SlideShare a Scribd company logo
1 of 2
This year Jack intends to file a married-joint return with two dependents. Jack received $168,000
of salary and paid $8,950 of interest on loans used to pay qualified tuition costs for his dependent
daughter, Deb. This year Jack has also paid qualified moving expenses of $6,100 and $24,800 of
alimony. (Do not round intermediate calculations.)
What is Jack's adjusted gross income? Assume that Jack will opt to treat tax items in a manner
to minimize his AGI.
JACKS AGI?
Suppose that Jack also reported income of $10,100 from a half share of profits from a
partnership. Disregard any potential self-employment taxes on this income. What AGI would
Jack report under these circumstances? Again, assume that Jack will opt to treat tax items in a
manner to minimize his AGI.
JACKS AGI?
This year Jack intends to file a married-joint return with two dependents. Jack received $168,000
of salary and paid $8,950 of interest on loans used to pay qualified tuition costs for his dependent
daughter, Deb. This year Jack has also paid qualified moving expenses of $6,100 and $24,800 of
alimony. (Do not round intermediate calculations.)
Solution
a. the gross income is= $128,150
b. now the total income is $138,250. on this total amount he has to pay tax, but the tax rate is
different at each income source.
This year Jack intends to file a married-joint return with two depende.docx

More Related Content

Similar to This year Jack intends to file a married-joint return with two depende.docx

Similar to This year Jack intends to file a married-joint return with two depende.docx (13)

Tax Law Changes 2018
Tax Law Changes 2018Tax Law Changes 2018
Tax Law Changes 2018
 
Lesson 38
Lesson 38Lesson 38
Lesson 38
 
$8 K Tax Credit More Information
$8 K Tax Credit   More Information$8 K Tax Credit   More Information
$8 K Tax Credit More Information
 
BUSI 530 Education Specialist / snaptutorial.com
 BUSI 530 Education Specialist / snaptutorial.com BUSI 530 Education Specialist / snaptutorial.com
BUSI 530 Education Specialist / snaptutorial.com
 
ACC 456 Education Specialist / snaptutorial.com
 ACC 456 Education Specialist / snaptutorial.com ACC 456 Education Specialist / snaptutorial.com
ACC 456 Education Specialist / snaptutorial.com
 
Bunching Tax Deductions to Maximize Their Benefit
Bunching Tax Deductions to Maximize Their BenefitBunching Tax Deductions to Maximize Their Benefit
Bunching Tax Deductions to Maximize Their Benefit
 
BUSI 530 Imagine Your Future/newtonhelp.com   
BUSI 530 Imagine Your Future/newtonhelp.com   BUSI 530 Imagine Your Future/newtonhelp.com   
BUSI 530 Imagine Your Future/newtonhelp.com   
 
BUSI 530 Life of the Mind/newtonhelp.com   
BUSI 530 Life of the Mind/newtonhelp.com   BUSI 530 Life of the Mind/newtonhelp.com   
BUSI 530 Life of the Mind/newtonhelp.com   
 
Busi 530 Education Organization -- snaptutorial.com
Busi 530   Education Organization -- snaptutorial.comBusi 530   Education Organization -- snaptutorial.com
Busi 530 Education Organization -- snaptutorial.com
 
BUSI 530 Effective Communication/tutorialrank.com
 BUSI 530 Effective Communication/tutorialrank.com BUSI 530 Effective Communication/tutorialrank.com
BUSI 530 Effective Communication/tutorialrank.com
 
Busi 530 Enthusiastic Study / snaptutorial.com
Busi 530 Enthusiastic Study / snaptutorial.comBusi 530 Enthusiastic Study / snaptutorial.com
Busi 530 Enthusiastic Study / snaptutorial.com
 
BUSI 530 Massive Success--snaptutorial.com
BUSI 530 Massive Success--snaptutorial.comBUSI 530 Massive Success--snaptutorial.com
BUSI 530 Massive Success--snaptutorial.com
 
