Calculate Melissa Allen’s tax liability for taxable income of $59,580. She files single and claims 3 exemptions. (Use Table 7.3) (Round your final answer to the nearest cent.) 2016 Tax Rate SchedulesCaution. Do not use these Tax Rate Schedules to figure your 2015 taxes. Use only to figure your 2016 estimated taxes.Schedule X-Use if your 2016 filing status isSingleSchedule Z-Use if your 2016 filing status isHead of householdIf line 5is:Over-$09,27537,650But notover-$9,27537,65091,15091,150 190,150190,150 413,350413,350 415,050415,050If line 5is:Schedule Y-1- Use if your 2016 filing status isMarried filing jointly or Qualifying widow(er)The tax is:But notover-The tax is:Over-$0 $18,55018,550 75,30075,300 151,900151,900 231,450231,450 413,350413,350 466,950466,950+ 10%$927.50 + 15%5,183.75 + 25%18,558.75 + 28%46,278.75 + 33%119,934.75 + 35%120,529.75 + 39.6%+ 10%$1,855.00 + 15%10,367.50 + 25%29,517.50 + 28%51,791.50 + 33%111,818.50 + 35%130,578.50 + 39.6%of theamountover-If line 5is:of theamountover-Over-$0$09,27513,25037,65050,400130,15091,150 130,150 210,800190,150413,350415,050But notover-$13,25050,400210,800413,350413,350 441,000441,000If line 5is:But notover-The tax is:Over-$0$0$9,2759,27537,65037,650 75,95018,55075,300151,900231,450413,350 206,675 233,475466,950 233,47575,950 115,725115,725 206,675+ 10%$1,325.00+ 15%6,897.50 + 25%26,835.00 +28%Schedule Y-2-Use if your 2016 filing status isMarried filing separately‒‒‒‒‒‒49,417.00+ 33%116,258.50 + 35%125,936.00+ 39.6%The tax is:+ 10%$927.50 + 15%5,183.75 + 25%14,758.75 + 28%25,895.75 + 33%55,909.25 + 35%65,289.25 +39.6%of theamountover-$013,25050,400130,150210,800413,350441,000of theamountover-$09,27537,65075,950115,725206,675233,475

Since Melissa Allen files single, Rates given in Schedule X will be used for calculating the tax…

Answered: Calculate Melissa Allen’s tax liability…

Calculate Melissa Allen’s tax liability for taxable income of $59,580. She files single and claims 3 exemptions. (Use Table 7.3) (Round your final answer to the nearest cent.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Cameron is single and has taxable income of $92,616. Determine his tax liability using the tax…

A: Tax liability of Cameron: Taxable income bracket Taxable Amount Tax rate Tax liability $ 0 to $…

Q: For the person below, calculate the FICA tax and income tax to obtain the total tax owed. Then find…

A: FICA Tax: FICA stands for Federal insurance contribution act. It is mandatory as per U.S law in…

Q: Use the 2016 marginal tax rates to compute the tax owed by the following person. A married man…

A: Use the third column (Married filing separately) for our computation :- Total income= $143,000.…

Q: Use the following information and the flow chart from the module to calculate: Adjusted gross income…

A: Ajusted gross income helps to assess the liability of income tax. It is estimated by subtracting…

Q: Ellie is 15 and claimed as a dependent by her parents. She reports $800 in dividends income and…

A: Since you have posted a question with multiple sub parts, we will provide the solution only for the…

Q: Help Anthony Chavez determine his taxable income based on the following: salary, $49,500; wages,…

A: Taxable IncomeThe Internal Revenue Service (IRS) imposes the federal income tax in the United States…

Q: Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes?…

A: Lets understand the basics.As per IRS, taxable income is calculated by deducting standard deduction…

Q: Henrich is a single taxpa

A: Taxable income refers to the sum value of money earned by a taxpayer that is subject to a…

Q: Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes?…

A: The tax credit is the amount of reduction from the tax payable while tax deduction is the reduction…

Q: Tax Rate Schedules uals e X-Single -le income is over:But not over: The ta $ 9,950 $ 40,525 $ 86,375…

A: A tax liability is the total amount of tax debt owed by an individual, corporation, or other entity…

Q: Based on the following data, will Ann Wilton receive a federal tax refund or owe additional taxes in…

A: A tax refund seems to be a reimbursement given to the taxpayers for any surplus income tax paid to…

Q: Kamryn Brown is single and earns $50,000 in taxable income and will use the following tax rate…

A: The question is related to the taxation of single individual as per the tax slab given.

