Benjamin, who files as a single taxpayer, has $359,900 taxable income in 2018. Compute his regular...
Benjamin, who files as a single taxpayer, has $359,900 taxable income in 2018. Compute his regular tax liability.
Homework Answers
Taxable income $359,900
Tax liability: $101,654.50
($359,900 – $200,000) × 35% + $45,689.50
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Benjamin, who files as a single taxpayer, has $359,900 taxable
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2018 Part II - Problems - 20% Tiger, age 32, files as a single taxpayer. He...
2018
Part II - Problems - 20% Tiger, age 32, files as a single taxpayer. He is employed at a monthly salary of $2,550. He claims no dependents. His employer withheld $2,600 from his wages for income taxes for 12 months of work. Compute Tiger's taxable income and income tax due to or from the IRS.
A taxpayer, age 40, is married but files a separate return from his spouse. The taxpayer...
A taxpayer, age 40, is married but files a separate return from
his spouse. The taxpayer is the noncustodial parent of his
8-year-old child. His wife has signed Form 8832 giving him the
right to claim their daughter as a dependent.
AGI is $130,580. Compute the taxable income and income tax
liability.
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Heather, a single taxpayer who files as a head of household, earns $62,100 in taxable income and $15,500 in interest from an investment in city of Oxford Bonds. Using the U.S. tax rate schedule for year 2019, how much federal tax will she owe? What is her average tax rate? What is her effective tax rate? What is her current marginal tax rate? If Heather has an additional $41,000 of tax deductions, what is her marginal tax rate on these...
Compute the 2018 tax liability and the marginal and average tax rates for the following taxpayers....
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Lacy is a single taxpayer. In 2018, her taxable income is $44,400. What is her tax...
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Lacy is a single taxpayer. In 2018, her taxable income is $45,600. What is her tax...
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7. Zack who is single and takes the standard deduction, has taxable income of $160,000, tax...
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2018
Part II - Problems - 20% Tiger, age 32, files as a single taxpayer. He is employed at a monthly salary of $2,550. He claims no dependents. His employer withheld $2,600 from his wages for income taxes for 12 months of work. Compute Tiger's taxable income and income tax due to or from the IRS.
A taxpayer, age 40, is married but files a separate return from
his spouse. The taxpayer is the noncustodial parent of his
8-year-old child. His wife has signed Form 8832 giving him the
right to claim their daughter as a dependent.
AGI is $130,580. Compute the taxable income and income tax
liability.
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