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Alenkinab [10]
2 years ago
5

Jane and Ed Rochester are married with a 2-year-old child, who lives with them and whom they support financially. In 2019, Ed an

d Jane realized the following items of income and expense: Amount Items:
$35,000 Ed's Salary, $70,000 Jane's Salary, $400 Municipal bond interest income, $1,000 Qualified business income, $7,000 Alimony paid (for AGI deduction), $10,000 Real property tax (from AGI deduction) $15,000) Charitable contributions (from AGI).
They also qualified for a $2,000 child tax credit. Their employers withheld $5,800 in federal income taxes from their paychecks (in the aggregate). Finally, the 2019 standard deduction amount for MFJ taxpayers is $24,400.
Required:
1. What is their AGI?
2. What is their Taxable income?
Business
1 answer:
arlik [135]2 years ago
7 0

Answer:

1) AGI = $112,400

2) Taxable Income = $80,600

Explanation:

Ed's Salary = $35,000

Jane's Salary = $70,000

Municipal bond interest income = $400

Qualified business income = $1,000

Alimony paid (for AGI deduction) = $7,000

Real property tax (from AGI deduction) = $10,000  

Charitable contributions (from AGI) = $15,000

The total gross income for Jane and Ed = $70,000 + $35,000 = $105,000

1) Their AGI (Adjusted Gross Income) = $105,000  + $400 + $7,000 = $112,400

2)Their taxable income = $112,400 - $24400 - $7000 - $400 = $80,600

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A professor wanted to compare two types of teaching styles. One type is by tutorials and the other is giving a lecture. It is a
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8 0
3 years ago
Merle Industries had been selling its product for $24 per unit, but recently lowered the selling price to $17 per unit. The comp
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7 0
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Many older companies have changed from a defined-benefit plan to a(n) ________, which is a retirement plan where workers are cre
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6 0
1 year ago
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Answer:

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