a. What is the Johnsons? reportable gross income on their joint tax return?;b. What is their adjusted gross income?;c. What is the total value of their exemptions?;d. How much is the standard deduction for the Johnsons?;e. The Johnsons are buying a home that has monthly mortgage payments of $3,000, or $36,000 a year. Of this amount, $32,800 goes for interest and real estate property taxes. The couple has an additional $14,000 in itemized deductions. Using these numbers and Table 4-3, calculate their taxable income and tax liability.;f. Assuming they had a combined $18,000 in federal income taxes withheld, how much of a refund will the Johnsons receive?;g. What is their marginal tax rate?;h. Based on gross income, what is their average tax rate?;i. List three additional ways that the Johnsons might reduce their tax liability next year.
Paper#28141 | Written in 18-Jul-2015Price : $27