Han and Leia Solo have been married for 24 years and have three children who qualify as their dependents (Jacen, 4; Jaina, 14; a
nd Ben, 16). The couple received salary income of $354,600. They sold some stock they had owned for 4 years and had an $8,000 gain on the sale. They also received $3,000 of corporate bond interest and $6,400 of interest from Jabba City bonds. The Soloâs also cashed in a Certificate of Deposit early during the year and paid a $950 penalty on the early withdrawal. Additionally, Han (who teaches middle school) spent $875 on supplies and snacks for his classroom. The Solos accumulated $30,920 of itemized deductions and they had $31,550 withheld from their paychecks for federal income taxes.
a. gross income
b. deductions for AGI
c. adjusted gross income
d. standard deduction
e. itemized deductions
f. taxable income
g. tax liability
Required:
Use the table below to show what you did and did not include in Gross Income, Deductions and/or other items and your explanation. Feel free to add additional rows as necessary.
Item amount explanation
a. gross income
b. deductions for AGI
c. adjusted gross income
d. standard deduction
e. itemized deductions
f. taxable income
g. tax liability
Required:
Use the table below to show what you did and did not include in Gross Income, Deductions and/or other items and your explanation. Feel free to add additional rows as necessary.
Item amount explanation
1 answer:
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