1. Sergio is single and has a 12 year old daughterwhom he supports and lives with him all yearround. Sergio's salary is $135,000. His taxwithholding is $19,750. His itemized deductionstotal $16,750. What is Sergio's tax refund orliability (how much does he owe to the IRS)?(explain answer)A. Owe $902 in tax.B. Owe $2,042 in taxC. Have a refund of $1,070D. Have a refund of $2,042.2. Nont's Piano Lessons Inc. is a calendar-yeartaxpayer using the accrual method of accounting.On October 1, 2020, the corporation received$1,200 for a one-year contract beginning on thatdate to provide 24 piano lessons. The companyprovided 6 lessons this year under the contract.How much income should the corporationrecognize for next year (2021) if the remaininglessons are provided? (explain answer)A) $200B) $360C) $900D) $1,200

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1. Sergio is single and has a 12 year old daughter whom he supports and lives with him all year round. Sergio's salary is $135,000. His tax withholding is $19,750. His itemized deductions total $16,750. What is Sergio's tax refund or liability (how much does he owe to the IRS)? (explain answer) A. Owe $902 in tax. 3. Owe $2,042 in tax C. Have a refund of $1,070 D. Have a refund of $2,042.

1. Sergio is single and has a 12 year old daughter whom he supports and lives with him all year round. Sergio's salary is $135,000. His tax withholding is $19,750. His itemized deductions total $16,750. What is Sergio's tax refund or liability (how much does he owe to the IRS)? (explain answer) A. Owe $902 in tax. 3. Owe $2,042 in tax C. Have a refund of $1,070 D. Have a refund of $2,042.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1.Kevone is single and works for a local tech firm. He earned $87,000 last year in taxable wages, had $850 in interest on his savings. He contributed $3500 to an IRA. For deductions, he paid $8500 in real estate taxes, paid $2000 in sales taxes, paid $1500 for memberships in professional organizations, and made a $1000 gift to charity. He is eligible for $4000 in various tax credits. (Use the table below for marginal tax rates, standard deductions and exemptions.) Tax Rate Single up to $9325 up to $37,950 up to $91,900 up to $191,650 up to $416,700 up to $418,400 above $418,400 $6350 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption $4050 (per person) Married Filing Jointly up to $18,650 up to $75,900 up to $153,100 up to $233,350 up to $416,700 up to $470,700 above $470,700 $12,700 (b) What is Kevone's AGI? $4050 (a) What is Kevone's gross income? Married Filing Separately up to $9325 up to $37,950 up to $76,550 up to $116,675 up to $208,350 up to $235,350 above $235,350…