Compute the 2020 tax liability and the marginal and average tax rates for the following taxpayers.Click here to access the 2020 tax rate schedule. If required, round the tax liability to the nearest dollar. When required,round the average rates to four decimal places before converting to a percentage (i.e. .67073 would be rounded to .6707 andentered as 67.07%).a. Chandler, who files as a single taxpayer, has taxable income of $147,200.Tax liability:Marginal rate:%Average rate:%b. Lazare, who files as a head of household, has taxable income of $65,400.Tax liability:Marginal rate:%Average rate:% 2020 Tax Rate SchedulesSingle-Schedule XHead of household-Schedule ZIf taxableof theIf taxableof theincome is:But notатоиuntincome is:But notатоиntOver-over–The tax is:over-Over-over-The tax is:over-$ 9,875.10%2$2$$ 14,100.....10%2$...... .9,87540,125$987.50 + 12%9,87514,10053,700$ 1,410.00 + 12%14,10040,12585,5254,617.50 + 22%40,12553,70085,5006,162.00 + 22%53,70085,525163,30014,605.50 + 24%85,52585,500163,30013,158.00 + 24%85,500163,300207,35033,271.50 + 32%163,300163,300207,35031,830.00 + 32%163,300207,350518,40047,367.50 + 35%207,350207,350518,40045,926.00 + 35%207,350518,400156,235.00 + 37%518,400518,400154,793.50 + 37%518,400Married filing jointly or Qualifying widow(er)-Schedule Y-1Married filing separately–Schedule Y-2If taxableof theIf taxableof theincome is:But notатоuntincome is:But notатоиntOver-over-The tax is:over–Over-over-The tax is:over-$ 19,75010%$$$ 9,875.10%2$..... .19,75080,250$ 1,975.00 + 12%19,7509,87540,125$987.50 + 12%9,87580,250171,0509,235.00 + 22%80,25040,12585,5254,617.50 + 22%40,125171,050326,60029,211.00 + 24%171,05085,525163,30014,605.50 + 24%85,525326,600414,70066,543.00 + 32%326,600163,300207,35033,271.50 + 32%163,300414,700622,05094,735.00 + 35%414,700207,350311,02547,367.50 + 35%207,350622,050167,307.50 + 37%622,050311,02583,653.75 + 37%311,025... ......... ... ..

Tax liability: It is the amount of tax that a taxpayer owes to the government on his taxable income.…

Compute the 2020 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2020 tax rate schedule. If required, round the tax liability to the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (i.e. .67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable income of $147,200. Tax liability: Marginal rate: % Average rate: % b. Lazare, who files as a head of household, has taxable income of $65,400. Tax liability: Marginal rate: % Average rate:

Compute the 2020 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2020 tax rate schedule. If required, round the tax liability to the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (i.e. .67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable income of $147,200. Tax liability: Marginal rate: % Average rate: % b. Lazare, who files as a head of household, has taxable income of $65,400. Tax liability: Marginal rate: % Average rate:

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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In 2018, Brenda has calculated her regular tax liability to be $32,500 and her tentative minimum tax (TMT) to be $36,300. Additionally, Brenda holds an alternative minimum tax credit of $6,200 from 2014. What is Brenda's total 2018 Federal income tax liability? Oa. $36,300. Ob. $30,100. Oc. $32,500. Od. $26,300.
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