hapter 4 Personal and Dependency Exemptions Filing Stotus; Etc. biologist, are m

Question

hapter 4 Personal and Dependency Exemptions Filing Stotus; Etc. biologist, are married and file a joint income tax return for 2016. Neerlan nor Mary is over 50 years old, and both have excellent sight. They provide the sole support of their three children: Barry, Kimberly, and Rachel (all under age 17). T following information is from their records for 2016: 4-56 Form 1040. William A. Gregg, a high school educator, and Mary W. Gregg, a micro $34,550 $2,320 44,800 4,360 Salaries and wages, William... Federal income tax withheld Salaries and wages, Mary. Federal income tax withheld . . . . . . .. Interest income-Home Savings and Loan Interest income-City Bank. : Tax-exempt interest income-State of Texas. Itemized deductions as follows 690 220 1,400 320 740 310 1,350 2,440 Unreimbursed fees of doctors, hospitals, etc. . 720 Interest paid on original home mortgage..... . 8,430 1,720 Charitable contribution-Faith Church Charitable contribution-State University.. Quarterly estimated federal taxes paid . 200 3,500 Calculate the 2016 Federal income tax and the tax due (or refund) for the Greggs assuming they file a joint return. Form 1040, along with Schedules A and B, may be

Explanation / Answer

The 2016 Federal Income Tax and Tax due (or refund) for the Greggs assuming they file a joint return. Particulars Amount Salaries and wages, William $34,550 Salaries and wages, Mary $44,800 Interest income-Home savings and Loan $690 Interest Income-City Bank $220 Gross Income $80,260 Less: Itemized Deductions Hospitalization Insurance $320 Unreimbursed fees of doctors, hospitals, etc $740 Unreimbursed prescription drugs $310 Real estate taxes on residence $1,350 State income taxes paid $2,440 State sales taxes paid $720 Interest paid on original home mortgage $8,430 Charitable Cntribution-Faith chruch $1,720 Charitable Cntribution-State University $200 Total deductions $16,230 Adjusted Gross Income $64,030 Less: Personal Exemption ($8,100)            Dependent Exemption ($12,150) Taxable income $43,780 Income Tax 0 - $18,550 @ 10% $1,855 $18,550 - $43,780 @15% $3,785 Total Tax payable $5,640 Less: Federal Income tax withheld-Williams $2,320            Federal Income tax withheld-Mary $4,360            Quarterly estimated federal tax paid $3,500 Tax credits $10,180 Tax refund $4,541

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

---

---

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