Richard and Jennifer were married in 2007. They have a five-year-old child and a

Question

Richard and Jennifer were married in 2007. They have a five-year-old child and a son born November 15, 2016. Richard's 67 year-old father lived in a nursing home until his death on May 23, 2016. Richard and Jennifer provided all of his support until his death. Richard earned $43,000 in salary during the year. They also received $2,100 in interest from the credit union. They incurred $7,800 in itemized deductions during the year. Compute Richard and Jennifer's income tax for 2016 using the Tax Rate Schedules.

Explanation / Answer

Wages 43000 Interest income 2100 Gross total income 45100 Less: Standard deduction 12600 Personal exemption 20250 32850 Taxable income 12250 Tax rate 10% Tax payable 1225

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.