Chapter 2 Spreadsheet for Students filled out

Chapter 2 Spreadsheet for Students filled out - 29 assume...

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Unformatted text preview: 29 assume both over 65 and both blind Lanes Waynes 11,400 Salary 32,000 115,000 Waynes 1,100 Int. Income 1,000 10,000 Salary 1,100 Gross Inc. 33,000 125,000 Int. Income 1,100 FOR AGI Gross Inc. 1,100 IRA Cont.-5,000 FOR AGI 15,800 AGI 28,000 125,000 IRA Cont. AGI Item. Deduct. 15,000 15,000 PE (2 x 3,650) 7,300 7,300 Item. Deduct. Taxable Inc. 5,700 102,700 PE (2 x 3,650)-7,300 Taxable Inc. Tax 570 22,465.25 Tax Less: Withheld-700-18,700 (Refund) 130 (3,765.25) Less: Withheld-18,700 (Refund) 30- a. b. Salary 1,800 1,800 Int. Income 1,600 1,600 AGI 3,400 3,400 Less: SD-5,700 ?-2,100 Less: PE-3,650 ? Taxable Inc.-5,950 ? 1,300 31- a. b. Itemizing Carl Carol b. Itemizing MFJ MFS MFS Carl Carol Carl 14,000 14,000 MFS MFS Carol 22,000 22,000 14,000 AGI 36,000 14,000 22,000 22,000 14,000 22,000 Less: SD-11,600-6,000 Less: PE-7,400 (3,700*2)-3,700-3,700-5,800-5,800 Taxable Inc. 17,000 10,300 12,300 Total MFS 22,600-3,700-3,700 4,500 12,500 17,000 Tax Comp: 1,700 10,300 12,300-8,500-8,500 1,800 3,800 *15% *15% 270 570 850 850 Total MFS W/ Itemizing 1120 1420 2540 33- a. b. c. d. e. 34- a. b. c. d. David would then not be a dependent e. David would then not be a dependent 35- a. no Too much income b. yes 36- Maria cannot be claimed because juan does not provide over 1/2 of her support Normal y the custodial parent of Jose (which is Linda) would receive the exemption unless written agreement between Linda and John Norma is not a dependent because she makes too much income and she is a part time student...
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Chapter 2 Spreadsheet for Students filled out - 29 assume...

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