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10-42 Paul and Donna Decker- 2022 Tax Return-Solved, Exams of Business Taxation and Tax Management

The gross income and tax liability calculation for Paul and Donna Decker for the year 2022. It includes details of their salaries, dividends, state income tax refund, and deductions for AGI and from AGI. The document also provides information on their taxable income and tax liability, along with the tax brackets for different filing statuses. Additionally, it includes a supplemental schedule for medical expenses and the calculation of the net balance due or refund.

Typology: Exams

2022/2023

Available from 12/28/2022

Dr.Charley16
Dr.Charley16 🇺🇸

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ENTER ALL VALUES AS POSITIVE - DEDUCTIONS AND EXCLUSIONS WILL BE AUTOMATICALLY CALCULATED AS A SUBTRACTION
ENTER ALL VALUES IN BLACKBOARD AS WHOLE NUMBERS (NO PENNIES) WITHOUT A DOLLAR SIGN
2022 - Form 1040
Gross Income:
Paul Decker Salary 68,000
Donna Decker Salary 56,000
Acme Corporation Dividend 750
State Income Tax Refund 1,520
Acme Corporation Sale: Amount Realized
Acme Corporation Sale: Adjusted Basis
Acme Corporation Sale: Net Realized Gain (Loss) 7,500
Gross Income (subtotal): 133,770
Deductions for AGI:
Deductions for AGI (subtotal): 0
ADJUSTED GROSS INCOME: 133,770
Deductions from AGI:
Medical expense deduction (Supplemental schedu
7,211
Sales taxes deduction 1,379
State income tax deduction 2,500
Greater of sales tax or income tax 2,500
Real estate tax deduction 6,850
Total taxes paid 9,350
Tax deduction 9,350
Mortgage interest expense deduction 7,890
Automobile interest expense deduction 0
Credit card interest expense deduction 0
Total interest expense deduction 7,890
Charitable contribution deduction - Church 4,600
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ENTER ALL VALUES AS POSITIVE - DEDUCTIONS AND EXCLUSIONS WILL BE AUTOMA

ENTER ALL VALUES IN BLACKBOARD AS WHOLE NUMBERS (NO PENNIES) WITHOUT

2022 - Form 1040 Gross Income: Paul Decker Salary 68, Donna Decker Salary 56, Acme Corporation Dividend 750 State Income Tax Refund 1, Acme Corporation Sale: Amount Realized Acme Corporation Sale: Adjusted Basis Acme Corporation Sale: Net Realized Gain (Loss) 7, Gross Income (subtotal): 133, Deductions for AGI: Deductions for AGI (subtotal): 0 ADJUSTED GROSS INCOME: 133, Deductions from AGI: Medical expense deduction (Supplemental schedu 7, Sales taxes deduction 1, State income tax deduction 2, Greater of sales tax or income tax 2, Real estate tax deduction 6, Total taxes paid 9, Tax deduction 9, Mortgage interest expense deduction 7, Automobile interest expense deduction 0 Credit card interest expense deduction 0 Total interest expense deduction 7, Charitable contribution deduction - Church 4,

SUPPLEMENTAL SCHEDULE

  • Charitable contribution deduction - Library
  • Total charitable deduction 5,
  • Total Itemized 29,
  • Standard deduction 25,
  • Greater of Itemized or Standard 29,
  • TAXABLE INCOME: 103,
  • Tax liability - Ordinary Income 12,
  • Tax liability - Qualifying Dividend
  • Tax liability - LTCG 1,
  • Less: FIT withholding/estimates 13,
  • Less: Dependent tax credit 3,
  • NET BALANCE DUE (REFUND) -2,
  • Net Doctor and hospital bills 10, Medical Expenses
  • Prescription drugs and medicine
  • Insurance premiums 5,
  • Less: AGI limitation (Enter as a positive) 10,
  • Net Deductible Medical expenses 7,

Maried Filing Joint Single

Maried Filing Joint Single Head of Household Bracket Rate Bracket Rate Bracket Rate $ 20,550 10.0% $ 10,275 10.0% $ 14,650 10.0% $ 83,550 12.0% $ 41,775 12.0% $ 55,900 12.0% $ 178,150 22.0% $ 89,075 22.0% $ 89,050 22.0% $ 340,100 24.0% $ 170,050 24.0% $ 170,050 24.0% $ 431,900 32.0% $ 215,950 32.0% $ 215,950 32.0% $ 647,850 35.0% $ 539,900 35.0% $ 539,900 35.0% $ 647,850 37.0% $ 539,900 37.0% $ 539,900 37.0% Head of Household