Ac553 Week 1 Assignment
ACCT553 | | | | | | | | | | | | Assignment 1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3.31 | | | | | | Tom and Linda are married taxpayers who file a joint return. They have itemized deductions of $12,250 and four exemptions. Assuming an adjusted gross income of $40,000, what is their taxable income for 2012? | | | | | | | | | | | | | (40,000 - 12,250) - (3,800 x 4) | | | | | | | | | | 12550 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3.32 | | | | | | Compute Marie's taxable income for 2012, assuming she is single and claims two dependent children. Her adjusted gross income is $70,000, and she has itemized deductions of $9,000. | | | | | | | | | | | | | 70,000 - 9,000 - (3,800 x 3) | | | | | | | | | | 49600 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3.36 | | | | | | Compute Stanley's taxable income for 2012, assuming he has $1,000 in wages from working in a grocery store and $2,000 in interest income from some bonds he owns. Stanley, age 16, is claimed as a dependent on his parents' return. | | | | | | | Gross Income = $3,000 | | | | | | | | | | Less: Deduction ($1,000) | | | | | | | | No personnal exceptions for children claimed as a dependent on parents' return. | Total Taxable Income - $2,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 13.55 | | | | | | Determine Mr. Z's gross income for 2012. | | | | | | | | | | | | | 50,000 / 200,000 | | | | | 0.25 | | | 25,000 (.25) + 80,000 (.27) + 125,000 (.24) | | | | | | | 81,000 /