Karin and Chad (Ages 30 and 31, Respectively)are Married and Together
Karin and Chad (ages 30 and 31, respectively)are married and together have $110,000 of AGI.This year they have recorded the following expenses:
Karin and Chad will file married filing jointly.Calculate their taxable income.
Rochelle, a single taxpayer (age 47), has an AGI of $300,000.This year, she paid medical expenses of $37,500, state income taxes of $4,000, mortgage interest of $10,600 on $250,000 acquisition debt for her home, and charitable contributions of $6,000.What would be the amount of her total itemized deductions she may claim on her tax return?
Bryan is 67 years old and lives alone.This year he has received $25,000 in taxable interest and pension payments, and he has paid the following expenses: Use Standard deduction.
If Bryan files single, calculate his taxable income.
Misti purchased a residence this year.Misti, age 32, is a single parent and lives with her one-year-old daughter.This year, Misti received a salary of $160,000 and made the following payments: Use Standard deduction.
Misti files as a head of household.Calculate her taxable income this year.