Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the tax formula for individuals, filing status and

The Tax Formula for Individuals, Filing Status and Tax Computation (LO 1.3, 1.5, 1.6, 1.7) Diego, age...

90.2K

Verified Solution

Question

Accounting

The Tax Formula for Individuals, Filing Status and TaxComputation (LO 1.3, 1.5, 1.6, 1.7)

Diego, age 28, married Dolores, age 27, in 2017. Their salariesfor the year amounted to $47,230 and they had interest income of$3,500. Diego and Dolores' deductions for adjusted gross incomeamounted to $2,000; their itemized deductions were $11,800; theyclaimed two exemptions on their return; and, they filed a jointreturn.

Table for the standard deduction

Filing Status2017 Standard Deduction
Single$ 6,350
Married, filing jointly12,700
Married, filing separately6,350
Head of household9,350
Qualifying widow(er)12,700

Click here to access the tax tables.

a. What is the amount of their adjusted grossincome?
$

b. In order to minimize taxable income, Diegoand Dolores will in the amount of $.

c. What is the amount of their taxableincome?
$

d. What is their tax liability for 2017?
$

Answer & Explanation Solved by verified expert
4.4 Ratings (851 Votes)
Answer a 48500 Workings Adjusted Gross Income Total Income abovetheline deductions deductions for adjusted gross income 47000 3500 2000 48500 Answer b In order to minimize taxable    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

A sample of 11 individuals shows the following monthly incomes. Individual Income ($)   1   1,500   2   2,000   3   2,500   4   4,000   5   4,000   6   2,500   7   2,000   8   4,000   9   3,500 10   3,000 11 43,000 a. What would be a representative measure...

Physics
1.2K views

Due to a recession, expected inflation this year is only 2.75%. However, the inflation rate in...

Physics
1.2K views

(1) Radio waves and light are electromagnetic waves and transverse waves that can operate in a...

Biology
1.2K views

The Mollusca possess a specialized layer of tissue that secretes its shell This tissue is...

Basic Math
1.2K views

Macy of New York sold LeeCo. of Chicago office equipment with a $7,100 list price....

Statistics
1.2K views

Which of the following options defines a random variable X that could be helpful in...

Accounting
1.2K views

An individual paid for the vehicle refit. Parts and installation cost $3,450, freight costs $2,906,...

Accounting
1.2K views

The Little Theatre is a nonprofit organization devoted to staging plays for children. The theater...

Accounting
1.2K views

Problem 13-51 (Algo) Prepare Budgeted Financial Statements (LO 13-6) The following information is available for...

Accounting
1.2K views

Tony and Suzie purchased land costing $500,000 for a new camp in January 2020. Now...

Accounting
1.2K views

Muestre la divisin del ingreso neto cuando las asignaciones excedan el ingreso neto. Nate...

Accounting
1.2K views

Assume that $102,000 is budgeted for fixed overhead. $95,000 was actually spent on fixed overhead....