1. James and Brittany are married, and they are filing their 2018 federal income taxes jointly. Suppose $80 is deducted from each of James's monthly paychecks for health insurance, and $125 is deducted from each of Brittany's monthly paychecks for health insurance. Recall from Part 2 of the project that James and Brittany make contributions to their 401(k) plans with each of their monthly paychecks. ( James- 220 a month and brit 212.50 per month) When finding their annual taxable income, how much are the benefits?
2. When finding their annual taxable income, how much are the deductions? Here is the relevant information:
· For 2018, the standard deduction for a married couple filing jointly is $24,000.
· James and Brittany paid $2,503.28 in state taxes and $2,446.20 in local taxes for 2018.
· Recall that James and Brittany bought a house in Part 3 of the project, and the mortgage interest and property taxes are itemized deductions.( buy a house for $225,000 total PTI is $1,325.03 bought house with 20% down and 4.5% interest rate ) For simplicity, assume that their first mortgage payment occurred on January 1, 2018.
Recall that James and Brittany have a student loan from Part 1 of the project. Student loan interest is a special case. ($29,000 on their student loans at an interest rate of 6%- Monthly payment $207.77)
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