Case Studies -- Under Age 65 | ||||||||||
Single Return | ||||||||||
| Case #1 | Case #2 | Case #3 | Case #4 | Case #5 | |||||
Income: | |
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Salary & Wages | $7,740 | $18,100 | $34,906 | 6 | $56,998 | 6 | $110,784 | 6 | ||
Interest |
| $75 | $250 | $800 | $1,800 | |||||
Dividends |
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| $0 | $400 | $2,200 | |||||
Capital Gains |
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| $0 | $300 | $1,000 | |||||
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Schedule C |
| $1,000 | $2,500 |
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Total Income | $7,740 | $19,175 |
$37,656 | $58,498 | $115,784 | |||||
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Adjustments: | |
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IRA/Keogh/401K | $0 | $0 |
$1,289 | $5,053 | $7,500 | |||||
1/2 FICA/Medic. | $0 | $71 |
$177 | $0 | $0 | |||||
A.G.I. | $7,740 | 1 | $19,104 | 4 | $36,190 | $53,445 | $108,284 | |||
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Deductions: | |
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Exemptions | 1 | 1 |
1 | 1 | 1 | |||||
Standard | x | x |
x |
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Itemized |
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| x | x | |||||
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Federal Tax | $ 201 | $ 2,050 |
$ 5,655 | $ 7,710 | $ 17,349 | |||||
EITC | ($ 115) | 0 |
0 | 0 | 0 | |||||
Net Fed Tax | $ 86 | $ 2,050 |
$ 5,655 | $ 7,710 | $ 17,349 | |||||
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Vermont Tax | $ 50 | $ 477 |
$ 1,326 | $ 1,928 | $ 4,337 | |||||
EITC | ($ 29) | 0 |
0 | 0 | 0 | |||||
Net Vermont Tax | $ 21 | $ 477 |
$ 1,326 | $ 1,928 | $ 4,337 | |||||
Rent/Tax Paid | $ 3,900 |
$ 5,165 | $ 9,830 | $ 2,800 | $ 9,000 | |||||
Certif. Amount | $ 702
| $ 930 | $ 1,769 | |||||||
Rent/Tax Rebate | $ 416 | $ 47 | $ 93 | $ 0 | $ 0 | |||||
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1 - 100% of Federal Poverty Level
4 - 250% of federal Poverty Level
6 - Vermont 1994 Average for this Category
Case Studies -- Under Age 65 | ||||||||||
Married, Joint Return | ||||||||||
| Case #7 | Case #8 | Case #9 | Case #26 | Case #27 | |||||
Income: | |
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Salary & Wages | $18,220 |
| $34,906 | 6 | $56,998 | 6 | $153,044 |
| $231,939 | |
Interest | $75 |
| $250 |
| $800 |
| $8,576 |
| $27,246 | |
Dividends |
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| $0 |
| $400 |
| $14,717 |
| $45,590 | |
Capital Gains |
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| $0 |
| $300 |
| $30,453 |
| $131,568 | |
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Schedule C | $1,000 |
| $2,500 |
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Total Income | $19,295 |
| $37,656 |
| $58,498 |
| $206,790 |
| $436,343 | |
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Adjustments: |
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IRA/Keogh/401K | $0 |
| $1,289 |
| $5,053 |
| $14,837 |
| $14,837 | |
1/2 FICA/Medic. | $71 |
| $177 |
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A.G.I. | $19,224 | 2 | $36,190 |
| $53,445 |
| $191,953 |
| $421,506 | |
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Deductions: |
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Exemptions | 3 |
| 4 |
| 4 |
| 3 |
| 3 | |
Standard | x |
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Itemized |
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| x |
| x |
| x |
| x | |
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Federal Tax | $ 918 | $ 1,917 | $ 3,671 | $ 41,926 | $ 105,261 | |||||
EITC | ($826) | 0 | 0 | 0 | 0 | |||||
Net Fed Tax | $ 92 | $ 1,917 | $ 3,671 | $ 41,926 | $ 105,261 | |||||
Vermont Tax | $ 194 |
$ 391 | $ 918 | $ 10,482 | $ 26,315 | |||||
EITC | ($ 207) | 0 | 0 | 0 | 0 | |||||
Net Vermont Tax | ($ 13) | $ 391 | $ 918 | $ 10,482 | $ 26,315 | |||||
Rent/Tax Paid | $ 5,165 |
$ 2,364 | $ 4,500 | $ 7,000 | $12,000 | |||||
Certif. Amount | $ 930 | |||||||||
Rent/Tax Rebate | $ 38 |
$ 735 | $ 0 | $ 0 | $ 0 | |||||
2 - 150% of Federal Poverty Level
6 - Vermont 1994 Average for this Category
Case Studies -- Under Age 65 | ||||||
Married, Separate Return | ||||||
| Case #11 | x | x | x | x | |
Income: |
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Salary & Wages | $34,906 | 6 |
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Interest | $250 |
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Dividends | $0 |
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Capital Gains |
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Total Income | $35,156 |
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Adjustments: |
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IRA/Keogh/401K | $0 |
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1/2 FICA/Medic. |
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A.G.I. | $35,156 |
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Deductions: | |
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Exemptions | 1 |
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Standard |
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Itemized | x |
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Federal Tax | $ 3,982 | |||||
EITC | 0 | |||||
Net Fed Tax | $ 3,982 | |||||
Vermont Tax | $ 996 | |||||
EITC | 0 | |||||
Net Vermont Tax | $ 996 | |||||
Rent/Tax Paid | $ 2,346 | |||||
Certif. Amount | 0 | |||||
Rent/Tax Rebate | 0 |
