Homework Answers
Answer-
| Calculation of tax liability of Anabella Cunningham for the year ended as on 2018 | |
| Particular | $ |
| Taxable income |
42,269.00 ($42,100+$169) |
| Less : Standardized deductions | -12,000.00 |
| Tax payer can claim standard deduction or itemized deduction whichever is more beneficial to them. In case of Single and filing return, tax payer can claim maximum standard deduction is $ 12000/- | |
| a. taxable income | 30,269.00 |
| Tax Liability Calculation | |
| 10 % $1 to $ 9,525 | 952.50 |
| 12% $ 9,526 to $ 38,700 ($30,269-$9,526= $20,743 *12%) | 2,489.16 |
| b. tax liability | 3,441.66 |
| Tax withheld | 3,368.00 |
| c. tax refund or tax owed for 2018 | 73.66 |
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