T11-Chp-00-Tst-1-Exm-Sol-Spring-2011

T11-Chp-00-Tst-1-Exm-Sol-Spring-2011 - Chapter 1 No. Ans. 1...

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Chapter 1 62dbd8a577edc9a2d479eae888bba10e0d7022b5.xls Page 1 of 4 No. Ans. Explanation Test No. 1. Spring, 2011 1 B Information for Jan who is single Salary $260,000 Exemptions and itemized deductions $50,000 Taxable Income $210,000 Tax Computations: Jan, Single, 2010 Base Rate Tax First layer for this taxpayer 171,850 41,827.25 Top layer for this taxpayer 38,150 33% 12,589.50 Total 210,000 54,416.75 2 D What is marginal tax rate in preceding question 3 A Limit for OASDI (6.2% tax)-2010 $106,800 Amount Subject to both taxes $106,800 7.65% $8,170 Additional Amt Subject to Medicare tax 153,200 1.45% 2,221 Total Tax $260,000 6.20% $10,392 16,120 4 C Bill is single and claims one exemption. There is no income tax in his state. He reports the following income and disbursements for 2010. Information Amounts Tax Return Salary $100,000 $100,000 Property tax paid by Bill on home 1,000 Charitable contribution made by Bill (in cash) 3,000 Alimony paid by Bill to former spouse 20,000 ($20,000) Child support 10,000 Capital loss ($2,000) What is Bill’s adjusted gross income? $78,000 5 C Who pays FICA? 6 A Which of these expenditures is not a deduction from Adjusted Gross Income for a single individual?
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Chapter 2 62dbd8a577edc9a2d479eae888bba10e0d7022b5.xls
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This note was uploaded on 03/09/2012 for the course ACCT 4220 taught by Professor Burton during the Spring '08 term at UNC Charlotte.

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T11-Chp-00-Tst-1-Exm-Sol-Spring-2011 - Chapter 1 No. Ans. 1...

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