Demarco and Janine Jackson have been married for 20 years and have four children (no children under age 6 at year-end) who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice). The couple received salary income of $100,000 and qualified business income of $10,000 from an investment in a partnership, and they sold their home this year.
Demarco and Janine Jackson have been married for 20 years and have four children (no children under age 6 at year-end) who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice). The couple received salary income of $100,000 and qualified business income of $10,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $200,000 and they sold it for $250,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $16,500 of itemized deductions (no charitable contributions), and they had $1,000 withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. However, because Candice was 18 years of age at year end, the Jacksons may claim a child tax credit for other qualifying dependents for Candice. (Use the tax rate schedules.)
Please answer all parts. Some questions require forms pulled directly from the IRS website.
Requirements: please answer all parts fully.
8/24/23, 9:25 PMhttps://ezt.prod.mheducation.com/Media/Connect_Production/bne/accounting/spilker_13e/taxrateschedule2021.htmhttps://ezt.prod.mheducation.com/Media/Connect_Production/bne/accounting/spilker_13e/taxrateschedule2021.htm1/12021 Tax Rate SchedulesIndividualsSchedule X-SingleIf taxable income is over:But not over:The tax is:$ 0$ 9,95010% of taxable income$ 9,950$ 40,525$995 plus 12% of the excess over $9,950$ 40,525$ 86,375$4,664 plus 22% of the excess over $40,525$ 86,375$ 164,925$14,751 plus 24% of the excess over $86,375$ 164,925$ 209,425$33,603 plus 32% of the excess over $164,925$ 209,425$ 523,600$47,843 plus 35% of the excess over $209,425$ 523,600—$157,804.25 plus 37% of the excess over $523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)If taxable income is over:But not over:The tax is:$ 0$ 19,90010% of taxable income$ 19,900$ 81,050$1,990 plus 12% of the excess over $19,900$ 81,050$ 172,750$9,328 plus 22% of the excess over $81,050$ 172,750$ 329,850$29,502 plus 24% of the excess over $172,750$ 329,850$ 418,850$67,206 plus 32% of the excess over $329,850$ 418,850$ 628,300$95,686 plus 35% of the excess over $418,850$ 628,300—$168,993.50 plus 37% of the excess over $628,300 Schedule Z-Head of HouseholdIf taxable income is over:But not over:The tax is:$ 0$ 14,20010% of taxable income$ 14,200$ 54,200$1,420 plus 12% of the excess over $14,200$ 54,200$ 86,350$6,220 plus 22% of the excess over $54,200$ 86,350$ 164,900$13,293 plus 24% of the excess over $86,350$ 164,900$ 209,400$32,145 plus 32% of the excess over $164,900$ 209,400$ 523,600$46,385 plus 35% of the excess over $209,400$ 523,600—$156,355 plus 37% of the excess over $523,600 Schedule Y-2-Married Filing SeparatelyIf taxable income is over:But not over:The tax is:$ 0$ 9,95010% of taxable income$ 9,950$ 40,525$995 plus 12% of the excess over $ 9,950$ 40,525$ 86,375$4,664 plus 22% of the excess over $40,525$ 86,375$ 164,925$14,751 plus 24% of the excess over $86,375$ 164,925$ 209,425$33,603 plus 32% of the excess over $164,925$ 209,425$ 314,150$47,843 plus 35% of the excess over $209,425$ 314,150—$84,496.75 plus 37% of the excess over $314,150
Collepals.com Plagiarism Free Papers
Are you looking for custom essay writing service or even dissertation writing services? Just request for our write my paper service, and we'll match you with the best essay writer in your subject! With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.
Get ZERO PLAGIARISM, HUMAN WRITTEN ESSAYS
Why Hire Collepals.com writers to do your paper?
Quality- We are experienced and have access to ample research materials.
We write plagiarism Free Content
Confidential- We never share or sell your personal information to third parties.
Support-Chat with us today! We are always waiting to answer all your questions.
