John and Susan file a joint income tax return for 2014. They have two dependent children, students, ages 19 and 20. John earns wages of $104,000 and they have interest income of $2,000. In 2014, they settle a state tax audit and pay $50,000 for back state taxes due to an overly aggressive tax-sheltered investment.
Their other expenses for the year include:

a.Calculate John and Susan's 2014 regular tax and tentative minimum tax on the schedule provided.
b.How much is the total tax liability shown on John and Susan's 2014 Form 1040?

Question

John and Susan file a joint income tax return for 2014. They have two dependent children, students, ages 19 and 20. John earns wages of $104,000 and they have interest income of $2,000. In 2014, they settle a state tax audit and pay $50,000 for back state taxes due to an overly aggressive tax-sheltered investment.
Their other expenses for the year include:
​
  
a.Calculate John and Susan's 2014 regular tax and tentative minimum tax on the schedule provided.​​  
b.How much is the total tax liability shown on John and Susan's 2014 Form 1040?

Quizplus · Accepted Answer

The Answer of John and Susan file a joint income tax return for 2014. They have two dependent children, students, ages 19 and 20. John earns wages of $104,000 and they have interest income of $2,000. In 2014, they settle a state tax audit and pay $50,000 for back state taxes due to an overly aggressive tax-sheltered investment.
Their other expenses for the year include:
​
  
a.Calculate John and Susan's 2014 regular tax and tentative minimum tax on the schedule provided.​​  
b.How much is the total tax liability shown on John and Susan's 2014 Form 1040?

John and Susan File a Joint Income Tax Return for 2014