Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Textbook Question
Chapter 1, Problem 17P
Jessica and Carl were married on July 1,2019. What are their options for filing status for their 2019 taxes? _________________________________________________________________________________________________________________________________________________________________________
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Students have asked these similar questions
Nicholas died on December 27, 2020. His wife, Jessica, has not remarried. On January 31, 2021, Jessica received a check from Party Central Inc. and a letter explaining that the check represents a final payment for contract work Nicholas performed for them in 2020. What is the correct and most favorable method of reporting this income?
As ordinary income on Jessica's 2021 individual tax return.
As income paid to Nicholas's estate, reported on Form 1041.
On the couple's jointly filed 2020 return. If this was not included in the originally filed return, Jessica should file an amended return to include this income.
On a 2021 final tax return for Nicholas that Jessica files on his behalf.
Barry and Madison plan to marry in December 2019. Barry's salary is $60,000 and he owns his residence. His itemized deductions total $18,200.
Madison's salary is $81,000. Her itemized deductions total only $8,400
as she does not own her residence. For purposes of this problem, assume
2020 tax rates and standard deductions are the same as 2019.
Read the requirements.
Requirement a. What will their 2019 tax be if they marry before year-end and file a joint return?
Adjusted gross income
$141,000
Minus: Itemized deductions
(26,600)
Taxable income
$114,400
(Use the 2019 tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dollar.)
Barry and Madison's gross tax if they file a joint return is
$16,885
.
Requirement b. What will their combined 2019 taxes be if they delay the marriage until 2020?
Compute the taxable…
Barry and Madison plan to marry in December 2019. Barry's salary is $60,000 and he owns his residence. His itemized deductions total $18,200.
Madison's salary is $81,000. Her itemized deductions total only $8,400 as she does not own her residence. For purposes of this problem, assume
2020 tax rates and standard deductions are the same as 2019.
Read the requirements.
Requirement a. What will their 2019 tax be if they marry before year-end and file a joint return?
Adjusted gross income
$141,000
Minus: Itemized deductions
(26,600)
Taxable income
$114,400
(Use the 2019tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dollar.)
Barry and Madison's gross tax if they file a joint return is
.
Chapter 1 Solutions
Income Tax Fundamentals 2020
Ch. 1 - Prob. 1MCQCh. 1 - Which of the following tax forms are used by...Ch. 1 - Prob. 3MCQCh. 1 - Prob. 4MCQCh. 1 - Which of the following is a deduction for adjusted...Ch. 1 - Prob. 6MCQCh. 1 - Prob. 7MCQCh. 1 - Prob. 8MCQCh. 1 - Joan, who was divorced in 2019, had filed a joint...Ch. 1 - Prob. 10MCQ
Ch. 1 - Prob. 11MCQCh. 1 - Margaret, age 65, and John, age 62, are married...Ch. 1 - Prob. 13MCQCh. 1 - Robin and Howie file married filing jointly and...Ch. 1 - Prob. 15MCQCh. 1 - Prob. 16MCQCh. 1 - Taxpayers who are blind get the benefit of: An...Ch. 1 - Which of the following is not a capital asset to...Ch. 1 - Jayne purchased General Motors stock 6 years ago...Ch. 1 - Prob. 20MCQCh. 1 - Shannon, a single taxpayer, has a long-term...Ch. 1 - Prob. 22MCQCh. 1 - Access the Internet and go to www.irs.gov and...Ch. 1 - Prob. 24MCQCh. 1 - List three major purposes the tax system is meant...Ch. 1 - Jason and Mary are married taxpayers in 2019. They...Ch. 1 - Leslie is a single taxpayer who is under age 65...Ch. 1 - In 2019, Lou has a salary of $53,300 from her job....Ch. 1 - Diego, age 28, married Dolores, age 27, in 2019....Ch. 1 - Ulysses and Penelope are married and file separate...Ch. 1 - Prob. 7PCh. 1 - Prob. 8PCh. 1 - Prob. 9PCh. 1 - Prob. 10PCh. 1 - Christine is a single 50 -year-old taxpayer with...Ch. 1 - Prob. 12PCh. 1 - Prob. 13PCh. 1 - Determine from the tax table in Appendix A the...Ch. 1 - Prob. 15PCh. 1 - Melissa and Aaron are married taxpayers with...Ch. 1 - Jessica and Carl were married on July 1,2019. What...Ch. 1 - Prob. 18PCh. 1 - Prob. 19PCh. 1 - Prob. 20PCh. 1 - Prob. 21PCh. 1 - What is the total dollar amount of personal and...Ch. 1 - Prob. 23PCh. 1 - Prob. 24PCh. 1 - Prob. 25P
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