. . ● . . ● Your income was $60,000 from your salaried job and you earned $5,000 in investment income that is taxable at

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Your Income Was 60 000 From Your Salaried Job And You Earned 5 000 In Investment Income That Is Taxable At 1 (85.29 KiB) Viewed 10 times

. . ● . . ● Your income was $60,000 from your salaried job and you earned $5,000 in investment income that is taxable at the same rate as salaried job. You paid $6,000 as tuition loan installments, and $3,000 of this was in interest and the rest in principal repayment. The Social Security and Medicare taxes were 6.2 percent and 1.45 percent of your salaried job, respectively. 1 You contributed to your employer sponsored IRA in the amount of $5,000 as pre-tax dollars. You also contributed to a ROTH IRA to the maximum allowed by IRA during the 2019 tax year. You donated to qualified entities in the amount of $2,000 which can be itemized as a tax deduction and you had spent $300 in medical expenses which can also be itemized. Look up and factor in any stimulus payment that you should have received during the tax year 2021. Consider no other itemized deduction. . Assume no state and local taxes. Based on the above information answer the following questions: 1. When were you expected to file your tax return? 2. What is your (read family if filing married jointly), gross income? 3. What is your Adjusted Gross Income? 4. What is the amount of the Standardized deduction? 5. Will you take the Standard Deduction or the Itemized? 6. What is the amount of ROTH contribution? 7. What is the amount of taxes you paid as Social Security and Medicare? 8. What is the amount of your Federal Income Tax? 9. What is your average tax rate? 10. What is your marginal tax rate? 11. What is your effective marginal tax rate? 12. Explain in 2-3 sentences what you learned about income taxes. 13. Come up with at least two strategies to lower your effective marginal tax rate for year 2022. Foc