Ac553 Week 1 Assignment

Topics: Taxation in the United States, Tax, Tax refund Pages: 3 (336 words) Published: September 14, 2012
ACCT553| | | | | |
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Assignment 1| | | | |
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3.31| | | | | |
Tom and Linda are married taxpayers who file a joint return. They have itemized deductions of $12,250 and four exemptions. Assuming an adjusted gross income of $40,000, what is their taxable income for 2012?| | | | | | |

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(40,000 - 12,250) - (3,800 x 4)| | | |
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12550| | | | | |
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3.32| | | | | |
Compute Marie's taxable income for 2012, assuming she is single and claims two dependent children. Her adjusted gross income is $70,000, and she has itemized deductions of $9,000.| | | | | | |

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70,000 - 9,000 - (3,800 x 3)| | | |
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49600| | | | | |
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3.36| | | | | |
Compute Stanley's taxable income for 2012, assuming he has $1,000 in wages from working in a grocery store and $2,000 in interest income from some bonds he owns. Stanley, age 16, is claimed as a dependent on his parents' return.| | | | | | |

Gross Income = $3,000| | | |
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Less: Deduction ($1,000)| | | |
| | | | No personnal exceptions for children claimed as a dependent on parents' return.| Total Taxable Income - $2,000| | | |
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13.55| | | | | |
Determine Mr. Z's gross income for 2012. | |
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50,000 / 200,000| | | | |
0.25| | | 25,000 (.25) + 80,000 (.27) + 125,000 (.24)|
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81,000 /...
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