Joanna is single and has 2 dependent children. She earns a gross yearly salary of $60,214. She will alsomake the following tax-deductible purchase:• Educational expenses: $4,936Compute her final income tax.Use the following information:Heads of HouseholdIf Taxable Income Is Between:0- $14,100The Tax Due Is:10% of taxable income$14,101 - $53,700$1,410 + 12% of the amount over $14,100$53,701 - $85,500$6,162 + 22% of the amount over $53,700$85,501 - $163,300$13,158 + 24% of the amount over $85,500$163,301 - $207,350$31,830 + 32% of the amount over $163,300$207,351 - $518,400$45,926 + 35% of the amount over $207,350$518,401$154,793.50 + 37% of the amount over $518,400Standard deduction for heads of households: $18,650Round your answer to the nearest dollar.

Income tax is the liability imposed by the government on the income of the citizen.

Answered: Joanna is single and has 2 dependent…

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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Song earns $175,000 taxable income as an interior designer and is taxed at an average rate of 25 percent (i.e., $43,750 of tax). Required: If Congress increases the income tax rate such that Song's average tax rate increases from 25 percent to 35 percent, how much more income tax will she pay assuming that the income effect is descriptive? Note: Round the intermediate calculations and final answer to 2 decimal places.

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