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Required: a. What is their tax liability using the Tax Tables? b. What is their tax liability using the Tax Rate Schedule?

Required: a. What is their tax liability using the Tax Tables? b. What is their tax liability using the Tax Rate Schedule?

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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Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $39,148, and Petra has W-2 income of $47,227. 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? Note: Round your intermediate computations and final answers to 2 decimal places. a. Tax liability using Tax Tables b. Tax liability using Tax Rate Schedule
Transcribed Image Text:Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $39,148, and Petra has W-2 income of $47,227. 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? Note: Round your intermediate computations and final answers to 2 decimal places. a. Tax liability using Tax Tables b. Tax liability using Tax Rate Schedule
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