Determine the tax
liability for tax year 2019 in each of the following instances. In
each case, assume the taxpayer can take only the standard
deduction.
Use the appropriate Tax Tables and Tax Rate Schedules.
(For all requirements, use the Tax Tables for taxpayers
with taxable income under $100,000 and the Tax Rate Schedules for
those with taxable income above $100,000.)
Tax liability a.
b.
c.
d.
e.
f.
g.
h.
i.
(a) -- A single taxpayer, not head of household, with AGI of $23493 and one dependent.
Answer -
Computation of Tax Liability for Tax Year 2019
Taxable Income = AGI - Standard Deduction = ($23493 - $12200) = $11293.
Tax Rate | Taxable Income ($) | Calculation | Amount ($) | |
I. | 10% | 0 - 9700 | $9700 * 10% | 970 |
II. | 12% | 9701 - 39475 | ($11293 - $9701) * 12% | 191.04 |
Tax Liability for Tax Year 2019 | I + II | 1161 | ||
Less : Child Tax Credit | $2000 per dependent | (2000) | ||
Refund for Tax Year 2019 | $1161 - $2000 | (839) | ||
.
(b) -- A single taxpayer, not head of household, with AGI of $169783 and no dependents.
Answer -
Computation of Tax Liability for Tax Year 2019
Taxable Income = AGI - Standard Deduction = ($169783 - $12200) = $157583.
Tax Rate | Taxable Income ($) | Calculation | Amount ($) | |
I. | 10% | 0 - 9700 | $9700 * 10% | 970 |
II. | 12% | 9701 - 39475 | ($39475 - $9700) * 12% | 3573 |
III. | 22% | 39476 - 84200 | ($84200 - $39475) * 22% | 9839.5 |
IV. | 24% | 84201 - 160725 | ($157583 - $84200) * 24% | 17611.92 |
Tax Liability for Tax Year 2019 | I + II + III + IV | 31994 | ||
.
(c) -- A married couple filing jointly with AGI of $39945 and two dependents.
Answer -
Computation of Tax Liability for Tax Year 2019
Taxable Income = AGI - Standard Deduction = ($39945 - $24400) = $15545.
Tax Rate | Taxable Income ($) | Calculation | Amount ($) | |
I. | 10% | 0 - 19400 | $15545 * 10% | 1555 |
Tax Liability for Tax Year 2019 | - | 1555 | ||
Less : Child Tax Credit | $2000 per dependent = $2000 * 2 | (4000) | ||
Refund for Tax Year 2019 | $1555 - $4000 | (2445) | ||
.
(d) -- A married couple filing jointly with AGI of $162288 and three dependents.
Answer -
Computation of Tax Liability for Tax Year 2019
Taxable Income = AGI - Standard Deduction = ($162288 - $24400) = $137888.
Tax Rate | Taxable Income ($) | Calculation | Amount ($) | |
I. | 10% | 0 - 19400 | $19400 * 10% | 1940 |
II. | 12% | 19401 - 78950 | ($78950 - $19400) * 12% | 7146 |
III. | 22% | 78951 - 168400 | ($137888 - $78950) * 22% | 12966 |
Total | I + II + III | 22052 | ||
Less : Child Tax Credit | $2000 per dependent = $2000 * 3 | (6000) | ||
Tax Liability for Tax Year 2019 | $22052 - $6000 | 16052 | ||
Determine the tax liability for tax year 2019 in each of the following instances. In each...
These links are to the tax table and tax rate schedule. http://lectures.mhhe.com/connect/cruz13e_1259969622/cruz13e_app_d.pdf http://lectures.mhhe.com/connect/cruz13e_1259969622/cruz13e_app_f.pdf please show your work and thank you in advance! Return to question Required: Determine the tax liability for tax year 2019 in each of the following instances. In each case, assume the taxpayer can take only the standard deduction. Use the appropriate Tax Tables and Tax Rate Schedules. a. A single taxpayer, not head of household, with AGI of $23,493 and one del endent. b. A single...
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