TAX 2000-12 TAX2000-12 Lab Work Week 1

TAX 2000-12 Lab Work Week 1

2. Jason and Mary are married taxpayers in 2013. They are both under age 65 and in good health. For this tax year, they have a total of $41,000 in wages and $500 in interest income. Jason and Mary’s deductions for adjusted gross income amount to $5,000 and their itemized deductions equal $7,950. They claim two exemptions for the year on their joint tax return.

3. Leslie is a single taxpayer who is under age 65 and in good health. For 2013, she has a salary of $23,000 and itemized deductions of $1,000. Leslie is entitled to one exemption on her tax return.

4. In 2013, Lou has a salary of $54,000 from her job. She also has interest income of $1,700. Lou is single and has no dependents. During the year, Lou sold silver coins held as an investment for a $7,000 loss. Calculate the following amounts for Lou:

6. Diego, age 28, married Dolores, age 27, in 2013. Their salaries for the year amounted to $46,479 and they had interest income of $3,500. Diego and Dolores’ deductions for adjusted gross income amounted to $1,900, their itemized deductions were $10,172, and they claimed two exemptions on their return.

10. Jim (age 50) and Martha (age 49) are married with three dependent children. They file a joint return for 2013. Their income from salaries totals $50,000, and they received $10,000 in taxable interest, $5,000 in royalties, and $3,000 in other ordinary income. Jim and Martha’s deductions for adjusted gross income amount to $3,200, and they have itemized deductions totaling $13,000. Calculate the following amounts: