Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.8) Jonathan is a 35-year-old single taxpayer with adjusted gross income in 2020 of $47,000. He uses the standard deduction and has no dependents. Table for the standard deduction
Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.8) Jonathan is a 35-year-old single taxpayer with adjusted gross income in 2020 of $47,000. He uses the standard deduction and has no dependents. Table for the standard deduction
Chapter1: The Individual Income Tax Return
Section: Chapter Questions
Problem 8P
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The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.8)
Jonathan is a 35-year-old single taxpayer with adjusted gross income in 2020 of $47,000. He uses the standard deduction and has no dependents.
Table for the standard deduction
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Click here to access the tax tables.
a. Calculate Jonathan's taxable income.
$fill in the blank
b. When you calculate Jonathan's tax liability are you required to use the tax tables or the tax rate schedule?
c. What is Jonathan's tax liability?
$fill in the blank
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2022 Assuming no tax credits, what is Jonathan’s tax liability?
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