Homework Answers
a. What filing status does Danny have?
Head of household
b. How many qualifyingchildrendoes Danny have?
3 qualifying
children
c. Regardless of your answer in a., assume that Tanner used Head
of Household as his filing status. Use the individual tax formula
and the appropriate Federal Tax Schedule and other values from
Appendix D to calculate Danny’s tax due for2018. Assume that he
does not have any itemized deductions, other taxes, credits, or
prepayments.
GI = $150,000
For AGI deductions = 0
AGI = $150,000
From AGI deductions = -$18,000(stddedAppendix D)
Tax. Inc.= $132,000
Tax Liability = $12,698 + 0.24 x ($132,000 - $82,500) =
$24,578
Other taxes, credits, prepayments = $0
So Taxes Due = Tax Liability
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