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Kana is a single wage earner with no dependents and taxable income of $168,700 in 2020. Her 2019 taxable income was $155,000 and tax liability was $31,375. Calculate Kana's 2020 income tax liability and the minimum required 2020 annual payment necessary to avoid any penalty. Round your answers to two decimal places. Click here to access the income tax rate schedules. Kana's 2020 income tax liability:  Kana's minimum required 2020 annual payment necessary to avoid any penalty:

Kana is a single wage earner with no dependents and taxable income of $168,700 in 2020. Her 2019 taxable income was $155,000 and tax liability was $31,375. Calculate Kana's 2020 income tax liability and the minimum required 2020 annual payment necessary to avoid any penalty. Round your answers to two decimal places. Click here to access the income tax rate schedules. Kana's 2020 income tax liability:  Kana's minimum required 2020 annual payment necessary to avoid any penalty:

FINANCIAL ACCOUNTING
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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Kana is a single wage earner with no dependents and taxable income of $168,700 in 2020. Her 2019 taxable income was $155,000 and tax liability was $31,375.

Calculate Kana's 2020 income tax liability and the minimum required 2020 annual payment necessary to avoid any penalty. Round your answers to two decimal places.

Click here to access the income tax rate schedules.

Kana's 2020 income tax liability: 
Kana's minimum required 2020 annual payment necessary to avoid any penalty: 

Schedule X-If your filing status is Single If your taxable income is: The tax is: of the But not amount Over- over- over- $0 $9,875 10% $0 ....* 9,875 40,125 $987.50 + 12% 9,875 40,125 85,525 4,617.50 + 22% 40,125 85,525 163,300 14,605.50 + 24% 85,525 163,300 207,350 33,271.50 + 32% 163,300 207,350 518,400 47,367.50 + 35% 207,350 518,400 156,235.00 + 37% 518,400
Transcribed Image Text:Schedule X-If your filing status is Single If your taxable income is: The tax is: of the But not amount Over- over- over- $0 $9,875 10% $0 ....* 9,875 40,125 $987.50 + 12% 9,875 40,125 85,525 4,617.50 + 22% 40,125 85,525 163,300 14,605.50 + 24% 85,525 163,300 207,350 33,271.50 + 32% 163,300 207,350 518,400 47,367.50 + 35% 207,350 518,400 156,235.00 + 37% 518,400
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