Question

1)Maria is in the 35​% tax bracket. Steve is in the 33​% tax bracket. They each itemize their deductions and pay ​$30,000 in mortgage interest during the year. Compare their true costs for mortgage interest. ​Maria's true cost for mortgage interest is ​$ ___ .

RebeccaRebecca and RobertoRoberto​, who are engaged to be​ married, each have an adjusted gross income of ​$183,000. Assume each person takes one exemption and the standard deduction. Answer the questions below using the tax table to the right.

Tax Rate Single Married Filing Jointly ​10% up to​ $8,925 up to​ $17,850 ​15% up to​ $36,250 up to​ $72,500 ​25% up to​ $87,850 up to​ $146,400 ​28% up to​ $183,250 up to​ $223,050 ​33% up to​ $398,350 up to​ $398,350 Standard Deduction ​$6100 ​$12,200 Exemptions​ (per person) ​$3900 ​$3900

Calculate their income tax if they delay their marriage until next year so that they can file their tax returns as individuals at the single tax rate this year.

Using 2013​ rates, the tax owed by each of the following people has been calculated assuming that they all claim the standard deduction and neglect any tax credits.

Deidre is single with no dependents. Her adjusted gross income is

​$80,000.

Rounded to the nearest​ dollar, Deirdre's income tax is

​$13,429.

Robert is a head of household taking care of two dependent children. His adjusted gross income is

​$80 comma 00080,000.

Rounded to the nearest​ dollar, his income tax is

​$9 comma 3409,340.

Jessica and Frank are married with no dependents. They file jointly. They each have

​$80,000

in adjusted gross income for a combined

​$160,000.

Their combined income​ tax, rounded to the nearest​ dollar, is

​$26 comma 66626,666.

Complete parts​ (a)-(e) below.

a. Calculate the FICA tax owed by each of the three​ sets, assuming the given gross adjusted incomes came from ordinary wages. Note that the FICA tax is​ 7.65% on the first​ $113,700 of income from wages and​ 1.45% on any income from wages in excess of​ $113,700.

Deidre	Robert	Jessica and Frank
$_______	$________	$____________

​(Round to the nearest dollar as​ needed.)

The couple owes

​$____.

​(Simplify your answer. Round to the nearest dollar as​ needed.)

Answer 1