https://books.google.com/books?id=bDl-BAAAQBAJ&pg=PT96&lpg=PT96&dq=Art+and+cathy
ID: 2771946 • Letter: H
Question
https://books.google.com/books?id=bDl-BAAAQBAJ&pg=PT96&lpg=PT96&dq=Art+and+cathy+brown+are+married+and+have+one+child&source=bl&ots=L1ZBDJiRrk&sig=orfjAC7GU31BLIP2j8k8fs348MY&hl=en&sa=X&ved=0CB0Q6AEwAGoVChMIhYHRi9utyAIViFweCh0KRwFV#v=onepage&q=Art%20and%20cathy%20brown%20are%20married%20and%20have%20one%20child&f=false
Can some one please help with question 7 and calculating taxes of this. it involves the browns
02,3 7, Art and Cathy Brown are mamed and have one child. Art is putting together some figures so that he can prepare the Brown's joint 2013 tax return. He can claim three personal exemptions (including himself). So far, he's been able to determine the following with regard to income and possible deductions: Total unreimbursed medical expenses incurred Gross wages and commissions earned RA contribution Mortgage interest paid Capital gains realized on assets held less than 12 months Income from limited partnership Job expenses and other allowable deductions Interest paid on credit cards Dividend and interest income earned Sales taxes paid Charitable contributions made Capital losses realized Interest paid on a car loan Alimony paid by Art to his first wife Social Security taxes paid Property taxes pai State income taxes paid $1,155 50,770 5,000 5,200 1.450 200 875 380 610 2,470 1,200 3.475 570 6,000 2.750 700 1,700 Given this information, how much taxable incomew the Browns have in 2013? (Note: Assume that Art is covered by a pension plan where he works, the standard deduction of $12,200 for married filing jointly applies, and each exemption claimed is worth $3,900.)Explanation / Answer
Gross wages and commission earned 50770 Less: Mortgage interest -5200 Capital Gain on short term assets 1450 Income from limited partnership 200 Job expenses and other deductions -875 Dividend and Interest Income eatned 610 Charitable Contribution -1200 Capital Loss Realised 3475 Sales Tax Paid -2470 Interest paid on car loan -570 Alimony Paid -6000 Social security Taxes (50%) -1375 Property Tax -700 State Income Tax -1700 Adjusted Gross Income 36415 Unimbursed Medical Expenses 0 (1155 - 7.5% of 36415) Taxable income for 2013 36415
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