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Arthur and Cora are married and have 2 dependent children. They have a gross income of $94,860. Their allowable deductions for adjusted gross income total $5,280, and they have total allowable itemized deductions of $13,940. The standard deduction for 2016 is $12,600 and the personal exemption is $4,050.

Refer Tax Rate Schedules to answer the following questions.

Note: The child tax credit in 2016 is $1,000 per child.

a. Arthur and Cora's 2016 taxable income is $.

b. Arthur and Cora's 2016 income tax is $.

c. If Arthur has $3,000 and Cora has $3,300 withheld from their paychecks then they (refund or pay addtional taxes) of $.

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Casey Durgan
Casey DurganLv2
28 Sep 2019
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Related questions

Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents (Damarcus, Janine, Michael, and Candice). The couple received salary income of $100,000, and they sold their home this year. They initially purchased the home three years ago for $200,000 and they sold it for $250,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $16,500 of itemized deductions, and they had $6,250 withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. (use the tax rate schedules .) tax return info for 2016

a. What is the Jacksons’ taxable income, and what is their tax liability or (refund)? (Do not round intermediate calculation. Round "Income tax liability", "Total tax", "Taxes payable or Refund due" to 2 decimal places.)

*****(I HAVE BOLDED THE ANSWERS THAT ARE NOT RIGHT, & THOSE ARE THE ONES I NEED HELP WITH)***

Description Amount
(1) Gross income $100,000
(2) For AGI deductions 0
(3) Adjusted gross income $100,000
(4) Standard deduction 12,200
(5) Itemized deductions 16,500
(6) Greater of standard deductions or itemized deductions 16,500
(7) Personal and dependency exemptions 23,400
(8) Total deductions from AGI 39,900
(9) Taxable income $60,100
(10) Income tax liability $8,122.50
(11) Other taxes $0
(12) Total tax $8,122.50
(13) Credits 4,000
(14) Prepayments 6,250
Refund due $2,127.50

please answer all

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