User Account

All Pages

What is the amount of their adjusted gross income

Assignment Help Accounting Basics
Reference no: EM132673715

Problem - Diego, age 28, married Dolores, age 27, in 2019. Their salaries for the year amounted to $47,230 and they had interest income of $3,500. Diego and Dolores' deductions for adjusted gross income amounted to $2,000, their itemized deductions were $16,000, and they have no dependents.

Required -

a. What is the amount of their adjusted gross income?

b. What is the amount of their itemized deductions or standard deduction?

c. What is the amount of their taxable income?

d. What is their tax liability for 2019?

Reference no: EM132673715

Questions Cloud

How can verbal feedback affect customer encounters : What is feedback? How can verbal feedback affect customer encounters?
Calculate Ulysses income tax liability : Neither have any dependents. Calculate Ulysses' income tax liability assuming the couple does not live in a community property state
Describe the public mourning ritual that surrounded : How Does Society Mourn the Loss of Public Figure and Describe the public mourning ritual that surrounded this person's death
Differentiate between trade in goods and trade in services : Which form of trade has risen to prominence for the Canadian economy? Describe through example its relevance or irrelevance to the Canadian economy.
What is the amount of their adjusted gross income : Their salaries for the year amounted to $47,230 and they had interest income of $3,500. What is the amount of their adjusted gross income
What is the social costs : What is due care theory and how can it be applied to consumers?
Calculate the standard deduction : In 2019, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and dividend income of $400. Calculate the standard deduction
Product and service design : Select one element of product design and apply it to a product you would like to see created in the marketplace.
Determine what total amount reported as intangible assets : Melania Company reported the following data at year-end: Franchise - $1,000; Computer software. What total amount should be reported as intangible assets?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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