These links are to the tax table and tax rate schedule.
http://lectures.mhhe.com/connect/cruz13e_1259969622/cruz13e_app_d.pdf
http://lectures.mhhe.com/connect/cruz13e_1259969622/cruz13e_app_f.pdf
please show your work and thank you in advance!
Homework Answers
Answer:
(a) -- A single taxpayer, not head of household, with AGI of $23493 and one dependent.
Answer -
Computation of Tax Liability for Tax Year 2019
Taxable Income = AGI - Standard Deduction = ($23493 - $12200) = $11293.
| Tax Rate | Taxable Income ($) | Calculation | Amount ($) | |
| I. | 10% | 0 - 9700 | $9700 * 10% | 970 |
| II. | 12% | 9701 - 39475 | ($11293 - $9701) * 12% | 191.04 |
| Tax Liability for Tax Year 2019 | I + II | 1161 | ||
| Less : Child Tax Credit | $2000 per dependent | (2000) | ||
| Refund for Tax Year 2019 | $1161 - $2000 | (839) | ||
.
(b) -- A single taxpayer, not head of household, with AGI of $169783 and no dependents.
Answer -
Computation of Tax Liability for Tax Year 2019
Taxable Income = AGI - Standard Deduction = ($169783 - $12200) = $157583.
| Tax Rate | Taxable Income ($) | Calculation | Amount ($) | |
| I. | 10% | 0 - 9700 | $9700 * 10% | 970 |
| II. | 12% | 9701 - 39475 | ($39475 - $9700) * 12% | 3573 |
| III. | 22% | 39476 - 84200 | ($84200 - $39475) * 22% | 9839.5 |
| IV. | 24% | 84201 - 160725 | ($157583 - $84200) * 24% | 17611.92 |
| Tax Liability for Tax Year 2019 | I + II + III + IV | 31994 | ||
.
(c) -- A married couple filing jointly with AGI of $39945 and two dependents.
Answer -
Computation of Tax Liability for Tax Year 2019
Taxable Income = AGI - Standard Deduction = ($39945 - $24400) = $15545.
| Tax Rate | Taxable Income ($) | Calculation | Amount ($) | |
| I. | 10% | 0 - 19400 | $15545 * 10% | 1555 |
| Tax Liability for Tax Year 2019 | - | 1555 | ||
| Less : Child Tax Credit | $2000 per dependent = $2000 * 2 | (4000) | ||
| Refund for Tax Year 2019 | $1555 - $4000 | (2445) | ||
.
(d) -- A married couple filing jointly with AGI of $162288 and three dependents.
Answer -
Computation of Tax Liability for Tax Year 2019
Taxable Income = AGI - Standard Deduction = ($162288 - $24400) = $137888.
| Tax Rate | Taxable Income ($) | Calculation | Amount ($) | |
| I. | 10% | 0 - 19400 | $19400 * 10% | 1940 |
| II. | 12% | 19401 - 78950 | ($78950 - $19400) * 12% | 7146 |
| III. | 22% | 78951 - 168400 | ($137888 - $78950) * 22% | 12966 |
| Total | I + II + III | 22052 | ||
| Less : Child Tax Credit | $2000 per dependent = $2000 * 3 | (6000) | ||
| Tax Liability for Tax Year 2019 | $22052 - $6000 | 16052 | ||
Please comment below in case of any doubt and give a like if you are satisfied with the above answer. Thank You in advance.
Add Answer to:
These links are to the tax table and tax rate schedule.
http://lectures.mhhe.com/connect/cruz13e_1259969622/cruz13e_app_d.pdf
http://lectures.mhhe.com/connect/cruz13e_1259969622/cruz13e_app_f.pdf
please show your...
Determine the tax liability for tax year 2019 in each of the following instances. In each...
Determine the tax liability for tax year 2019 in each of the following instances. In each case, assume the taxpayer can take only the standard deduction. Use the appropriate Tax Tables and Tax Rate Schedules. A single taxpayer, not head of household, with AGI of $23,493 and one dependent. A single taxpayer, not head of household, with AGI of $169,783 and no dependents. (Round your intermediate computations to 2 decimal places and final answer to the nearest dollar amount.) A...
Determine the amount of tax liability in each of the following instances: Use the appropriate Tax...
