Question 2Maggie is filing taxes as a single filer with no kids. Her gross yearly income is $169,459,and her tax deductible purchases are:• Charitable contributions: $1,959Mortgage interest: $2,334• Educational Expenses: $5,115Compute her final income tax using the following information:2021 Individual TaxpayersIf Taxable Income is Between:$0-$9,950$9,951-$40,525$40,526-$86,375$86.376-$164,925$164,926-$209,425$209,426-$523,600$523,601 or moreThe Tax Due is:10% of taxable income$995 plus 12% of the amount over $9,950$4,664 plus 22% of the amount over $40,525$14,751 plus 24% of the amount over $86,375$33,603 plus 32% of the amount over $164,925$47,843 plus 35% of the amount over $209,425$157,804.25 plus 37% of the amount over $523,600Round your answer to the nearest dollar.Recall the standard deduction for single filers: $12,550

Income tax refers to the amount charged by the government from the organization and individual on…

Answered: Question 2 Maggie is filing taxes as a…

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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