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a. b. C. d. e. Tax liability

a. b. C. d. e. Tax liability

FINANCIAL ACCOUNTING
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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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 Tax Tables for taxpayers with taxable income under $100,000 and the Tax Rate Schedules for those with taxable income above $100,000. Required: a. Taxable income of $63,429 that includes a qualified dividend of $630. b. Taxable income of $13,632 that includes a qualified dividend of $366. c. Taxable income of $154,000 that includes a qualified dividend of $4,620. Note: Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount. d. Taxable income of $44,327 that includes a qualified dividend of $1,461. e. Taxable income of $294,519 that includes a qualified dividend of $12,678. Note: Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount. a. b. C. d. e. Tax liability
Transcribed Image Text: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 Tax Tables for taxpayers with taxable income under $100,000 and the Tax Rate Schedules for those with taxable income above $100,000. Required: a. Taxable income of $63,429 that includes a qualified dividend of $630. b. Taxable income of $13,632 that includes a qualified dividend of $366. c. Taxable income of $154,000 that includes a qualified dividend of $4,620. Note: Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount. d. Taxable income of $44,327 that includes a qualified dividend of $1,461. e. Taxable income of $294,519 that includes a qualified dividend of $12,678. Note: Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount. a. b. C. d. e. Tax liability
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