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(solution) hello, I have never done this before but I need help with two


hello,

I have never done this before but I need help with two problems for my tax class.  Can you please help me?:

1. Torri is a sixth grade teacher. In 2016, she earned a salary of $31950. She contributed $615 to her Roth IRA and paid $910 in student loan interest. What is Torri?s taxable income and income tax if she is single and does not itemize deductions? (Enter your final answers without using comma separator, e.g. 5225. Round income tax answer to 2 decimal places, e.g. 5275.50.)

2. John is a 36-year-old calendar-year taxpayer whose wife died in August of 2016. His eight year-old son lives with him. During 2016, he had salary income of $50700, $560 of dividend income, and received $49100 from the life insurance policy on his wife. He made a $1800 contribution to his regular IRA and paid $9700 for a hospital bill and $3000 for a doctor bill for his deceased wife. He also paid $4100 in mortgage interest, $840 in property taxes, $300 of credit card interest and $380 in job hunting expenses when he tried to find a better paying job in the same line of work in March. Determine John?s income tax liability for 2016 before any allowable credits. (Enter your final answer without using comma separator, e.g. 5225. Round answer to 2 decimal places, e.g. 5275.50.)

 


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