on credit cards....
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