Q: Arno and Bridgette are married and have combined W-2 income of $72,441. They received a refund of…

A: Income tax: The income tax refers to the amount that is paid by the taxpayer to the tax authority of…

Q: Lacy is a single taxpayer. In 2022, her taxable income is $44,200. What is her tax liability in each…

A: Tax liability is to be computed by multiplying taxable income and tax rate. Tax liability has been…

Q: Required information [The following information applies to the questions displayed below] Henrich is…

A: Taxable income refers to the sum value of money earned by a taxpayer that is subject to a…

Q: Jan, a single taxpayer, has adjusted gross income of $250,000, medical expenses of $10,000, home…

A: Introduction:Itemized deductions are specific expenses that eligible taxpayers can subtract from…

Q: Use the 2016 marginal tax rates to compute the tax owed by the following couple. A married couple…

A: Tax credits are used as a tax for tax reduction in income tax owed by the individual,under IRS rules…

Q: Melissa and Whitney are married taxpayers with taxable income of $106,000 and file a joint tax…

A: Tax Liability: Tax liability is the amount of money you owe to tax authorities, such as your local,…

Q: Ben Jefferson arrived at the following tax information: Gross salary, $41,780 Interest earnings,…

A: Taxable income is the part of the income of a firm which is subject to income tax. Taxes are levied…

Q: Ross Martin arrived at the following tax information: Gross salary, $56,145 Interest earnings,…

A: 1) Ross report as taxable income = Gross salary + Interest earnings + Dividend income - Adjustments…

Q: Compute the 2023 standard deduction for the following taxpayers. If an amount is zero, enter "0".…

A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…

Q: Dawn is a single taxpayer. Her income and expenses for the year is as follows: Income…

Q: A married man filing separately with a taxable income of $160,000. i Click the icon to view the 2016…

A: The incremental income is subject to the marginal tax rate. It is often referred to as the…

Q: Use the Tax Rate Schedules to determine the tax liability for each of the following cases. a. Single…

A: "Since you have asked a question with sub-parts more than three, as per guidelines, the first three…

Q: Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases.…

A: Tax liabilities are all of the taxes that are still owed to taxation authorities, such as the…

Q: the 2 questions below are wrong can youble check them plaese For Addison's filing status, the…

A: Here discuss about the details of calculation of total amount of taxable income with the net tax due…

Q: Calculate FICA Taxes. Please answer question correctly. All calculations should be rounded to two…

A: For calculating the social security tax and Medicare tax please fallow the steps below A .Social…

Q: Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $38,840, and…

A: Their taxable income is $63,382 ($38,840+$49,642-$25,100). Remember that you need to subtract the…

Q: Miley, a single taxpayer, plans on reporting $36,425 of taxable income this year (all of her income…

A: Tax liability refers to the obligation of a taxpayer towards the government. This obligation…

Q: What would be the tax liability for a single taxpayer who has a gross income of $55,300 (use the…

A: It is the amount that every person who comes under different tax brackets must pay and that amount…

Q: The 2020 Arizona graduated tax rate is given in the table below for those filing status is single or…

A: Taxable income is the amount of income subject to tax. The income tax is calculated as per the slabs…

Q: [The following information applies to the questions displayed below.] In 2018, Juanita is married…

A: Answer:- Tentative minimum tax meaning:- Tentative minimum tax refers to an amount that is paid by…

Q: Determine the tax liability for tax year 2021 In each of the following Instances. In each case,…

A: "Since you have asked a question with sub-parts more than three, as per guidelines, the first three…

Q: What is the amount of the tax liability for a single person having taxable income of $59,200? Use…

A: Appropriate Tax Tables and Tax Rate Schedules 2022:

Q: What amount can she claim for the California Child and Dependent Care Expenses (CDC) Credit?

A: The Child and Dependent Care (CDC) Credit serves as a tax relief measure aimed at aiding taxpayers…

Q: Yanni, who is single, provides you with the following information for 2023: Salary State income…

A: The word "taxable income" describes the amount of money that is used to calculate the taxes that a…

Q: Determine the amount of the child tax credit in each of the following cases: > Answer is complete…

A: In tax law, modified adjusted gross income (MAGI) is used to establish eligibility for certain…

Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

100%

Calculate Melissa Allen’s tax liability for taxable income of $59,580. She files single and claims 3 exemptions. (Use Table 7.3) (Round your final answer to the nearest cent.)

