Deductions from Adjusted Gross Income, Calculating Tax Liability (LO. 3, 5) Hongtao is single and has a gross income of $92,700. His allowable deductions for adjusted gross income are $4,200, and his itemized deductions are $18,350. The standard deduction for 2020 is $12,400. Round all final amounts to the nearest dollar. Refer to the Tax Rate Schedules to answer the following questions. a. Hangtao's taxable income is $ 70,150 V and his tax liability is $ 11,223 V for 2020. Feedback b. If Hongtao has $11,800 withheld from his salary during 2020 then Hongtao has a refund v of $ 577 v. Feedback c. Assume the same facts as in part a and part b, except that Hongtao is married. His wife's salary is $25,000, and she has $1,300 withheld from her paycheck. They file jointly. The standard deduction for 2020 is $24,800. Their taxable income is $ and their tax liability is $ for 2020. They will receive a refund v of
Deductions from Adjusted Gross Income, Calculating Tax Liability (LO. 3, 5) Hongtao is single and has a gross income of $92,700. His allowable deductions for adjusted gross income are $4,200, and his itemized deductions are $18,350. The standard deduction for 2020 is $12,400. Round all final amounts to the nearest dollar. Refer to the Tax Rate Schedules to answer the following questions. a. Hangtao's taxable income is $ 70,150 V and his tax liability is $ 11,223 V for 2020. Feedback b. If Hongtao has $11,800 withheld from his salary during 2020 then Hongtao has a refund v of $ 577 v. Feedback c. Assume the same facts as in part a and part b, except that Hongtao is married. His wife's salary is $25,000, and she has $1,300 withheld from her paycheck. They file jointly. The standard deduction for 2020 is $24,800. Their taxable income is $ and their tax liability is $ for 2020. They will receive a refund v of
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I need help on part c. Thanks.
Transcribed Image Text:Deductions from Adjusted Gross Income, Calculating Tax Liability (LO. 3, 5)
Hongtao is single and has a gross income of $92,700. His allowable deductions for adjusted gross income are $4,200, and his itemized deductions are
$18,350. The standard deduction for 2020 is $12,400.
Round all final amounts to the nearest dollar. Refer to the Tax Rate Schedules to answer the following questions.
a. Hangtao's taxable income is $
70,150 V and his tax liability is $ 11,223 V for 2020.
Feedback
b. If Hongtao has $11,800 withheld from his salary during 2020 then Hongtao has a refund
v of $
577 v.
Feedback
c. Assume the same facts as in part a and part b, except that Hongtao is married. His wife's salary is $25,000, and she has $1,300 withheld from her
paycheck. They file jointly. The standard deduction for 2020 is $24,800. Their taxable income is $
and their tax liability is $
for
2020. They will receive a refund
v of:
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