Jack (age 30) and Victoria (age 29) are married and have three children ages 6,
ID: 2482341 • Letter: J
Question
Jack (age 30) and Victoria (age 29) are married and have three children ages 6, 9, and 14. Their salaries for the year amounted to $87,659 and they received $4,150 of taxable interest income. Jack and Victoria’s deductions for adjusted gross income amounted to $2,250, and their itemized deductions were $11,257. Jack and Victoria file a joint income tax return for 2015.
Calculate the following amounts:
Adjusted gross income
Itemized deduction or standard deduction amount
Number of exemptions and amount of exemptions
Taxable income
Income tax liability
Explanation / Answer
Income
Adjusted Gross Income
Tax
Credits
Other Taxes
Refundable Tax Credits
Total Tax Due and Tax Payments
Jack & Victoria Income Tax filing for 2015 Filing status Married filing jointly Personal exemption yes Spouse exemption yes Dependents 0 Total number of exemptions claimed 2Income
Wages, salaries, tips, etc $87,659 Taxable interest $4,150 Total income $91,809Adjusted Gross Income
Adjustments from AGI $2,250 Total adjustments $2,250 Adjusted gross income (AGI) $89,559Tax
Itemized deduction $11,257 Standard deduction $12,600 Deduction to use (higher of Standard deduction and Itemized deduction) $12,600 Deduction for exemptions $8,000 Taxable income $68,959 Tax $9,421 Alternative Minimum Tax (AMT) $0 Excess advance premium tax credit repayment (form 8962) $0 Total tax $9,421Credits
Foreign tax credit (form 1116) $0 Child tax credit $3,000 Based on 3 qualifying dependents. Total credits that are non-refundable $3,000 Total tax after credits $6,421Other Taxes
Total tax before refundable credits $6,421Refundable Tax Credits
Total refundable credits $0Total Tax Due and Tax Payments
Total tax $6,421 Adjusted Gross Income $89,559 Itemized/Std Deduction $12,600 No of exemptions 2 Amt of exemptions $8,000 Taxable Income $68,959 Income Tax Liability $6,421Related Questions
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