BUSI 530 Technology levels--snaptutorial.com
BUSI 530 Technology levels--snaptutorial.comBUSI 530 Technology levels--snaptutorial.com
BUSI 530 Technology levels--snaptutorial.com
 

More from gtameka

TOPIC- Landslide early warning in Costa Rica- Students are required to (1).docx
TOPIC- Landslide early warning in Costa Rica- Students are required to (1).docxTOPIC- Landslide early warning in Costa Rica- Students are required to (1).docx
TOPIC- Landslide early warning in Costa Rica- Students are required to (1).docx
gtameka
 
Topic option 2- What should the rules be for computer crime- Your pape.docx
Topic option 2- What should the rules be for computer crime- Your pape.docxTopic option 2- What should the rules be for computer crime- Your pape.docx
Topic option 2- What should the rules be for computer crime- Your pape.docx
gtameka
 
Tones Company purchased a warehouse in a downtown district where land.docx
Tones Company purchased a warehouse in a downtown district where land.docxTones Company purchased a warehouse in a downtown district where land.docx
Tones Company purchased a warehouse in a downtown district where land.docx
gtameka
 
Toms construction site has a pipe that discharges run off from the sit.docx
Toms construction site has a pipe that discharges run off from the sit.docxToms construction site has a pipe that discharges run off from the sit.docx
Toms construction site has a pipe that discharges run off from the sit.docx
gtameka
 
TRUE OR FALSE- 1- N- a nonresident alien individual- was born in Count.docx
TRUE OR FALSE- 1- N- a nonresident alien individual- was born in Count.docxTRUE OR FALSE- 1- N- a nonresident alien individual- was born in Count.docx
TRUE OR FALSE- 1- N- a nonresident alien individual- was born in Count.docx
gtameka
 
True or False 1- The interstellar medium is composed mostly of gaseous.docx
True or False 1- The interstellar medium is composed mostly of gaseous.docxTrue or False 1- The interstellar medium is composed mostly of gaseous.docx
True or False 1- The interstellar medium is composed mostly of gaseous.docx
gtameka
 
True or False (1 point each) 1- TorF NOs is the only form of nitrogen.docx
True or False (1 point each) 1- TorF NOs is the only form of nitrogen.docxTrue or False (1 point each) 1- TorF NOs is the only form of nitrogen.docx
True or False (1 point each) 1- TorF NOs is the only form of nitrogen.docx
gtameka
 
Trace the evolution of the US police system from the --political-- era.docx
Trace the evolution of the US police system from the --political-- era.docxTrace the evolution of the US police system from the --political-- era.docx
Trace the evolution of the US police system from the --political-- era.docx
gtameka
 

More from gtameka (20)

TOPIC- Landslide early warning in Costa Rica- Students are required to (1).docx
TOPIC- Landslide early warning in Costa Rica- Students are required to (1).docxTOPIC- Landslide early warning in Costa Rica- Students are required to (1).docx
TOPIC- Landslide early warning in Costa Rica- Students are required to (1).docx
 
Topic option 2- What should the rules be for computer crime- Your pape.docx
Topic option 2- What should the rules be for computer crime- Your pape.docxTopic option 2- What should the rules be for computer crime- Your pape.docx
Topic option 2- What should the rules be for computer crime- Your pape.docx
 
Tones Company purchased a warehouse in a downtown district where land.docx
Tones Company purchased a warehouse in a downtown district where land.docxTones Company purchased a warehouse in a downtown district where land.docx
Tones Company purchased a warehouse in a downtown district where land.docx
 
Tones Industries has the following patents on its December 31- 2013- b.docx
Tones Industries has the following patents on its December 31- 2013- b.docxTones Industries has the following patents on its December 31- 2013- b.docx
Tones Industries has the following patents on its December 31- 2013- b.docx
 
Toni Tornan is a single parent- During 2014 she earned wages $26-550-.docx
Toni Tornan is a single parent- During 2014 she earned wages $26-550-.docxToni Tornan is a single parent- During 2014 she earned wages $26-550-.docx
Toni Tornan is a single parent- During 2014 she earned wages $26-550-.docx
 
