Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1. you were single and had an adjusted gross incom

1. You were single and had an adjusted gross income of $37,000 in 2019. You...

70.2K

Verified Solution

Question

Accounting

1. You were single and had an adjusted gross income of $37,000 in 2019. You calculated that your taxable income was $24,000 and that you owed $2,686 in federal income taxes. What is the average tax rate that you paid on your adjusted gross income and what was your marginal tax rate? 2. Rashid adjusted gross income of $40,000. He incurred the following expenses during the year: medical expenses, $1,200; property taxes, $1,900; mortgage interest, $8,400; and state income taxes, $1,600. If the standard deduction for a single filer is $12,200, should he itemize deductions? Why or why not? (6 points)3. You are in the 24 percent marginal tax bracket and itemize deductions. What impact will an additional $1,000 of itemized deductions have on your federal income taxes owed?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Find the value of x 71 X O 33 X

Geometry
Q

The Florida Company was flooded by a Hurricane and somehow lost part of their forecasting data....

Statistics
Q

Predict what will happen to the following lung volumes and capacities during strenuous exercise. Assume that...

Medical Sciences
Q

Write the procurement guidelines for the Tender preparation, evaluation and the contract award

Civil Engineering
Q

(b) You have been offered the opportunity to purchase a start up company building electric cars...

Finance
Q

2T T 2 T T 2 26 A simple pendulum having a bob of mass...

Physics
Q

Without using a calculator find the exact value of sec 2 Give your angle in...

Calculus
Q

Suppose that the manufacturer of a gas cloth

Calculus
Q

1 Given a function of f x 2x 8x 3 on 1 5 answer the...

Calculus
Q

hswer the question about the given function Given the function f x x 6 is...

Algebra
Q

All Questions? 2) Job-Cost System ADC will often do a "production run" where ADC...

Accounting
Q

Problem 3-1A Deanna Nardelli started her own consulting firm, Nardelli Consulting, on May 1, 2017....

Accounting