Loriann, a single taxpayer, had the following income and deductions for the tax year
2019
First calculate the gross income, then calculate taxable income and the federal tax liability. (Calculate the tax using the tax rate schedule. Do not round interim tax calculations. Round the amount entered into the cell to the nearest whole dollar. If an input field is not used in the table, leave the input field empty; do not select a label or enter a zero.)
Homework Answers
Gross Income= Salary+Business Income-expense+interest income+bond interest or Total income- business expense
=117200-8000
=109200
Taxable Income= Gross income- deductions
= 109200-22000
=87200
Tax liability falls in 24% tax bracket
=14382.5+ 24% of amount over 84200
=14382.5+0.24 (87200-84200)
=14382.5+720
=15102.5
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Loriann, a single taxpayer, had the following income and
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information provided to me.
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