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1.) What is Jake and Anna Green’s adjusted gross income?  2.) What is Jake and Anna Green’s taxable income?

1.) What is Jake and Anna Green’s adjusted gross income?  2.) What is Jake and Anna Green’s taxable income?

SWFT Individual Income Taxes
SWFT Individual Income Taxes
43rd Edition
ISBN:9780357391365
Author:YOUNG
Publisher:YOUNG
Chapter12: Alternative Minimum Tax
Section: Chapter Questions
Problem 19CE
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determine the income tax owed by Jake and Anna Green. They are a married couple with 3 dependent children. They decided to file their taxes jointly this year and had a combined gross income of $55,000. 

 

They had an adjustment of $800 and tax credits of $4000. They give you an itemized list of their deductions that include mortgage interest of $7,500, charitable contributions of $1500, student loan interest of $2,500, and property taxes of $1450.  

 

1.) What is Jake and Anna Green’s adjusted gross income? 

2.) What is Jake and Anna Green’s taxable income?

Unmarried, divorced, or legally separated Married and each partner files a separate tax return Married and both partners file a single tax return Unmarried and paying more than half the cost of supporting a child or parent Married Filing Separately Married Head of Tax Rate Single Filing Jointly Household 10% up to $8025 up to $8025 up to $16,050 up to $11,450 15% $8026 to $32,550 $8026 to $32,550 $16,051 to $65,100 $11,451 to $43,650 25% $32,551 to $78,850 $32,551 to $65,725 $65,101 to $131,450 $43,651 to $112,650 28% $78,851 to $164,550 $65,726 to $100,150 $131,451 to $200,300 $112,651 to $182,400 33% $164,551 to $357,700 $100,151 to $178,850 $200,301 to $357,700 $182,401 to $357,700 35% more than $357,700 more than $178,850 more than $357,700 more than $357,700 Standard Deduction $5450 $5450 $10,900 $8000 Exemptions (per person) $3500 $3500 $3500 $3500
Transcribed Image Text:Unmarried, divorced, or legally separated Married and each partner files a separate tax return Married and both partners file a single tax return Unmarried and paying more than half the cost of supporting a child or parent Married Filing Separately Married Head of Tax Rate Single Filing Jointly Household 10% up to $8025 up to $8025 up to $16,050 up to $11,450 15% $8026 to $32,550 $8026 to $32,550 $16,051 to $65,100 $11,451 to $43,650 25% $32,551 to $78,850 $32,551 to $65,725 $65,101 to $131,450 $43,651 to $112,650 28% $78,851 to $164,550 $65,726 to $100,150 $131,451 to $200,300 $112,651 to $182,400 33% $164,551 to $357,700 $100,151 to $178,850 $200,301 to $357,700 $182,401 to $357,700 35% more than $357,700 more than $178,850 more than $357,700 more than $357,700 Standard Deduction $5450 $5450 $10,900 $8000 Exemptions (per person) $3500 $3500 $3500 $3500
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