tax liability
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Use the tax table to determine each of the following values if your adjusted gross income is $20,000.
- Your tax liability if you are filing single using the standard deduction of $12,500 and have no adjustments, itemized deductions, or tax credits.
- Your tax liability if you are filing single using the standard deduction of $12,500, have a child tax credit of $500 and no other adjustments, deductions or credits.

Transcribed Image Text:If line 11b
(taxable
income) is
At
But
least less
than
3,000
3,000 3,050
3,050 3,100
3,100 3,150
313
323
3,150 3,200 318
3,200 3,250
3,250 3,300
3,300 3,350
3,350 3,400
3,400 3,450
3,450 3,500
3,500 3,550
3,550 3,600
3,600 3,650
3,650
3,700
3,700 3,750
3,750 3,800
3,800 3,850
3,850 3,900
3,900 3,950
3,950 4,000
4,000
4,000 4,050
4,050 4,100
4,100 4,150
4,150 4,200
4,200 4,250
4,250 4,300
4,300 4,350
4,350 4,400
4,400 4,450
4,450 4,500
And you are-
Single Married Married Head of
filing filing a
| jointly * | sepa-house-
rately
hold
4,500
4,550
4,550 4,600
4,600 4,650
4,650 4,700
4,700 4,750
303
******** ***** *8
308
328
333
338
343
348
353
368
363
368
373
378
383
388
393
398
403
南去去去兹在兹去去去去去兹在兹,在志志合
408
413
418
423
428
433
443
448
453
458
463
468
473
4,750
4,800
4,800 4,850 483
4,850 4,900
4,900 4,950
4,950 5,000
478
488
493
498
Your tax is
|新明装器材 家政罚采深、蒋蒋洞洞院 民风满务器
313
318
323
328
333
338
343
348
358
363
373
378
383
388
393
398
353 353
403
去东去 998年 左右白 白金会数数
408
413
418
423
428
433
438
443
448
458
463
468
473
478
483
488
甜甜或甜甜 金钻e稅 稅金券
493
498
318
303
308 308
313
323
328
333
338
343
348
358
363
368
373
393
398
403
魚在东在93在在在在左右杂在权 在自己点点
408
413
「第易新體糊 假假假設課 转移級警務 乾照第第第
433
473
303
6,000
6,050
6,050 6,100
313 6,100 6,150
6,150 6,200
6,200 6,250
318
323
328
6,250 6,300
333 6,300 6,350
338 6,350
353
343 6,400
348 6,450
363
378
6,750 6,800
383
6,800 6,850
388 388 6,850 6,900
If line 11b
(taxable
income) is
|
368
At
But
least less
than
6,500
6,550
358 6,550 6,600
6,600
6,650
6,700
373 6,700 6,750
6,000
378
383
398
403
408
413
418
423
6,400
6,450
6,500
393 6,900 6,950
6,950 7,000
7,000
478
483
488
493
498
7,000 7,050
7,050 7,100
7,100 7,150
7,150 7,200
7,200 7,250
428
7,250 7,300
433 7,300 7,350
438
7,350
7,400
443
448
7,400 7,450
7,450 7,500
453
7,500 7,550
458 7,550 7,600
463 7800 7,650
468
7,650 7,700
473 7,700 7,750
7,750 7,800
7,800 7,850
And you are
Single Married Married Head of
filing filling a
| jointly * | sepa-
rately
7,850 7,900
7,900 7,950
7,950 8,000
603
608
613
618
623
628
633
638
643
678
683
688
653
658
6,650 663 663
668
673
693
698
另案杂果籽 贵杂员实测,新贵菜爽肉,於突袭系列
703
708
713
718
733
738
743
753
758
763
768
773
778
Your tax is
783
603
788
606
793
613
798
618
623
628
633
638
643
648
653
658
723 723
668
728 728
673
678
683
688
693
698
748 748
|新案实关系 农处处杂念,将处杂谈识,把名贵名
703
708
713
718
733
738
743
753
758
763
768
773
778
783
788
793
796
88888 8888 8886 CES
603
608
613
618
623
628
633
638
643
648
653
663
673
678
683
688
693
698
新奖
703
冷政
奖奖庭
718
723
728
733
奖奖奖,新
738
743
748
708 708
713
753
奖奖奖奖奖奖奖名
758
763
768
773
778
783
788
| house-
hold
793
798
603
608
9,050
613 9,100
618
623
668
673
693
698
628 9,250 9,300
633 9,300 9,350
638 9,350 9,400
643
9,400
9,450
648
9,450
9,500
【水水功边糊,冷水资奖奖,新奖奖奖奖尽奖奖名
653
9,500
658 9,550
663 9,600
703
713
678
683
688 9,850 9,900
9,900 9,950
9,950 10,000
718
723
748
If line 116
(taxable
income) is-
At
But
least less
than
753
758
9,000
9,000 9,050
9,100 908
913
9,150
763
9,150
9,200
768
9,200
9,250
783
728 10,250 10,300
733 10,300 10,350
788
738 10,350 10,400
743 10,400 10,450
10,450 10,500
10,500 10,550
10,550 10,600
10,600 10,650
10,650 10,700
773 10.700 10,750
9,550
9,600
9,650
9.650 9,700 968
9,700
9,750
973
10,000
And you are…
Single Married Married
filling filing
| jointly * | sepa-
rately
10,100 10,150
10,150 10,200
10,200 10,250
778 10,750 10,800
10,800 10,850
10,850 10,900
793 10,900 10,950
798 10.950 11,000
903
9,750
9,800 979
9,800 9,850 1985
991
997
1,003
918
923
928
933
938
943
948
953
958
963
Your tax is
888888 8888 88
903
908
913
918
923
928
933
938
943
948
963
968
963
968
973
lases sess. BIRIS
903
908
913
918
923
938
943
948
953
10,000 10,050 1,009 1,003 1,009
10,050 10,100
1,015
1,015 1,008
1,021 1,013 1,021
1,027
1,033
1,018 1,027
1,023
1,033
958
968
973
979
985
991
997
978
963
968
993
998 1,003
Head of
a
| house
hold
903
908
913
918
923
928
933
938
943
948
953
958
963
968
973
978
983
988
993
998
1,003
1,008
1,013
1,018
1,023
1,028
1,033
1,039 1,028 1,039
1,045 1,033 1,045
1,051 1,038 1,051
1,038
1,057 1,043 1,057 1,043
1,063 1,048
1,063
1,069 1,063 1,009
1,048
1,075
1,081 1,063
1,075 1,058
1,061 1,063
1,087 1,068
1,093 1,073
1,087
1,068
1,093
1,073
1,053
1,058
1,078
1,099 1,078 1,099
1,105 1,083 1,105
1,111 1,088 1,111
1,083
1,088
1,117
1,093
1.117
1,093
1,123
1,098
1,123 1,098
Expert Solution

Step 1
Tax is a compulsory obligation that must be paid by all taxpayers. However, deductions and exemptions must be considered to reduce the burden of tax and arrive at the right figures.
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