Rates for a head-of-household taxpayer are 10 of taxable income up to 11,950 and 15 thereafter up to 45,550 . Jay Jasper, head of household, earned 32,000 . He took the standard deduction of 8,400 for a head of household and exemptions of 3,650 each for himself and his two children. Compute the amount of income tax before credits.
Q. 2Jacklyn Avery made two 900 deposits every year (i.e., semiannual) for 8 years. If the investment pays a return of 8 compounded semiannually, how much interest would Jacklyn's investment earn during the eight years? Use Tables 23-1A and 23-1B or a calculator.
Q. 3Rates for a couple filing a joint tax return are 10 up to 16.750 and 15 thereafter up to 68,000 . Sadie and Gilbert Goldberg earned combined gross income of 72,000 . They itemized the following deductions: 9,400 interest on their home, 3,700 state taxes, 2,500 donation to their church, and a 150 donation to Goodwill. They took exemptions of 3,650 each for themselves and their two children. Compute the amount of income tax before credits.
Q. 4Compute the total that will accumulate in 6 years if 600 is deposited every quarter into a bank account that pays 6 compounded quarterly? Use Tables 23-1A and 23-1B or a calculator.
Q. 5Rates for a couple filing a joint tax return are 10 up to 16,750 and 15 thereafter up to 68,000 . George and Maria Susan earned combined gross income of 76,000 . They took the standard deduction of 11,400 for a married couple filing a joint return and exemptions of 3,650 each for themselves and their two children. Compute the amount of income tax before credits.
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