Question 1 alana and jose are married and claim 2, Ask an Expert

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Question: 1. Alana and Jose are married and claim 2 exemptions. Last year Alana earned $32,400 and Jose earned $28,600 in wages. Additional tax information for the year is as follows: Interest earned: $2,800; alimony paid: $5,900; contributions to IRA retirement fund: $2,300; state and local income taxes paid: $6,200; contributions to charity: $2,700. Find the taxable income if they file a joint return.

2. You buy hunting equipment costing $325. State taxes are 4.5% and the federal excise tax on this item is 13.25%. What is the total purchase price?

3. Kayla has property that has an assessed value of $84,228. What is the tax due if the tax rate is $65.50 per $1,000 of assessed value?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92709138

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