82-86. Answer the following questions regarding the 2021 California income tax for California residents Bill and Jennifer on the basis of the following information:
Filing status Married Filing Jointly
Jennifer’s salary $40,000
Bonus from Jennifer’s employer $5,000
Gift from Bill’s ex-wife $9,000
Deductible contribution to IRA $5,000
Bill’s California lottery winnings $10,000
Charitable contributions $400
State and local income taxes $3,100
Interest on home mortgage $1,800
Number of dependents 2
Bill’s age 66
Jennifer’s age 64
California AGI is:
Group of answer choices
$50,000
$40,000
$55,000
$45,000
None of the above
The amount of the California itemized or standard deduction which should be used to calculate taxable income is:
Group of answer choices
$25,100
$26,800
$9,606
$4,300
None of the above
The California taxable income is:
Group of answer choices
$35,700
$14,900
$13,200
$30,394
None of the above
The California income tax before exemptions is:
Group of answer choices
$543
$421
$132
None of the above
The California exemptions total:
Group of answer choices
$400
$1,187
$1,058
$258
None of the above
Tax Districts
The statewide tax rate is 7.25%. I
82-86. Answer the following questions regarding the 2021 California income tax for California residents Bill and Jennife
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