Thomson calculate their income taxes

Assignment Help Business Management
Reference no: EM131294166

Case 1: Thomson's Calculate Their Income Taxes.

Several years have gone since Harry and Belinda graduated from college and started working careers. They both earn good salaries. They believe that they are paying too much in federal income taxes. The Thomson's total income last year included Harry's salary of $73,000 and Belinda's salary of $84,000. She contributed $3000 to her 401(k) for retirement. She earned $600 in interest on savings and checking and $4000 interest income from the trust that is taxed in the same way as interest income from checking and savings accounts. Harry contributed $3000 into a traditional IRA.

a) What is Thomson's re-portable gross income on their joint tax return?

b) What is there adjusted gross income?

c) What is the total value of their exemptions?

d) How much is the standard deduction's for the Thomson's?

e) The Thomson's are buying a home that has monthly mortgage of $3000 or $36,000 a year. Of this amount, $32,800 goes for interest and real estate property taxes. The couple has $14,400 in other itemized deductions. Calculate their total tax liability and taxable income.

f) Assuming they had a combined $22,000 in federal income taxes withheld, how much of a refund will the Thomson's receive?

g) What is their marginal tax rate?

h) List three different ways the Thomson's can reduce their tax liability next year.

Reference no: EM131294166

Questions Cloud

Enhance the organizational alignment of people in llb : Explain the type of culture that will enhance the organizational alignment of people in LLB. Explain what organizational culture is and how it relates to the structure of the organization.
Write some experience with your roomates : Write some experience with your roomates . For example, what did you do, (making turkey, eat some delicious food, and whatever you want). Just One page . double sapce.
Source and destination node : The two tables also provide the supplies and demands for each source and destination node. How do you go about this question?
Discuss about the working with special populations : Discuss about the Working with Special Populations.. School psychologists are often asked to work with students with unique learning needs. For this assignment you will research the legal and ethical issues related to working with a special populat..
Thomson calculate their income taxes : Several years have gone since Harry and Belinda graduated from college and started working careers. They both earn good salaries. They believe that they are paying too much in federal income taxes.
Analyze type of injury or disorder and specific disabilities : What are the salient complications as a result of the injury? Analyze the type of injury or disorder and the specific disabilities of the injury. What are the financial effects and assistance needed in the educational system?
Practices for performance excellence : Summarize the key workforce-focused practices for performance excellence.
How do you plan to establish relationship with stakeholders : How do you plan to establish a relationship with these stakeholders? How do you plan to collaborate with these stakeholders? What types of obstacles can impair effective collaboration?
Suggest management and employees : How you would suggest management and employees should manage stress in the workplace as a result of conflict, change and other working conditions.

Reviews

Write a Review

Business Management Questions & Answers

  Caselet on michael porter’s value chain management

The assignment in management is a two part assignment dealing 1.Theory of function of management. 2. Operations and Controlling.

  Mountain man brewing company

Mountain Man Brewing, a family owned business where Chris Prangel, the son of the president joins. Due to increase in the preference for light beer drinkers, Chris Prangel wants to introduce light beer version in Mountain Man. An analysis into the la..

  Mountain man brewing company

Mountain Man Brewing, a family owned business where Chris Prangel, the son of the president joins. An analysis into the launch of Mountain Man Light over the present Mountain Man Lager.

  Analysis of the case using the doing ethics technique

Analysis of the case using the Doing Ethics Technique (DET). Analysis of the ethical issue(s) from the perspective of an ICT professional, using the ACS Code of  Conduct and properly relating clauses from the ACS Code of Conduct to the ethical issue.

  Affiliations and partnerships

Affiliations and partnerships are frequently used to reach a larger local audience? Which options stand to avail for the Hotel manager and what problems do these pose.

  Innovation-friendly regulations

What influence (if any) can organizations exercise to encourage ‘innovation-friendly' regulations?

  Effect of regional and corporate cultural issues

Present your findings as a group powerpoint with an audio file. In addition individually write up your own conclusions as to the effects of regional cultural issues on the corporate organisational culture of this multinational company as it conducts ..

  Structure of business plan

This assignment shows a structure of business plan. The task is to write a business plane about a Diet Shop.

  Identify the purposes of different types of organisations

Identify the purposes of different types of organisations.

  Entrepreneur case study for analysis

Entrepreneur Case Study for Analysis. Analyze Robin Wolaner's suitability to be an entrepreneur

  Forecasting and business analysis

This problem requires you to apply your cross-sectional analysis skills to a real cross-sectional data set with the goal of answering a specific research question.

  Educational instructional leadership

Prepare a major handout on the key principles of instructional leadership

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd