Quiz 1 SP 12 Key(2) - Total Points Less Points Missed Score...

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Total Points 27 Less Points Missed ___ Score ___ ACCT 403 QUIZ 1 Spring 2012 NAME ________KEY______________________ Directions — There are three questions worth a total of 27 points. The value of each question is indicated at the end of each question. For question 1, you must show your work to receive credit . 1. Compute the net tax liability or refund for the taxpayer given the following information assuming that the taxable year is 2011. Use the attached 2011 Tax Rate Schedules. There are no deduction phaseouts [5 points]. Filing Status MFJ Gross Income (Including $6,000 $139,600 of long-term capital gain income) Ages 67/65 Deductions For AGI 5,300 # of Exemptions 2 Nonrefundable Tax Credits 3,100 Total Itemized Deductions $13,000 Tax Payments to IRS 20,000 GROSS INCOME $139,600 -DEDUCTIONS FOR AGI ( 5,300) (1) AGI $ 134,300 -GREATER OF: (1) Standard Deduction = 11,600 + 1,150 +1,150 = (13,900) (1) (2) Itemized Deduction = 13,000 -EXEMPTIONS: 2 X 3,700 ( 7,400) (1) TAXABLE INCOME $ 113,000 TAX LIABILITY 1 $69,000 $ 9,500 st Cap Gain $6,000 x 15% 900 Remaining $38,000 x 25% 9,500 $ 19,900 (1) -TAX CREDITS (3,100) (1) -TAX PAYMENTS (20,000) (1) TAX DUE (REFUND) $ 3,200 or TAX LIABILITY Taxable Income $113,000 LTCG ( 6,000) 107,000 Tax on (69,000) 9,500 Remaining x 25%
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