Problem 1-42 (LO 1-4) Havel and Petra are married and will file a joint tax return. Havel has W-2 Income of $38,616, and Petra has W-2 Income of $49,410. 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? (Round your Intermediate computations and final answer to 2 decimal places.)
Problem 1-42 (LO 1-4) Havel and Petra are married and will file a joint tax return. Havel has W-2 Income of $38,616, and Petra has W-2 Income of $49,410. 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? (Round your Intermediate computations and final answer to 2 decimal places.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem 1-42 (LO 1-4)
Havel and Petra are married and will file a joint tax return. Havel has W-2 Income of $38,616, and Petra has W-2 Income of $49,410.
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? (Round your Intermediate computations and final answer to 2 decimal
places.)
a.
b.
Tax liability using Tax Tables
Tax liability using Tax Rate Schedule
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