Lee is single and has two daughters, Ava and Alice. He makes $155,600 in gross income from hisjob at NASA. During 2020 he had $6,000 in adjustments. He also had $17,600 in qualified medicalexpenses and $9000 in other fully itemized deductions. Income tax held throughout the year=$18,500%3DStandard Deduction: Head of Household-$18,800; Single=$12,550; Married FilingJointly=$25,100$2000 child tax creditSchedule Z -If your filing status is Head of householdIf your taxable income is:The tax is:Over-But not over-of the amount over-$0$14,200- 10%$0-.--14,20054,200$1,420.00 + 12%14,20054,20086,350164,9006,220.00 + 22%54,20086,35013,293.00 + 24%86,350164,900209,40032,145.00 + 32%164,900209,400523,60046,385.00 + 35%209,400523,600156,355.00 + 37%523,600Will a refund be received or will payment be owed to the government?O owe government $1,461O refund of $1,753O owe government $1,825O refund of $1,895

Introduction The portion of your income that is not taxed that may be utilized to lower your tax…

$0 $14,200 14,200 54,200 54,200 86,350 86,350 164,900 164,900 209,400 209,400 523,600 523,600 VARIE .... ------ 10% $1,420.00 +12% 6,220.00 +22% 13,293.00 +24% 32,145.00+ 32% 46,385.00+ 35% 156,355.00+ 37% $0 14,200 54,200 86,350 164,900 209,400 523,600

$0 $14,200 14,200 54,200 54,200 86,350 86,350 164,900 164,900 209,400 209,400 523,600 523,600 VARIE .... ------ 10% $1,420.00 +12% 6,220.00 +22% 13,293.00 +24% 32,145.00+ 32% 46,385.00+ 35% 156,355.00+ 37% $0 14,200 54,200 86,350 164,900 209,400 523,600

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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Question 3: The annual contribution limit to a 401(k) plan is Answer: А. O $6,000 В. O $7.000 С. O $13,500 D. O $19,500
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