Toms construction site has a pipe that discharges run off from the sit.docx
Toms construction site has a pipe that discharges run off from the sit.docxToms construction site has a pipe that discharges run off from the sit.docx
Toms construction site has a pipe that discharges run off from the sit.docx
 
To achieve long-term prosperity- strategic planners commonly establish.docx
To achieve long-term prosperity- strategic planners commonly establish.docxTo achieve long-term prosperity- strategic planners commonly establish.docx
To achieve long-term prosperity- strategic planners commonly establish.docx
 
Tiffany MacGraw- a Canadian citizen- left Canada in 2005 to settle in.docx
Tiffany MacGraw- a Canadian citizen- left Canada in 2005 to settle in.docxTiffany MacGraw- a Canadian citizen- left Canada in 2005 to settle in.docx
Tiffany MacGraw- a Canadian citizen- left Canada in 2005 to settle in.docx
 
True or false- Social networking through such services as Facebook- Tw.docx
True or false- Social networking through such services as Facebook- Tw.docxTrue or false- Social networking through such services as Facebook- Tw.docx
True or false- Social networking through such services as Facebook- Tw.docx
 
True or False- In a proprietary system- a commercial vendor opens thei.docx
True or False- In a proprietary system- a commercial vendor opens thei.docxTrue or False- In a proprietary system- a commercial vendor opens thei.docx
True or False- In a proprietary system- a commercial vendor opens thei.docx
 
TRUE OR FALSE- 1- N- a nonresident alien individual- was born in Count.docx
TRUE OR FALSE- 1- N- a nonresident alien individual- was born in Count.docxTRUE OR FALSE- 1- N- a nonresident alien individual- was born in Count.docx
TRUE OR FALSE- 1- N- a nonresident alien individual- was born in Count.docx
 
True or False Explain Why- 1- SIP and RTP are protocols used to allow.docx
True or False Explain Why- 1- SIP and RTP are protocols used to allow.docxTrue or False Explain Why- 1- SIP and RTP are protocols used to allow.docx
True or False Explain Why- 1- SIP and RTP are protocols used to allow.docx
 
True or False 1- The interstellar medium is composed mostly of gaseous.docx
True or False 1- The interstellar medium is composed mostly of gaseous.docxTrue or False 1- The interstellar medium is composed mostly of gaseous.docx
True or False 1- The interstellar medium is composed mostly of gaseous.docx
 
True or False (1 point each) 1- TorF NOs is the only form of nitrogen.docx
True or False (1 point each) 1- TorF NOs is the only form of nitrogen.docxTrue or False (1 point each) 1- TorF NOs is the only form of nitrogen.docx
True or False (1 point each) 1- TorF NOs is the only form of nitrogen.docx
 
Transform the E-R diagram into a set of relations- Parking Tickets Ta.docx
Transform the E-R diagram into a set of relations-  Parking Tickets Ta.docxTransform the E-R diagram into a set of relations-  Parking Tickets Ta.docx
Transform the E-R diagram into a set of relations- Parking Tickets Ta.docx
 
Trace the evolution of the US police system from the --political-- era.docx
Trace the evolution of the US police system from the --political-- era.docxTrace the evolution of the US police system from the --political-- era.docx
Trace the evolution of the US police system from the --political-- era.docx
 
Trace the following part of codes step by step- Show exactly what it w.docx
Trace the following part of codes step by step- Show exactly what it w.docxTrace the following part of codes step by step- Show exactly what it w.docx
Trace the following part of codes step by step- Show exactly what it w.docx
 
Training and DevelopmentSolutionThe various skills that are necessary.docx
Training and DevelopmentSolutionThe various skills that are necessary.docxTraining and DevelopmentSolutionThe various skills that are necessary.docx
Training and DevelopmentSolutionThe various skills that are necessary.docx
 
