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Tamiku [17]
3 years ago
13

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. Using the Tax Rate Schedules, compute the 2012 tax liability for Charlotte.
Business
1 answer:
Juliette [100K]3 years ago
3 0

Answer:

Tax = $5,445

Explanation:

Given

Salary = $80,000

Short-term capital loss = $2,000

Cash prize = $4,000

Personal and dependency exemptions = $4,000*7 = $28,000

Standard deductions = $11,900 (for surviving spouse in 2012)

Calculating AGI

AGI = Salary - Capital Loss + Cash Prize

AGI = $80,000 - $2,000 + $4,000

AGI = $82,000

Calculating Taxable Income

Taxable Income = AGI - Personal And Dependency Exemption - Standard Deductions

Taxable Income = $82,000 - $28,000 - $11,900

Taxable Income = $42,100

From The Federal Income Tax Brackets for 2012,

Charlotte falls with the 15% tax bracket.

There are 15% tax, so we calculate as follows:

10% of the first bracket is

$17,400 * 10% = $1,740

15% is the amount in the second bracket

15% of (42,100 - 17400) = 3,705

Tax = $3,705+ $1,740

Tax = $5,445

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