The tax rate on the Hamilton's house is 50 per 1,000. The market value of their house is 289,000 and the assessed value is 60. How much tax is due?
Q. 2When a number stored in one cell, such as FUTA tax rate, is going to be used in a formula several times in a spreadsheet, an _____________________________ is used so that when the formula is copied to other cells the pointer to the tax rate does not change.
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Q. 3When completing a 1040EZ form, use this formula: _________________ = Total Income - Standard Deduction - Exemptions
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Q. 4_______________ is the additional tax form that must be completed when itemizing deductions.
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Q. 5Raymond and Jackie Davis are married and file a 1040 jointly. Raymond earns 35,000 and Jackie earns 43,400 for the year. They have five children. They have earned interest of 800 and both contributed 3,500 to individual IRAs. Their itemized deductions are 6,281 in medical and dental expenses, 7,290 in real estate taxes, 10,120 in home mortgage interest, 1,150 in student loan interest, and 4,800 in charitable contributions. Calculate Raymond and Jackie's taxable income.
Q. 6Alan Glasgow is single and worked two jobs during the year. He earned 13,500 at one job and had 738 in taxes withheld. He worked another job earning 8,729 and had 575 in taxes withheld. Alan deducts 985 in interest on a student loan. He files a 1040A. Use a tax table. What is the tax owed or refund for Alan?
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