Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $39,790, and Petra has W-2 income of $46,2: Use the appropriate Tax Tables and Tax Rate Schedules. Required: a. What is their tax liability using the Tax Tables? b. What is their tax liability using the Tax Rate Schedule? Note: Round your intermediate computations and final answer to 2 decimal places. a. Tax liability using Tax Tables b. Tax liability using Tax Rate Schedule

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $39,790, and Petra has W-2 income of $46,227.
Use the appropriate Tax Tables and Tax Rate Schedules.
Required:
a. What is their tax liability using the Tax Tables?
b. What is their tax liability using the Tax Rate Schedule?
Note: Round your intermediate computations and final answer to 2 decimal places.
a. Tax liability using Tax Tables
b. Tax liability using Tax Rate Schedule
Transcribed Image Text:Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $39,790, and Petra has W-2 income of $46,227. Use the appropriate Tax Tables and Tax Rate Schedules. Required: a. What is their tax liability using the Tax Tables? b. What is their tax liability using the Tax Rate Schedule? Note: Round your intermediate computations and final answer to 2 decimal places. a. Tax liability using Tax Tables b. Tax liability using Tax Rate Schedule
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