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tax liability

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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Question

Use the tax table to determine each of the following values if your adjusted gross income is $20,000.

  1. Your tax liability if you are filing single using the standard deduction of $12,500 and have no adjustments, itemized deductions, or tax credits.
  2. 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.
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
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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