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Category > Accounting Posted 05 Jun 2017 My Price 14.00

Your W-2 form shows that you made $40,000 in taxable wages

Question description

 

 

Your W-2 form shows that you made $40,000 in taxable wages and that $7,000 was deducted from your paycheck for federal income taxes. You are married, filing a joint return, and your spouse does not work. You donated $3,000 in cash to your church and paid $6,000 in interest on your home mortgage. Answer the following questions:

1.What is the amount of your adjusted gross income to be written on lines 37 and 38 of Form 1040? Adjusted gross income on lines 37 and 38 is $40,000

2. How many exemptions will you be able to claim? How much will this reduce your taxable income?

3. If you itemize deductions, how much can you claim on line 40a of Form 1040? Note: Itemize--do not use the standard deduction.

4. If you itemize deductions, what is the amount of your taxable income to be written on line 43 of Form 1040?

5. If your tax is exactly 20% of your taxable income on line 43 of Form 1040, how much of a tax refund (or how much additional tax) will you have to pay?

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QuickHelper
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Status NEW Posted 05 Jun 2017 07:06 PM My Price 14.00

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