Problem StaticLO
Ali and Alex Arnaud are married with no dependent children. Ali worked for Smart Tech Corporation January through March and for Computer Associates the remainder of the year. Alex completed a degree in November and immediately began as an associate with Smith and Weber. They report the following information for Use Individual Tax Rate Schedules and Standard Deduction Table.
Alis salary from Smart Tech $
Alis salary from Computer Associates
Alex's salary from Smith and Weber
Interest from savings account
Itemized deductions
Dividends eligible for rate
Required:
Compute AGI. Correct answer
Compute taxable income. correct answer
Compute net tax liability after credits Answer needed!
Individual Tax Rate Schedules
Married Filing Jointly and Surviving Spouse
If taxable income is The tax is
Not over $ of taxable income
Over $ but not over $ $ of excess over $
Over $ but not over $ $ of excess over $
Over $ but not over $ $ of excess over $
Over $ but not over $ $ of excess over $
Over $ but not over $ $ of excess over $
Over $ $ of excess over $
Married Filing Separately
If taxable income is The tax is
Not over $ of taxable income
Over $ but not over $ $ of excess over $
Over $ but not over $ $ of excess over $
Over $ but not over $ $ of excess over $
Over $ but not over $ $ of excess over $
Over $ but not over $ $ of excess over $
Over $ $ of excess over $
Head of Household
If taxable income is The tax is
Not over $ of taxable income
Over $ but not over $ $ of excess over $
Over $ but not over $ $ of excess over $
Over $ but not over $ $ of excess over $
Over $ but not over $ $ of excess over $
Over $ but not over $ $ of excess over $
Over $ $ of excess over $
Single
If taxable income is The tax is
Not over $ of taxable income
Over $ but not over $ $ of excess over $
Over $ but not over $ $ of excess over $
Over $ but not over $ $ of excess over $
Over $ but not over $ $ of excess over $
Over $ but not over $ $ of excess over $
Over $ $ of excess over $
Standard deduction table
Married filing jointly and surviving spouses $
Married filing separately
Head of household
Single