+1-415-670-9189
info@expertsmind.com
About the tax computation
Course:- Business Economics
Reference No.:- EM13830675




Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Business Economics

Martin S. Albert (Social Security number 111-11-1111) is 39 years old and is married to Michele R. Albert (Social Security number 123-45-6789). The Alberts live at 512 Ferry Road, Newport News, VA 23601. They file a joint return and have two dependent children (Charlene, age 17, and Jordan, age 18). Charlene's Social Security number is 123-45-6788, and Jordan's Social Security number is 123-45-6787. In 2011, Martin and

Michele had the following transactions:

a. Martin received $115,000 in salary from Red Steel Corporation, where he is a construction engineer. Withholding for Federal income tax was $10,750. The amounts withheld for FICA tax were as follows: $4,486 ($106,800 x 4.2%) for Social Security and $1,668 ($115,000 x 1.45%) for Medicare. Martin worked in Mexico from January 1, 2010, until February 15, 2011. His $115,000 salary for 2011 includes $16,000 he earned for January and one-half of February 2011 while working in Mexico.

b. Martin and Michele received $800 in qualified dividends on Green, Inc. stock and $400 interest on Montgomery County (Virginia) school bonds.

c. Martin received $2,300 interest from a Bahamian bank account.

d. Michele received 50 shares of Applegate Corporation common stock as a stock dividend. The shares had a fair market value of $2,000 at the time Michele received them, and she did not have the option of receiving cash.

e. Martin and Michele received a $900 refund on their 2010 Virginia income taxes. Their itemized deductions in 2010 totaled $12,500.

f. Martin paid $6,000 alimony to his former wife, Rose T. Morgan (Social Security number 123-45-6786).

g. Martin and Michele kept the receipts for their sales taxes paid of$1,100.

h. Martin and Michele's itemized deductions were as follows:

State income tax paid and withheld totaled $5,100.

Real estate taxes on their principal residence were $3,400.

Mortgage interest on their principal residence was $2,500.

Cash contributions to the church totaled $2,800.

Part 1-Tax Computation

Compute the Alberts' net tax payable (or refund due) for 2011.




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Business Economics) Materials
If firms in a monopolistically competitive industry are making an economic profit, Select one: a. all of the answers are correct. b. price is higher than marginal cost. c. new
Mark, a U.S. citizen, buys stock in a British Shipping company. This purchase is an example of a. investment for Mark and U.S. foreign direct investment. b. investment for Mar
Explain "3 D displays have been hyped as the next big revolution in the world in the coming few years. Not with the complaints and problems surmounted to it. Viewers have be
A proposed project has indefinite life. The initial cost of the project is $70,000. There will be a onetime investment of $100,000 at the end of Year 6, and an operation cost
Where does NSW get most of its natural gas supplies from up to now? What is happening to total domestic gas production in Australia and Describe the structural change that is
In which direction will the scale effect change the firm’s employment of labor? c. Can you say conclusively whether the firm will use more or less labor? More or less capital?
Jake drove Amanda's truck to the football bowl game because his car was broken. On the way home, Jake was involved in an accident that was his fault. The resulting liability d
Elasticity.....an important, powerful and, at times, challenging topic. Imagine this: you just won a contest and have been appointed the State Tax Commissioner (you might be a