Income Tax Calculation Harvard Case Solution & Analysis

Adjusted Gross income = income - expenditure

 

Adjusted gross income 98680

 

Itemized deduction  
mortgage interest on primary residence6300
mortgage principle on primary residence4300
real estate taxes on primary residence3000
contribution of used furniture20000
contribution to traditional spousal IRA6500
medical exp6632
Interest on auto loan3400
Interest on loan to buy bonds2600
Total itemized deduction 52732

 

Adjusted gross income 98680

 

Taxable income 45948
   
Tax rate for married filing jointly 12%
   
Tax paid  5514
   
Tax refund  486

Taxable income = adjusted gross income – itemized income

Tax paid = tax rate * taxable income

Tax refund = tax paid – federal tax with held.....

 

This is just a sample partical work. Please place the order on the website to get your own originally done case solution.

Other Similar Case Solutions like

Income Tax Calculation

Share This