No rebate because Spouse’s income must be added to form Household Income. | ||||
6 - Vermont 1994 Average for this Category
Case Studies -- Under Age 65 | |||||
Head of Household Return | |||||
| Case #13 | Case #25 | Case #24 | ||
Income: | |
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Salary & Wages | $10,360 |
| $18,000 |
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Interest |
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Dividends |
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Capital Gains |
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Total Income | $10,360 | 1 | $18,000 | $ 0 | |
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Adjustments: | |
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IRA/Keogh/401K | $0 |
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1/2 FICA/Medic. |
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A.G.I. | $10,360 |
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| $ 0 | |
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Deductions: | |
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Exemptions | 2 |
| 4 | 3 | |
Standard | x |
| x | X | |
Itemized |
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Federal Tax | $ 0 | $ 0 | $ 0 | ||
EITC | ($ 2,096) |
($ 1,749) | 0 | ||
Net Fed Tax | ($ 2,094) |
($ 1,749) | $ 0 | ||
Vermont tax | $ 0 | $ 0 | $0 | ||
EITC | ($ 524) |
($ 437) | 0 | ||
Net Vermont Tax | ($ 524) |
($ 437) | $ 0 | ||
Rent/Tax Paid | $ 5,165 | $ 5,165 | $ 3,900 | ||
Certif. Amount | $ 930 |
$ 930 | $ 702 | ||
Rent/Tax Rebate | $ 547 |
$ 99 | $ 462 | ||
1 - 100% of Federal Poverty Level
Case Studies -- Over Age 65 | |||||
Single Return | |||||
| Case #16 | Case #17 | x | ||
Income: | |
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Salary & Wages |
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| $1,389 |
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Interest | $1,000 |
| $1,100 |
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Dividends | $833 |
| $1,200 |
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Capital Gains | $200 |
| $400 |
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Schedule C |
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| $1,000 |
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Total Soc. Sec. | $10,032 | 8 | $11,382 | 8 | |
Taxable Soc. Sec. | $0 |
| $0 |
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Total Pensions | $6,854 | 7 | $11,665 | 7 | |
Taxable Pensions | $5,707 |
| $10,391 |
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Total Income | $7,740 |
| $15,480 |
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Adjustments: | $0 |
| $0 |
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1/2 FICA/Medic. | $0 |
| $71 |
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A.G.I. | $7,740 | 1 | $15,409 | 3 | |
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Deductions: | |
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Exemptions | 1 |
| 1 |
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Standard | x |
| x |
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Federal Tax | $ 58 | $ 1,353 | |||
EITC | 0 | 0 | |||
Net Fed Tax | $ 58 |
$ 1,353 | |||
Vermont Tax | $ 15 |
$ 303 | |||
EITC | 0 |
0 | |||
Net Vermont Tax | $ 15 |
$ 303 | |||
Rent/Tax Paid | $ 2,935 |
$ 4,880 | |||
Certif. Amount | $ 528 |
$ 878 | |||
Rent/Tax Rebate | $ 0 |
$ 0 | |||
1 - 100% of Federal Poverty Level
3 - 200% of Federal Poverty Level
7 - Pensions & Annuities
8 - Social Security
Case Studies -- Over Age 65 | ||||||||
Married, Joint Return | ||||||||
| Case #19 | Case #21 | Case #22 | Case #23 | ||||
Income: | |
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Salary & Wages | $2,053 |
| $13,507 |
| $56,998 | 6 | $46,461 | |
Interest | $1,100 |
| $1,500 |
| $1,800 |
| $8,800 | |
Dividends | $1,200 |
| $1,800 |
| $2,700 |
| $12,000 | |
Capital Gains | $300 |
| $600 |
| $700 |
| $3,200 | |
Schedule C |
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| $2,500 |
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Total Soc. Sec. | $10,032 | 8 | $10,772 | 8 | $12,113 | 8 | $14,936 | 8 |
Taxable Soc. Sec. | $0 |
| $3,186 |
| $10,296 |
| $12,696 | |
Total Pensions | $6,854 | 7 | $16,372 | 7 | $16,573 | 7 | $44,470 | 7 |
Taxable Pensions | $5,707 | 7 | $13,256 | 7 | $12,133 | 7 | $25,127 | 7 |
Total Income | $10,360 | 1 | $36,349 | 5 | $84,627 |
| $108,284 | |
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Adjustments: | $0 |
| $0 |
| $0 |
| $0 | |
1/2 FICA/Medic. | $0 |
| $177 |
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A.G.I. | $10,360 | 1 | $36,172 | 3 | $84,627 |
| $108,284 | |
Deductions: | |
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Exemptions | 2 |
| 2 |
| 2 |
| 2 | |
Standard | x |
| x |
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Itemized |
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| x |
| x | |
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Federal Tax | $ 0 | $ 3,822 | $ 13,697 | $ 14,201 | ||||
EITC | 0 | 0 | 0 | 0 | ||||
Net Fed Tax | $ 0 | $ 3,822 | $ 13,697 | $ 14,201 | ||||
Vermont Tax | $ 0 | $ 867 | $ 3,424 | $ 3,550 | ||||
EITC | 0 | 0 | 0 | 0 | ||||
Net Vermont Tax | $ 0 | $ 867 | $ 3,424 | $ 3,550 | ||||
Rent/Tax Paid | $ 2,935 |
$ 10,175 | $ 2,800 | $ 9,000 | ||||
Certif. Amount | $ 528 | $ 1,832 | 0 | 0 | ||||
Rent/Tax Rebate | 0 | 0 | 0 | 0 | ||||
1 - 100% of Federal Poverty Level
5 - 350% of Federal Poverty Level
6 - Vermont 1994 Average for this category
7 - Pensions & Annuities