+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
Elucidate reason for both wage and cost rigidities including policy implications for se rigidities. Would you conclude on se reasons suggested by New Keynesian economists as
What is the nature of the relationship between banking and money? Please explain the concepts of risk return on an investment. What is present value and why is it important an
According to the article "What Does GDP Really Tell Us About Economic Growth," located in Topic Materials, Khan discusses the pitfalls of GDP. Describe how these pitfalls ha
You are a benevolent water manager who is tasked with assigning water to three different types of users: 1) Wheat farmers, 2) Town of Moscow, ID, and 3) Town of Pullman After
A monopolistically competitive firm faces the following demand curve for its product: The firm has total fixed costs of $20 and a constant marginal cost of $5 per unit.
In this module, it is demonstrated that sometimes extensive diseconomies of scale, say, due to high transportation costs, would require that the firm produce its product in
Under a cap-and-trade program designed to control greenhouse gas, suppose the demand for pollution rights increases as the economy improves. What happens to the equilibrium pr
A combine used for harvesting corn was purchased new 6 years ago for $400,000 with the intention of using it for its full asset life of 25 years (when its salvage value would