Determine the amount of tax liability in each of the following instances: Use the appropriate Tax Tables and Tax Rate Schedules. A married couple filing jointly with taxable income of $32,991. A married couple filing jointly with taxable income of $192,257. A married couple filing separately, one spouse with taxable income of $43,885 and the other with $56,218. A single person with taxable income of $79,436. A single person with taxable income of $297,784. A head of household with taxable...
Refer to the individual rate schedules in Appendix C. a. What are the tax liability, the...
Refer to the individual rate schedules in Appendix C. a. What are the tax liability, the marginal tax rate, and the average tax rate for a married couple filing jointly with $64,900 taxable income? b. What are the tax liability, the marginal tax rate, and the average tax rate for a single individual with $193,300 taxable income? c. What are the tax liability, the marginal tax rate, and the average tax rate for a head of household with $459,300 taxable...
Determine the amount of tax liability in the following situations. In all cases, the taxpayer is...
Determine the amount of tax liability in the following situations. In all cases, the taxpayer is using the filing status of married filing jointly. Use the appropriate Tax Tables or Tax Rate Schedules. Taxable income of $63,493 that includes a qualified dividend of $960. Taxable income of $22,279 that includes a qualified dividend of $363. Taxable income of $151,900 that includes a qualified dividend of $4,510. (Round your intermediate computations to 2 decimal places and final answer to the nearest...
Determine the amount of tax liability in the following situations. In all cases, the taxpayer is...
Determine the amount of tax liability in the following situations. In all cases, the taxpayer is using the filing status of married filing jointly. Use the appropriate Tax Tables or Tax Rate Schedules. A. Taxable income of $72,367 that includes a qualified dividend of $890. B. Taxable income of $21,619 that includes a dividend of $362. C. Taxable income of $147,300 that includes a qualified dividend of $4,410. (Round your immediate computations to 2 decimal places and final answer to...
Pls answer for required A, B, & C Saved Refer to the individual rate schedules in...
Pls answer for required A, B, & C
Saved Refer to the individual rate schedules in Appendix C. a. What are the tax x lability, the marginal tax rate, and the average tax rate for a married couple filing jointly with $54,900 taxable income? b. What are the tax liability, the marginal tax rate, and the average tax rate for a single individual with $198.700 taxable income? c. What are the tax liability, the marginal tax rate, and the average...
Refer to the individual rae schedules in Appendix C a. What are the tax liability income?...
Refer to the individual rae schedules in Appendix C a. What are the tax liability income? he marginal tax rate, and the average tax rate for a married couple filing jointly with $65,900 taxable b. What are the tax liability, he marginal tax rate, and the average tax rate for a single individual with $192,800 taxable income? c. What are the tax liability, the marginal tax rate, and the average tax rate for a head of household with $460,300 taxable...
Determine the amount of tax liability in the following situations. In all cases, the taxpayer is...
Determine the amount of tax
liability in the following situations. In all cases, the taxpayer
is using the filing status of married filing jointly. Use the
appropriate Tax Tables or Tax Rate Schedules.
Taxable income of $62,449 that includes a qualified dividend of
$560.
Taxable income of $12,932 that includes a qualified dividend of
$322.
Taxable income of $144,290 that includes a qualified dividend
of $4,384. (Round your intermediate computations to 2
decimal places and final answer to the nearest...
Problem P4-6 (similar to) Question Help Calculate the total 2017 tax liability for a surviving spouse...
Problem P4-6 (similar to) Question Help Calculate the total 2017 tax liability for a surviving spouse with one dependent child with a gross income of $46,320, no salary reductions for employer-provided benefits, and no itemized deductions. Assuming the single parent taxpayer's filing status is Married Filing Jointly or Surviving Spouse, the taxpayer's standard deduction for the 2017 tax year is $ 20050 (Round to the nearest dollar.) a Data Table Standard Deduction Amounts Filing Status Single Married Filing Jointly or...
Tax Liability Calculation, Marginal and Average Tax Rates for Various Filing Status (LO. 1) A taxpayer...
