Question

Anabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents....

Anabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $56,000 as a sales representative for Planning Associates; $4,010 of her wages were withheld for federal income taxes. In addition, she had interest income of $175. She takes the standard deduction.

Calculate- a. Tax liability b. taxable income c. tax refund or tax owed for 2018

1 0
Add a comment Improve this question Transcribed image text
✔ Recommended Answer
Answer #1

Calculation of Tanable income Wages interest income $56000 - 175 Tanable income $56175 Computation of Tau Liability of $56175

Add a comment
Know the answer?
Add Answer to:
Anabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents....
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Similar Homework Help Questions
  • Arabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents....

    Arabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $38,500 as a sales representative for Planning Associates; $2,695 of her wages was withheld for federal income taxes. In addition, she had interest income of $135. The standard deduction in 2018 was $12,000 for single. The appropriate tax rate schedule is shown below: EXHIBIT 3.3 Sample Tax Rate Schedules Tax rates levied on personal income vary with the amount of...

  • Emily Hill is 24 years old and single, lives in an apartment, and has no dependents....

    Emily Hill is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $55,000 as a sales assistant for Business Solutions: $3,910 of her wages was withheld for federal income taxes. In addition, she had interest income of $142. - Estimate her taxable income - Estimate her tax liability - Estimate her tax refund or tax owed

  • Estimating taxable income, tax liability, and potential refund. Kara Hooks is 24 years old and single,...

    Estimating taxable income, tax liability, and potential refund. Kara Hooks is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $55,000 as a sales assistant for Business Solutions: $3,910 of her wages was withheald for federal income taxes. In addition, she had interest income of $142. She takes the standard deduction. Calculate her taxable income, tax liability, and tax refund or owed. For your calculations, use a standard deduction of $6,100 and...

  • Ing Your laxes Estimating taxable income, tax liability, and potential refund Arabella Cunningham is 24 years...

    Ing Your laxes Estimating taxable income, tax liability, and potential refund Arabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $42,100 as a sales representative for Planning Associates; $3,368 of her wages was withheld for federal income taxes. In addition, she had interest income of $169. The standard deduction in 2018 was $12,000 for single. The appropriate tax rate schedule is shown below: EXHIBIT 3.3 Sample Tax Rate Schedules...

  • 3. Mary Parker is 24 years of age, single, lives in an apartment, and has no...

    3. Mary Parker is 24 years of age, single, lives in an apartment, and has no dependents. Last year she earned $68,700 as a wharehouse supervisor for Amazon in Dallas. $5,250 of her wages were withheld for Federal Incomes taxes. In addition, she had interest income from a time deposit (CD) of $962. Estimate her taxable income, tax liability, and tax refund/owed. (Look in your text for the income tax schedules and standard deductions). 4. Bill and Betty Jacobs jointly...

  • THX!! Estimating taxable income, tax liability, and potential refund Sophia Johnson is 24 years old and...

    THX!! Estimating taxable income, tax liability, and potential refund Sophia Johnson is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $36,500 as a sales assistant for Office Furniture Rentals, $2,920 of her wages were withheld for federal income taxes. In addition, she had interest income of $105. The standard deduction in 2014 was $6,200 for single. The exemption was claimed to be worth $3,950. The appropriate tax rate schedule is shown...

  • Financial Planning Exercise 1 Estimating taxable income, tax liability, and potential refund Sophia Johnson is 24...

    Financial Planning Exercise 1 Estimating taxable income, tax liability, and potential refund Sophia Johnson is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $37,800 as a sales assistant for Office Furniture Rentals; $3,024 of her wages was withheld for federal income taxes. In addition, she had interest income of $151. The standard deduction in 2014 was $6,200 for single. The exemption was claimed to be worth $3,950. The appropriate tax rate...

  • Quantitative Problem: Jenna is a single taxpayer with no dependents so she qualifies for one personal...

    Quantitative Problem: Jenna is a single taxpayer with no dependents so she qualifies for one personal exemption. During 2013, she earned wages of $101,000. She doesn't itemize deductions, so she will take the standard deduction and her personal exemption to calculate 2013 taxable income. In addition, during the year she sold common stock that she had owned for five years for a net profit of $5,800. How much does Jenna owe to the IRS for taxes? Round your intermediated and...

  • Jane and Ed Rochester are married with a 2-year-old child, who lives with them and whom...

    Jane and Ed Rochester are married with a 2-year-old child, who lives with them and whom they support financially. In 2019, Ed and Jane realized the following items of income and expense: Ed's Salary 35,000 Jane's Salary 70,000 Municipal bond interest income: 400 Qualified business income 1,000 Alimony paid (for AGI deduction) (7000) Real property tax (From AGI deduction) (10,000) Charitable contributions (from AGI) (15,000) They also qualified for a $2,000 child tax credit. Their employers withheld $5,800 in federal...

  • Jason is single and has no dependents. His salary and wages for 2019 total $62,000, of...

    Jason is single and has no dependents. His salary and wages for 2019 total $62,000, of which Jason had $8,250 in federal tax withheld from his pay check. Jason made retirement plan contributions of $3,500 and had the following deductions: Bank One Mortgage Interest: $3,100 Property Taxes: $2,000 Charitable Contributions: $1,000 Calculate Taxable Income and the corresponding Income tax due considering only the above information. US TAX Rate

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT