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Use the Tax Rate Schedules to compute Morgan’s 2018 Federal income tax liability. Morgan (age 45)...

Use the Tax Rate Schedules to compute Morgan’s 2018 Federal income tax liability. Morgan (age 45) is single and provides more than 50% of the support of Rosalyn (a family friend, age 36), Flo (a niece, age 18), and Jerold (a nephew, age 18). Both Rosalyn and Flo live with Morgan, but Jerold (a citizen of France) lives in Canada. Morgan earns a $95,000 salary, contributes $5,000 to a traditional IRA, and receives sales proceeds of $15,000 for an RV that cost $60,000 and was used only for vacations. She incurs $8,200 in itemized deductions

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Answer #1

Salary

95000

Contribution to IRA

5000

Gross income

100000

Less : deductions for AGI

Contribution to traditional AGI

(5000)

AGI

95000

Less: standard deduction

(Greater of standard deduction and itemized deduction)

(12000)

Taxable income

83000

Tax liability 14089.50+(24%*(83000-82500))= 14209.50 = 14210

14210
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