2016 Tax Rate Schedules
Caution. Do not use these Tax Rate Schedules to figure your 2015 taxes. Use only to figure your 2016 estimated taxes.
Schedule X-Use if your 2016 filing status is
Single
Schedule Z-Use if your 2016 filing status is
Head of household
If line 5
is:
Over-
$0
9,275
37,650
But not
over-
$9,275
37,650
91,150
91,150 190,150
190,150 413,350
413,350 415,050
415,050
If line 5
is:
Schedule Y-1- Use if your 2016 filing status is
Married filing jointly or Qualifying widow(er)
The tax is:
But not
over-
The tax is:
Over-
$0 $18,550
18,550 75,300
75,300 151,900
151,900 231,450
231,450 413,350
413,350 466,950
466,950
+ 10%
$927.50 + 15%
5,183.75 + 25%
18,558.75 + 28%
46,278.75 + 33%
119,934.75 + 35%
120,529.75 + 39.6%
+ 10%
$1,855.00 + 15%
10,367.50 + 25%
29,517.50 + 28%
51,791.50 + 33%
111,818.50 + 35%
130,578.50 + 39.6%
of the
amount
over-
If line 5
is:
of the
amount
over-
Over-
$0
$0
9,275
13,250
37,650
50,400
130,150
91,150 130,150 210,800
190,150
413,350
415,050
But not
over-
$13,250
50,400
210,800
413,350
413,350 441,000
441,000
If line 5
is:
But not
over-
The tax is:
Over-
$0
$0
$9,275
9,275
37,650
37,650 75,950
18,550
75,300
151,900
231,450
413,350 206,675 233,475
466,950 233,475
75,950 115,725
115,725 206,675
+ 10%
$1,325.00+ 15%
6,897.50 + 25%
26,835.00 +28%
Schedule Y-2-Use if your 2016 filing status is
Married filing separately
‒‒‒‒‒‒
49,417.00+ 33%
116,258.50 + 35%
125,936.00+ 39.6%
The tax is:
+ 10%
$927.50 + 15%
5,183.75 + 25%
14,758.75 + 28%
25,895.75 + 33%
55,909.25 + 35%
65,289.25 +39.6%
of the
amount
over-
$0
13,250
50,400
130,150
210,800
413,350
441,000
of the
amount
over-
$0
9,275
37,650
75,950
115,725
206,675
233,475

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Please answer these two questions correctly. Refer to Publication 15-T for answers
Yanni, who is single, provides you with the following information for 2021: Salary State income taxes Mortgage interest expense on principal residence Charitable contributions. 2,564 Interest income 1,923 Click here to access the exemption table. If required, round your answers to the nearest dollar. Compute the following: a. Yanni's taxable income: b. Yanni's AMT base: $128,200 12,820 11,538 c. Yanni's tentative minimum tax: X Incorrect
Suppose you made $85,776 of income from wages and $830 of taxable interest. You also made contributions of $3700 to a tax deferred retirement account. You have 2 dependents and file as single. The standard deduction is 11900 and the exemption amount is 3100 per exemption. What is your Adjusted Gross Income? Answer to the nearest dollar.
Please explain every step. Thank you
Hardev
i need the answer quickly
Lacy is a single taxpayer. In 2021, her taxable income is $42,000. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.) a. All of her income is salary from her employer.
1. Using the information below, fill in the blanks in the far right column with the amount of each item that is included in Adjusted Gross Income. These may either be additions to or subtractions from AGI (or neither). Calculate Kim's Adjusted Gross Income, Standard or Itemized deductions, Taxable Income (TI), Tax on Taxable Income (Tax Liability), and Amount Due or Refund for 2022. Kim is single, 42 years old, and blind. Kim's employer withheld $10,500 of federal income tax from her wages. Then answer questions 2-5. Item Description Salary Interest received on Marathon Oil Corp (MRO) bonds Interest received on City of Whitewater general revenue bonds. Alimony received Gift from parents Loss gambling in the office pool for the NFL playoffs Adjusted Gross Income (AGI) Amount Taxable Income: 73,000 1,100 725 8,500 9,000 -500 Standard (basic + additional) or Itemized deduction (greater of) Notes reported on W2 reported on 1099 INT reported on 1099 INT divorced in 2021 Tax amount from the…
only typed solution
Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $38,924, and Petra has W-2 income of $49,729.Use the appropriate Tax Tables and Tax Rate Schedules. Required: What is their tax liability using the Tax Tables? What is their tax liability using the Tax Rate Schedule? (Round your intermediate computations and final answer to 2 decimal places.)
2019 TAX TABLE Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases.Use the appropriate Tax Tables and Tax Rate Schedules. Married taxpayers, who file a joint return, have taxable income of $38,030. Married taxpayers, who file a joint return, have taxable income of $61,697. (For all requirements, use the tax tables to compute tax liability. Round "Average tax rate" to 2 decimal places.)
Use the marginal tax rates in the table below to compute the tax owed in the following situation. The tax owed is S (Simplify your answer. Round to the nearest dollar as needed.) Marco is married filing separately with a taxable income of $67,900. Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption (per person) 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 $6350 $4050