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Lesechka [4]
3 years ago
6

Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children, who live with her. Charlott

e also maintains the household in which her parents live, and she furnished 60% of their support. Besides interest on City of Miami bonds in the amount of $5,500, Charlotte’s father received $2,400 from a part-time job. Charlotte earns an $80,000 salary, a short-term capital loss of $2,000, and a cash prize of $4,000 at a church raffle. Charlotte reports itemized deductions of $10,500:_________
A. Compute Charlotte's taxable income.
B. Using the Tax Rate Schedules , tax liability for Charlotte is $ for 2018.
C. Compute Charlotte's child and dependent tax credit.
Business
1 answer:
Viefleur [7K]3 years ago
3 0

Answer:

A) Charlotte's taxable income = salary - short term capital loss + cash price - standard deduction (larger than itemized deduction) = $80,000 - $2,000 + $4,000 - $24,000 = $58,000

B) Charlotte's tax liability during 2018 = $1,905 + [($58,000 - $19,050) x 12%] = $1,905 + ($38,950 x 12%) = $1,905 + $4,674 = $6,579

C) Charlotte's child and dependent tax credit for 2018 = ($2,000 x 4 children) + ($500 x 2 parents) = $8,000 + $1,000 = $9,000

*Interest from the City of Miami bonds is not taxable

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Answer:

3) AD shifts right and output would decrease.

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