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Please Help With Tax Homework?
My teacher assigned this problem for homework and did not explain how to do it. He wants to see what we know about taxes. I have never learned anything about them so I don’t know what to do. This is the problem I have. Thanks in advance for the help!Jim/Jill Smith filing 1040 married filing jointlyExemptions: 2 childrenTaxes Withheld: $5300Income: Jim- $32000 Jill- smith eyeglasses $20000Interest Income $ 500Bonus $ 4000Deductions: Medical Expenses Drugs $ 400 Hospital 1000 Doctor 2000 Dentist 1600 Eyeglasses 200Med. Supplies 800Interest Expenses Home Mortgage $6000Contributions ABC Church $5000 Children’s Home $1000I need to know the following:1. How many exemptions are allowed? I think it’s 3?2. The adjusted gross income? I think it’s 565003. Medical deductions? I think it’s $60004. Deductions for contributions? I think it’s $60005. Amount of taxable income? No idea6. Additional tax owed? No ideaIf you would be willing to explain how to do this, I would GREATLY appreciate it. Also, please tell me if my answers are correct. Thanks again!!For #3, would I multiply 7.5% by $6000?
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My teacher assigned this problem for homework and did not explain how to do it. He wants to see what we know about taxes. I have never learned anything about them so I don’t know what to do. This is the problem I have. Thanks in advance for the help!Jim/Jill Smith filing 1040 married filing jointlyExemptions: 2 childrenTaxes Withheld: $5300Income: Jim- $32000 Jill- smith eyeglasses $20000Interest Income $ 500Bonus $ 4000Deductions: Medical Expenses Drugs $ 400 Hospital 1000 Doctor 2000 Dentist 1600 Eyeglasses 200Med. Supplies 800Interest Expenses Home Mortgage $6000Contributions ABC Church $5000 Children’s Home $1000I need to know the following:1. How many exemptions are allowed? I think it’s 3?2. The adjusted gross income? I think it’s 565003. Medical deductions? I think it’s $60004. Deductions for contributions? I think it’s $60005. Amount of taxable income? No idea6. Additional tax owed? No ideaIf you would be willing to explain how to do this, I would GREATLY appreciate it. Also, please tell me if my answers are correct. Thanks again!!For #3, would I multiply 7.5% by $6000?
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