Calculate the 2020 tax liability and the tax or refund due for each situation.Round your answers to the nearest dollar. a. Mark is single with no dependents and has a taxable income of $62,600. He has $9,500 withheld from his salary for the year. b. Harry and Linda are married and have taxable income of $62,600. Harry has $5,270 withheld from his salary. Linda makes estimated tax payments totaling $2,600. c. Aspra is single. His 20-year-old son, Calvin, lives with him throughout the year. Calvin pays for less than one-half of his support and his earned income for the year is $2,980. Aspra pays all costs of maintaining the household. His taxable income is $62,600. Aspra’s withholdings total $8,300. d. Randy and Raina are married. Because of marital discord, they are not living together at the end of the year, although they are not legally separated or divorced. Randy's taxable income is $25,500, and Raina's is $62,600. Randy makes estimated tax payments of $1,800, and Raina has $9,300 in tax withheld from her salary. Assume they choose to file as married filing jointly.

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Answered: a. Mark is single with no dependents…

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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Calculate the 2020 tax liability and the tax or refund due for each situation.

Round your answers to the nearest dollar.


a.	Mark is single with no dependents and has a taxable income of $62,600. He has $9,500 withheld from his salary for the year.
b.	Harry and Linda are married and have taxable income of $62,600. Harry has $5,270 withheld from his salary. Linda makes estimated tax payments totaling $2,600.
c.	Aspra is single. His 20-year-old son, Calvin, lives with him throughout the year. Calvin pays for less than one-half of his support and his earned income for the year is $2,980. Aspra pays all costs of maintaining the household. His taxable income is $62,600. Aspra’s withholdings total $8,300.
d.	Randy and Raina are married. Because of marital discord, they are not living together at the end of the year, although they are not legally separated or divorced. Randy's taxable income is $25,500, and Raina's is $62,600. Randy makes estimated tax payments of $1,800, and Raina has $9,300 in tax withheld from her salary. Assume they choose to file as married filing jointly.

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