Question 1 This layer of the OSI model is responsible for dialog contr.docx
Question 1 This layer of the OSI model is responsible for dialog contr.docxQuestion 1 This layer of the OSI model is responsible for dialog contr.docx
Question 1 This layer of the OSI model is responsible for dialog contr.docx
 
QUESTION 1 The purpose of an audit is to express an opinion on whether.docx
QUESTION 1 The purpose of an audit is to express an opinion on whether.docxQUESTION 1 The purpose of an audit is to express an opinion on whether.docx
QUESTION 1 The purpose of an audit is to express an opinion on whether.docx
 

Recently uploaded

Making and Justifying Mathematical Decisions.pdf
Making and Justifying Mathematical Decisions.pdfMaking and Justifying Mathematical Decisions.pdf
Making and Justifying Mathematical Decisions.pdf
Chris Hunter
 
Activity 01 - Artificial Culture (1).pdf
Activity 01 - Artificial Culture (1).pdfActivity 01 - Artificial Culture (1).pdf
Activity 01 - Artificial Culture (1).pdf
ciinovamais
 
An Overview of Mutual Funds Bcom Project.pdf
An Overview of Mutual Funds Bcom Project.pdfAn Overview of Mutual Funds Bcom Project.pdf
An Overview of Mutual Funds Bcom Project.pdf
SanaAli374401
 
1029-Danh muc Sach Giao Khoa khoi 6.pdf
1029-Danh muc Sach Giao Khoa khoi  6.pdf1029-Danh muc Sach Giao Khoa khoi  6.pdf
1029-Danh muc Sach Giao Khoa khoi 6.pdf
QucHHunhnh
 

Recently uploaded (20)

Basic Civil Engineering first year Notes- Chapter 4 Building.pptx
Basic Civil Engineering first year Notes- Chapter 4 Building.pptxBasic Civil Engineering first year Notes- Chapter 4 Building.pptx
Basic Civil Engineering first year Notes- Chapter 4 Building.pptx
 
Unit-V; Pricing (Pharma Marketing Management).pptx
Unit-V; Pricing (Pharma Marketing Management).pptxUnit-V; Pricing (Pharma Marketing Management).pptx
Unit-V; Pricing (Pharma Marketing Management).pptx
 
Z Score,T Score, Percential Rank and Box Plot Graph
Z Score,T Score, Percential Rank and Box Plot GraphZ Score,T Score, Percential Rank and Box Plot Graph
Z Score,T Score, Percential Rank and Box Plot Graph
 
Introduction to Nonprofit Accounting: The Basics
Introduction to Nonprofit Accounting: The BasicsIntroduction to Nonprofit Accounting: The Basics
Introduction to Nonprofit Accounting: The Basics
 
Mehran University Newsletter Vol-X, Issue-I, 2024
Mehran University Newsletter Vol-X, Issue-I, 2024Mehran University Newsletter Vol-X, Issue-I, 2024
Mehran University Newsletter Vol-X, Issue-I, 2024
 
ICT Role in 21st Century Education & its Challenges.pptx
ICT Role in 21st Century Education & its Challenges.pptxICT Role in 21st Century Education & its Challenges.pptx
ICT Role in 21st Century Education & its Challenges.pptx
 
SOCIAL AND HISTORICAL CONTEXT - LFTVD.pptx
SOCIAL AND HISTORICAL CONTEXT - LFTVD.pptxSOCIAL AND HISTORICAL CONTEXT - LFTVD.pptx
SOCIAL AND HISTORICAL CONTEXT - LFTVD.pptx
 
Mattingly "AI & Prompt Design: The Basics of Prompt Design"
Mattingly "AI & Prompt Design: The Basics of Prompt Design"Mattingly "AI & Prompt Design: The Basics of Prompt Design"
Mattingly "AI & Prompt Design: The Basics of Prompt Design"
 
Making and Justifying Mathematical Decisions.pdf
Making and Justifying Mathematical Decisions.pdfMaking and Justifying Mathematical Decisions.pdf
Making and Justifying Mathematical Decisions.pdf
 
