The taxpayer is a resident citizen taxpayer. His net taxable income is 1,300,000. Compute for his income tax due and payable.
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The taxpayer is a resident citizen taxpayer. His net taxable income is 1,300,000. Compute for his income tax due and payable.
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- What are the tax rates for FICA Social Security and FICA Medicare? What are the maximum taxable earnings amounts for each of these taxes?Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?During 2019, Inez (a single taxpayer) had the following transactions involving capital assets: a. If Inez has taxable income of 158,000, how much income tax results? b. If Inez has taxable income of 35,000, how much income tax results?
- The taxpayer is a resident citizen. Compute for the taxable income subject to REGULAR income tax given the following:According to the contributions of Puerto Rico:Indicate the items of income that are part of the gross income.Indicates income exclusions.Calculate the adjusted gross income.Identifies if the taxpayer has interest income and explains what the tax treatment is in this regard.List the exemptions to which the taxpayer is entitled. Case 1: Carlos OrtizCarlos Ortiz is married and has an administrator position in a private company. Carlos' salary for this taxable year was $50,000. He received an inheritance of $80,000 and $12,000 in interest from a cooperative of which he is a member. Carlos files jointly with his wife, who is disabled and receives $12,000 in social security a year. The couple has a 15-year-old son, who is a student.According to the contributions of Puerto Rico:Indicate the items of income that are part of the gross income.Indicates income exclusions.Calculate the adjusted gross income.Identifies if the taxpayer has interest income and explains what the tax treatment is in this regard.List the exemptions to which the taxpayer is entitled. Case 2: Carmelo Morales and Carmen FloresCarmelo Morales was born on January 9, 1968, is a teacher and is married. He had a salary of $42,000 and a withholding tax of $6,000. In addition, he obtained a $5,000 individual retirement account (IRA). Carmelo also received dividends of $5,000 from an investment made in a company. His wife, Carmen Flores, was born on March 22, 1970, works as a secretary and had an income of $30,000 in the taxable year. The couple has no children, has a joint bank account, and received $7,500 in interest from the bank. Carmelo's mother lives with him and is completely dependent on her son, since the woman is disabled and has no income.
- According to the contributions of Puerto Rico:Indicate the items of income that are part of the gross income.Indicates income exclusions.Calculate the adjusted gross income.Identifies if the taxpayer has interest income and explains what the tax treatment is in this regard.List the exemptions to which the taxpayer is entitled. Case 4: Berta JimenezBerta Jiménez is a secretary and is divorced. Her W2 shows a salary of $60,000 and tax withheld of $6,000. Berta is a college student and paid $5,000 for her bachelor's degree tuition. She has a son who was born on March 22, 2013. Berta is an Army Veteran.Quarterly income tax payments made by a non-resident citizen taxpayer may be claimed asCalculate the tax payable if an individual taxpayer has the following amounts of taxable income. Include Medicare Levy and Medicare Levy surcharge, where applicable. $17,000 – Non-resident (not a working holiday maker). $95,000 – Non-resident, (not a working holiday maker. $100,000 – Resident, with no private health insurance. $245,000 - Resident; with private health insurance.
- Bardot has taxable income of $58,000 in 2023. Bardot is filing as a head of household taxpayer. What is the amount of Bardot's Federal income tax liability, using the Tax Rate Schedule? a. $6,646 b. $6,960 c. $0 d. $1,570 e. $5,076Use the Tax Rate Tables, Exhibit 18-3, to calculate the tax liability (in $) for the taxpayer. Name : Rua Filing Status : head of the household Taxable income : $185,400 what is the Tax Liablity ??Federal Income tax For the case below, do the following:1. Identifies and breaks down the deductions to which the taxpayer is entitled.2. Calculate the federal income tax.3. Determines how each taxpayer must pay their contributions according to their marital status and conditions.4. Identifies if the children of the taxpayers are considered qualifying children. Use Chart B of the instructions found in IRS 1040 and 1040-SR 2021 Tax Year. Case 1: Roberto RoblesRoberto Robles is a manager in a restaurant; His salary for this tax year was $65,000. He received a $60,000 inheritance and $13,000 in interest from a savings account. Roberto files his taxes together with his wife, who works as an administrator of a complex and has a salary of $45,000. They have two children: a 21-year-old who studies at the university, and an 18-year-old who does not study.
