Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Chapter 3, Problem 22CE
Paul and Sonja, who are married, had itemized deductions of $13,200 and $400, respectively, during 2019. Paul suggests that they file separately—he will itemize his deductions from AGI, and she will claim the standard deduction.
- a. Evaluate Paul’s suggestion.
- b. What should they do?
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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
.
In 2022, Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his income is from salary, and
he does not have any for AGI deductions.
What is his earned income credit in 2022 in the following alternative scenarios? Use Exhibit 8-11.
Note: Round your intermediate and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if
applicable.
Required:
a. Zach is 29 years old, and his AGI is $5,000.
b. Zach is 29 years old, and his AGI is $10,000.
c. Zach is 29 years old, and his AGI is $19,000.
d. Zach is 17 years old, and his AGI is $5,000.
Chapter 3 Solutions
Individual Income Taxes
Ch. 3 - Prob. 1DQCh. 3 - Which of the following items are inclusions in...Ch. 3 - Which of the following items are exclusions from...Ch. 3 - Prob. 4DQCh. 3 - In choosing between taking the standard deduction...Ch. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - Caden and Lily are divorced on March 3, 2018. For...Ch. 3 - Prob. 10DQ
Ch. 3 - Prob. 11DQCh. 3 - Prob. 12DQCh. 3 - Prob. 13DQCh. 3 - Prob. 14DQCh. 3 - Prob. 15DQCh. 3 - Prob. 16DQCh. 3 - Prob. 17DQCh. 3 - Prob. 18DQCh. 3 - During the year, Brandi had the following...Ch. 3 - Sam and Abby are dependents of their parents, and...Ch. 3 - Compute the 2019 standard deduction for the...Ch. 3 - Paul and Sonja, who are married, had itemized...Ch. 3 - Compute the 2019 tax liability and the marginal...Ch. 3 - In 2019, Simon, age 12, has interest income of...Ch. 3 - Prob. 25CECh. 3 - During the year, Tamara had capital transactions...Ch. 3 - Compute the taxable income for 2019 in each of the...Ch. 3 - Compute the taxable income for 2019 for Emily on...Ch. 3 - Compute the taxable income for 2019 for Aiden on...Ch. 3 - Prob. 30PCh. 3 - Analyze each of the characteristics in considering...Ch. 3 - Prob. 32PCh. 3 - Prob. 33PCh. 3 - Prob. 34PCh. 3 - Prob. 35PCh. 3 - Prob. 36PCh. 3 - Taylor, age 18, is claimed as a dependent by her...Ch. 3 - LO.4, 9 Walter and Nancy provide 60% of the...Ch. 3 - Prob. 39PCh. 3 - LO.1, 2, 3, 4, 5, 6 Morgan (age 45) is single and...Ch. 3 - Prob. 41PCh. 3 - LO.5, 6, 9 Roy and Brandi are engaged and plan to...Ch. 3 - In each of the following independent situations,...Ch. 3 - Prob. 44PCh. 3 - Nadia died in 2018 and is survived by her husband,...Ch. 3 - Paige, age 17, is a dependent of her parents....Ch. 3 - Prob. 47PCh. 3 - LO.8 During 2019, Inez (a single taxpayer) had the...Ch. 3 - During 2019, Inez (a single taxpayer) had the...Ch. 3 - Prob. 50PCh. 3 - Lance H. and Wanda B. Dean are married and live at...Ch. 3 - Prob. 52CPCh. 3 - Kathy and Brett Ouray married in 2001. They began...Ch. 3 - Prob. 2RPCh. 3 - Prob. 5RPCh. 3 - Prob. 1CPACh. 3 - Jane is 20 years old and is a sophomore at Lake...Ch. 3 - Prob. 3CPACh. 3 - Jeff and Rhonda are married and have two children,...Ch. 3 - Prob. 5CPACh. 3 - Bill and Anne Chambers are married and file a...Ch. 3 - Prob. 7CPACh. 3 - Heather is single and has one son, Rhett, who is...Ch. 3 - Prob. 10CPACh. 3 - Prob. 11CPA
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