Emma Williams received the items and amounts of income (see Table 6) during 2014. Use colons (,) for thousands, point(.) for decimals, always 2 decimals, do not write any symbol (i.e. $). I.e do not write 5, write 5.00; do not write 1546.1, write 1,546.10. TABLE 6 Salary Dividends Gift from mother Child support from Ex-husband interest on savings account Rent Loan from bank Interest on state gov't bonds What is her total gross income? $ 62,050.00. $60,000.00 $500.00 $500.00 $2,500.00 $500.00 $1,050.00 $2,500.00 $250.00 What portion of her income is tax exempt? $3,250.00. After calculating her gross income, Emma wants to calculate her tax liability (how much she has to pay or is owed in taxes). As a single person, she can claim the standard deduction allowed by the IRS ($6,200.00) and can claim an exemption worth $3,900.00 for every person in her household. Emma has one child. Use the tax rate table below. What does Emma have to pay the IRS in taxes (See below Tax Schedule 2014)? $ type your answer....
Emma Williams received the items and amounts of income (see Table 6) during 2014. Use colons (,) for thousands, point(.) for decimals, always 2 decimals, do not write any symbol (i.e. $). I.e do not write 5, write 5.00; do not write 1546.1, write 1,546.10. TABLE 6 Salary Dividends Gift from mother Child support from Ex-husband interest on savings account Rent Loan from bank Interest on state gov't bonds What is her total gross income? $ 62,050.00. $60,000.00 $500.00 $500.00 $2,500.00 $500.00 $1,050.00 $2,500.00 $250.00 What portion of her income is tax exempt? $3,250.00. After calculating her gross income, Emma wants to calculate her tax liability (how much she has to pay or is owed in taxes). As a single person, she can claim the standard deduction allowed by the IRS ($6,200.00) and can claim an exemption worth $3,900.00 for every person in her household. Emma has one child. Use the tax rate table below. What does Emma have to pay the IRS in taxes (See below Tax Schedule 2014)? $ type your answer....
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Emma Williams received the items and amounts of income (see Table 6) during 2014. Use colons (,) for thousands, point(.) for decimals, always 2
decimals, do not write any symbol (i.e. $). I.e do not write 5, write 5.00; do not write 1546.1, write 1,546.10.
TABLE 6
Salary
Dividends
Gift from mother
Child support from Ex-husband
interest on savings account
Rent
Loan from bank
Interest on state gov't bonds
What is her total gross income? $ 62,050.00.
$60,000.00
$500.00
$500.00
$2,500.00
$500.00
$1,050.00
$2,500.00
$250.00
What portion of her income is tax exempt? $3,250.00.
After calculating her gross income, Emma wants to calculate her tax liability (how much she has to pay or is owed in taxes). As a single person, she
can claim the standard deduction allowed by the IRS ($6,200.00) and can claim an exemption worth $3,900.00 for every person in her household.
Emma has one child. Use the tax rate table below.
What does Emma have to pay the IRS in taxes (See below Tax Schedule 2014)? $ type your answer...
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