question archive Jennifer and Jason Greco are married and file a joint tax return
Jennifer and Jason Greco are married and file a joint tax return
Subject:FinancePrice: Bought3
Jennifer and Jason Greco are married and file a joint tax return. Their two dependent children (Jim, age 14 and Jessica, age 16);both live at home. The Grecos have the following income and expenses: Income Jennifer's salary $120,000 Jason's net profit from his sole proprietorship (which paid $30,000 in W-2 wages) 148,000 Interest income on State of Texas bonds 10,000 Interest income on corporate bonds 12,000 Cash dividends 19,000 Long-term capital gain from sale of stock 70,000 Expenses: Interest on the $850,000 principal from their home acquisition mortgage (acquired in 2018) 48,000 Real property taxes on their home 11,000 Charitable contributions to their church 49,000 Federal income tax withheld from Jennifer's salary 35,000 Estimated federal tax payments for this year 20,000 a. What is their adjusted gross income and taxable income for 2018? Adjusted Gross Income: $ Taxable income: b. What is their net tax due or refund expected for 2018? Do not include commas in your answers. Check
