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?
Chapter5: Corporations: Earnings & Profits And Dividend Distributions
Section: Chapter Questions
Problem 29P
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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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