The Johnsons Calculate Their Income Taxes part 4

Business & Finance
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) 2. What is their adjusted gross income? 3.  What is the total value of their exemptions? 4. How much is the standard deduction for the Johnsons? 5. The Johnsons are buying a home that has monthly mortgage payments of $3,000, or $36,000 a year.

Jan 10th, 2015

(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 $3000, 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.

 

Jan 10th, 2015

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