Compute meyers federal income tax on their joint return

Assignment Help Financial Management

Reference no: EM131869705

Blake and Valerie Meyer (both age 30) are married with one dependent child (age 5).

-Blake’s gross salary from his corporate employer was $70,000, and his Section 401(k) contribution was $6,300.

-Valerie’s salary from GuiTech, an S corporation, was $29,400. Valerie owns 16 percent of GuiTech’s outstanding stock. Her pro rata share of GuiTech’s ordinary business income was $13,790, her pro rata share of GuiTech’s net loss from rental real estate was $8,100, and she received a $12,000 cash distribution from GuiTech.

-Blake received a $12,000 cash gift from his grandmother.

-Valerie won $6,400 in the Maryland state lottery.

-The Meyers received a distribution from their investment in Pawnee Mutual Fund that consisted of a $712 qualifying dividend and a $3,020 long-term capital gain.

-Blake paid $12,000 alimony to a former spouse.

-The Meyers paid $14,200 home mortgage interest on acquisition debt and $2,780 property tax on their personal residence.

-The Meyers paid $7,000 state income tax and $4,200 state and local sales tax.

-Valerie contributed $1,945 to the First Baptist Church.

On the basis of the above information, compute the Meyers’ federal income tax (including any AMT) on their joint return. Assume the taxable year is 2017. Use Individual tax rate schedules and Standard deduction table. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.)

Reference no: EM131869705

Questions Cloud

Why is the election for corporation status attractive : Why is the election for s corporation status attractive?

Converted all variable costs to fixed costs : Now suppose you have changed your business operation and converted all variable costs to fixed costs.

What is the percentage price change of bonds : The Faulk Corp. has a bond with a coupon rate of 5 percent outstanding. what is the percentage price change of these bonds?

Find the break-even value for electricity cost in year one : What will be the incremental Net Income for Zeta from the project each year? Find the break-even value for the electricity cost in year 1.

Compute meyers federal income tax on their joint return : Compute the Meyers’ federal income tax (including any AMT) on their joint return. Assume the taxable year is 2017.

What is effective or equivalent-annual cost of trade credit : What is the effective, or equivalent, annual cost of the trade credit? What is the nominal cost?

Treasury stock appears as : Treasury stock appears as:

Price equivalent two week american put by hand : Price equivalent two week American Put by hand.

Determine their investment plan for the year : It is January 2nd and senior management of Baldwin meets to determine their investment plan for the year.

User Account

All Pages