Activity 01 - Artificial Culture (1).pdf
Activity 01 - Artificial Culture (1).pdfActivity 01 - Artificial Culture (1).pdf
Activity 01 - Artificial Culture (1).pdf
 
Advance Mobile Application Development class 07
Advance Mobile Application Development class 07Advance Mobile Application Development class 07
Advance Mobile Application Development class 07
 
An Overview of Mutual Funds Bcom Project.pdf
An Overview of Mutual Funds Bcom Project.pdfAn Overview of Mutual Funds Bcom Project.pdf
An Overview of Mutual Funds Bcom Project.pdf
 
1029-Danh muc Sach Giao Khoa khoi 6.pdf
1029-Danh muc Sach Giao Khoa khoi  6.pdf1029-Danh muc Sach Giao Khoa khoi  6.pdf
1029-Danh muc Sach Giao Khoa khoi 6.pdf
 
APM Welcome, APM North West Network Conference, Synergies Across Sectors
APM Welcome, APM North West Network Conference, Synergies Across SectorsAPM Welcome, APM North West Network Conference, Synergies Across Sectors
APM Welcome, APM North West Network Conference, Synergies Across Sectors
 
How to Give a Domain for a Field in Odoo 17
How to Give a Domain for a Field in Odoo 17How to Give a Domain for a Field in Odoo 17
How to Give a Domain for a Field in Odoo 17
 
SECOND SEMESTER TOPIC COVERAGE SY 2023-2024 Trends, Networks, and Critical Th...
SECOND SEMESTER TOPIC COVERAGE SY 2023-2024 Trends, Networks, and Critical Th...SECOND SEMESTER TOPIC COVERAGE SY 2023-2024 Trends, Networks, and Critical Th...
SECOND SEMESTER TOPIC COVERAGE SY 2023-2024 Trends, Networks, and Critical Th...
 
Measures of Central Tendency: Mean, Median and Mode
Measures of Central Tendency: Mean, Median and ModeMeasures of Central Tendency: Mean, Median and Mode
Measures of Central Tendency: Mean, Median and Mode
 
Mixin Classes in Odoo 17 How to Extend Models Using Mixin Classes
Mixin Classes in Odoo 17  How to Extend Models Using Mixin ClassesMixin Classes in Odoo 17  How to Extend Models Using Mixin Classes
Mixin Classes in Odoo 17 How to Extend Models Using Mixin Classes
 
Grant Readiness 101 TechSoup and Remy Consulting
Grant Readiness 101 TechSoup and Remy ConsultingGrant Readiness 101 TechSoup and Remy Consulting
Grant Readiness 101 TechSoup and Remy Consulting
 
INDIA QUIZ 2024 RLAC DELHI UNIVERSITY.pptx
INDIA QUIZ 2024 RLAC DELHI UNIVERSITY.pptxINDIA QUIZ 2024 RLAC DELHI UNIVERSITY.pptx
INDIA QUIZ 2024 RLAC DELHI UNIVERSITY.pptx
 

This year Jack intends to file a married-joint return with two depende.docx

  • 1. This year Jack intends to file a married-joint return with two dependents. Jack received $168,000 of salary and paid $8,950 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid qualified moving expenses of $6,100 and $24,800 of alimony. (Do not round intermediate calculations.) What is Jack's adjusted gross income? Assume that Jack will opt to treat tax items in a manner to minimize his AGI. JACKS AGI? Suppose that Jack also reported income of $10,100 from a half share of profits from a partnership. Disregard any potential self-employment taxes on this income. What AGI would Jack report under these circumstances? Again, assume that Jack will opt to treat tax items in a manner to minimize his AGI. JACKS AGI? This year Jack intends to file a married-joint return with two dependents. Jack received $168,000 of salary and paid $8,950 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid qualified moving expenses of $6,100 and $24,800 of alimony. (Do not round intermediate calculations.) Solution a. the gross income is= $128,150 b. now the total income is $138,250. on this total amount he has to pay tax, but the tax rate is different at each income source.