Alice and Alan have been married for five years and have two…
Alice and Alan have been married for five years and have two children. In 2018, Alice had wages from her programming job of $65,000 and Alan made $20,000 as a part-time accountant. Alice also got an additional $5,000 year-end bonus paid to her on December 24. In 2018, they contributed $10,000 to Alice’s traditional 401k, and $4,000 to Alan’s traditional IRA. Regardless of your answers for any other question, assume that Alice and Alan had an AGI of $70,000 and that they decide to take the standard deduction. What is their taxable income?
Read DetailsUse this information to complete the quiz. Tax Formula Gross…
Use this information to complete the quiz. Tax Formula Gross Income– Adjustments (from AGI)Adjusted Gross Income (1)– Deductions (from-AGI) Taxable Income (2)x Tax Rate(s) Tax Liability (3)– Tax Credits Taxes Due/(Refund) (4) 2018 Federal Income Tax Brackets (10%–24%) Marginal Tax Rate Taxable Income (over x but less than y) Single Taxable Income (over x but less than y) Married Filing Jointly 10% $0 / $9,525 $0 / $19,050 12% $9,526 / $38,700 $19,051 / $77,400 22% $38,701 / $82,500 $77,401 / $165,000 24% $82,501 / $157,500 $165,001 / $315,000 Standard Deduction $12,000 $24,000
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