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Federal Taxes Class Week 1 Assignment 1 Problems 3-31. tom turkey and Lindas nonexempt income for 2011 is follows. First we generate for to cypher itemized get off the groundions from AGI. So, $40000-$11950=$28050. then we have to subtract 4 exemptions from $28050. quatern exemptions are tally to $14800(each exemption is $3700* 4), so $28050-$14800=$13250. Now we discharge picture up $13250 in the 2011 tax table for matrimonial filing jointly. 3-32. Maries taxable income for 2011 is follows. First we have to subtract itemized deductions from AGI. So, $70000-$9000=$61000. Then we subtract 3 exemptions ( one for her and two for her kids) from $61000. 3 exemptions are decent to $11100 (3*3700), so $61000-$11100=$49900. Now we can look up $49900 in 2011 Tax Table for single filler. 3-36. Well, commencement of all Stanley did non have to do taxes because his income is way to low and he could have chosen non to file taxes. But still, Stanleys taxable income wou ld be as follows. His AGI is$3000, which are $1000 +$2000. He did not have any itemized deductions, so we will assume in that location is standard deduction, which is 5700 for single filers. He is claimed as a hooked on other tax return, so we cannot deduct him as an exemption. So, $3000-$5700=-$2700, which is less than zero, so his taxable income is $0. 13-55.

2008 $200,000    $50,000        $25,000            25                      $  6,250          ($25,000*($50,000/$200,000)) 2009 $300,000    $81,000        $80,000            27                        21,600           ($80,000*($81,000/$300,000)) 2010 $400! ,000    $96,000      $125,000           24                        30,000          ($125,000*($96,000/$400,000)) Total taxable income                                                                      $57,850 13-69. a. Check received for declivity rent, $700, not deposited until January 4. Gross Income b. Check for $1,100 to pay Bills state income taxes send December 28, cashed January 7. Deduction c. Cash received in the...If you compulsion to get a full essay, order it on our website: OrderEssay.net

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