Tax Liability Calculation, Marginal and Average Tax Rates for Various Filing Status (LO. 1) A taxpayer has $95,000 of taxable income for the current year. Determine the total tax, the marginal tax rate, and the average tax rate if the taxpayer is a a. Single individual b. Married couple filing jointly C. Corporation Do not round intermediate computations. Round total taxes to two decimal places. When required, round tax rates to two decimal places. Refer to the tax rate schedule...
Refer to the individual rate schedules in Appendix C. a. What are the tax liability, the marginal tax rate, and the average tax rate for a married couple filing jointly with $64,900 taxable income? b. What are the tax liability, the marginal tax rate, and the average tax rate for a single individual with $193,300 taxable income? c. What are the tax liability, the marginal tax rate, and the average tax rate for a head of household with $459,300 taxable...
Pls answer for required A, B, & C
Saved Refer to the individual rate schedules in Appendix C. a. What are the tax x lability, the marginal tax rate, and the average tax rate for a married couple filing jointly with $54,900 taxable income? b. What are the tax liability, the marginal tax rate, and the average tax rate for a single individual with $198.700 taxable income? c. What are the tax liability, the marginal tax rate, and the average...
Refer to the individual rae schedules in Appendix C a. What are the tax liability income? he marginal tax rate, and the average tax rate for a married couple filing jointly with $65,900 taxable b. What are the tax liability, he marginal tax rate, and the average tax rate for a single individual with $192,800 taxable income? c. What are the tax liability, the marginal tax rate, and the average tax rate for a head of household with $460,300 taxable...
Determine the amount of tax
liability in the following situations. In all cases, the taxpayer
is using the filing status of married filing jointly. Use the
appropriate Tax Tables or Tax Rate Schedules.
Taxable income of $62,449 that includes a qualified dividend of
$560.
Taxable income of $12,932 that includes a qualified dividend of
$322.
Taxable income of $144,290 that includes a qualified dividend
of $4,384. (Round your intermediate computations to 2
decimal places and final answer to the nearest...
Problem P4-6 (similar to) Question Help Calculate the total 2017 tax liability for a surviving spouse with one dependent child with a gross income of $46,320, no salary reductions for employer-provided benefits, and no itemized deductions. Assuming the single parent taxpayer's filing status is Married Filing Jointly or Surviving Spouse, the taxpayer's standard deduction for the 2017 tax year is $ 20050 (Round to the nearest dollar.) a Data Table Standard Deduction Amounts Filing Status Single Married Filing Jointly or...
Tax Liability Calculation, Marginal and Average Tax Rates for Various Filing Status (LO. 1) A taxpayer has $95,000 of taxable income for the current year. Determine the total tax, the marginal tax rate, and the average tax rate if the taxpayer is a a. Single individual b. Married couple filing jointly C. Corporation Do not round intermediate computations. Round total taxes to two decimal places. When required, round tax rates to two decimal places. Refer to the tax rate schedule...
Most questions answered within 3 hours.
-
What is a population?
Select one:
a. All of the individual organisms belonging to the same...
asked 11 seconds from now -
You have a yeast cell culture with a concentration of 5x10^4
cells/ml. If you dilute this...
asked 3 minutes ago -
In which direction the Reaction goes? Show detailed process.
SeO3 + 2ClO2. + 2H3O <---> Se...
asked 17 minutes ago -
Unexposed silver halides are removed from photographic film when
they react with sodium thiosulfate
(Na2S2O3, called...
asked 17 minutes ago -
A 0.3054 gram sample of the mineral chalcopyrite (CuFeS2)
yielded 0.6525 gram BaSO4 precipitate. What is...
asked 17 minutes ago -
An short-seller in Tesla is worried the latest management
earnings forecast is too aggressive and the...
asked 1 hour ago -
Question 3 (1 point)
Fill in the blank. Speed Car Rental company found that the tire...
asked 1 hour ago -
1. A copper wire is 26.61 cm long and weighs 1.265 g. The
density of copper...
asked 41 minutes ago -
Remember that a concept sketch consists of a sketch (or
series of sketches), labels, and complete...
asked 43 minutes ago -
on a newly discovered planet, the period of a pendulum with a
length of 2 m...
asked 46 minutes ago -
Why [M(CN)6] is not organometallic even it has metal
to carbon bond too
asked 52 minutes ago -
mstar electric has a bond issue outstanding that has a 20 year
life, a $1,000 par...
asked 59 minutes ago