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Problem 3: Calculate Tax Liability Andrew Golden works as a personal secretary for Jackson Worldwide. During 2022 he reports taxable income of $200,000 which can be broken down into the following sources: ● ● $140,000 of wage income $50,000 of self-employment income from his side-job as a boomer consultant. $10,000 in long-term capital gains. Andrew is unmarried for the entire year and maintained a household for his older nephew Godfrey who worked as a Tik-Tok influencer and qualifies as Andrew's dependent. Required: What is Andrew's total income tax liability for 2022?

Problem 3: Calculate Tax Liability Andrew Golden works as a personal secretary for Jackson Worldwide. During 2022 he reports taxable income of $200,000 which can be broken down into the following sources: ● ● $140,000 of wage income $50,000 of self-employment income from his side-job as a boomer consultant. $10,000 in long-term capital gains. Andrew is unmarried for the entire year and maintained a household for his older nephew Godfrey who worked as a Tik-Tok influencer and qualifies as Andrew's dependent. Required: What is Andrew's total income tax liability for 2022?

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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Problem 3: Calculate Tax Liability Andrew Golden works as a personal secretary for Jackson Worldwide. During 2022 he reports taxable income of $200,000 which can be broken down into the following sources: $140,000 of wage income $50,000 of self-employment income from his side-job as a boomer consultant. ● • $10,000 in long-term capital gains. ● ● Andrew is unmarried for the entire year and maintained a household for his older nephew Godfrey who worked as a Tik-Tok influencer and qualifies as Andrew's dependent. Required: What is Andrew's total income tax liability for 2022?
Transcribed Image Text:Problem 3: Calculate Tax Liability Andrew Golden works as a personal secretary for Jackson Worldwide. During 2022 he reports taxable income of $200,000 which can be broken down into the following sources: $140,000 of wage income $50,000 of self-employment income from his side-job as a boomer consultant. ● • $10,000 in long-term capital gains. ● ● Andrew is unmarried for the entire year and maintained a household for his older nephew Godfrey who worked as a Tik-Tok influencer and qualifies as Andrew's dependent. Required: What is Andrew's total income tax liability for 2022?
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