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- Sharon and Brian are married filing jointly and have taxable income of $99,500. (a) Calculate their tax liability using the 2023 tax rate schedules. Tax liability $The Lees, a family of two adults and two dependent children under age 16, had a gross annual income of $72 comma 000.0072,000.00 for 20202020. Determine their standard deduction and child tax credit amounts, as well as their marginal and average tax rates, assuming their filing status is married filing jointly. Why is their average tax rate lower than their marginal rate?Use the marginal tax rates in the table below to compute the tax owed in the following situation. The tax owed is S (Simplify your answer. Round to the nearest dollar as needed.) Marco is married filing separately with a taxable income of $67,900. Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption (per person) Married Filing Separately up to $9325 up to $37,950 up to $76,550 up to $116,675 up to $208,350 up to $235,350 above $235,350 $6350 $4050
- The W-2 income of Sandra, a single taxpayer, was $77,523. Required: Determine Sandra's tax liability. Use the appropriate Tax Tables. Tax liability $ 8,228Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $38, 588, and Petra has W-2 income of $46, 227. Use the appropriate Tax Tables and Tax Rate Schedules.Use the chart below to answer the question: Married Filing Jointly and Widow(er) Tax Rate Single Married Filing Separately Head of Household 10% $1 - $9075 $1 - $18,150 $1 - $9075 $1 - $12,950 15% S9076 - $36,900 $18,151 - $73,800 $9076 - $36.900 $12,951 - $49,400 25% $36,901 - $89,350 S73,801 - $148.850 $36,901 - $74,425 $49,401 - $127,550 28% S89,351 - $186,350 $148,851 - $226.850 $74,426 - $113,425 $127,551 - $206,600 33% $186,351 - $405,100 $226,851 - $405,100 $113,426 - $202,500 $206,601 - $405,100 35% $405,101 - $406,750 $405,101 - $457,600 $202,551 - $228,800 $405,101 - $432,200 39.6% over $406,750 over $457,600 over $228,800 over $432,200 Calculate the tax a person who files head of household would pay if their salary was $321,854. Round to the nearest penny.
- 1For the following taxpayers, determine if they are required to file a tax return in 2022. Required: a. Ricko, single taxpayer, with gross income of $17,300. b. Fantasia, head of household, with gross income of $17,200. c. Ken and Barbie, married taxpayers with no dependents, with gross income of $22,300. d. Dorothy and Rudolf, married taxpayers, both age 68, with gross income of $24,200. e. Janyce, single taxpayer, age 73, with gross income of $13,200.Alex and Addison are married and have the following income items: Alex’s salary $ 64,000 Addison’s Schedule C net profit 43,000 Interest income 1,900 Addison’s self-employment tax was $6,076. Addison's Schedule C net business profit is qualified business income (non-service). The couple have $9,270 itemized deductions and no children or other dependents. Required: Compute their income tax on a joint return. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table.
- The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.8) Alicia, age 27, is a single, full-time college student. She earns $13,200 from a part-time job and has taxable interest income of $1,450. Her itemized deductions are $845. Table for the standard deduction Filing Status Standard Deduction Single $12,400 Married, filing jointly 24,800 Married, filing separately 12,400 Head of household 18,650 Qualifying widow(er) 24,800 Calculate Alicia's taxable income for 2020. $fill in the blank 1If line 43 (taxable Income) Is- And you are- At least But less than Single Married Married Head filing jointly of a house- rafely hold filing sepa- Your tax is 65,000 65,000 65,050 12,600 65,050 65,100 12,613 65,100 65,150 12.625 65,150 65,200 12,638 65,200 65,250 12,650 65,250 65,300 65350 12,675 65,350 65,400 12,688 8,951 12,600 11.319 8,959 12,613 11,331 8,969 12,625 11,344 8,981 12,638 11,356 8,994 12,650 11,369 9,006 12,663 11,381 9,019 12,675 11,394 9,031 12,688 11,406 65,300 12,663 Alexis and Ashley are married, filing jointly. Their combined taxable income is $65,230. Every week, a total of $198 is withheld from their pay. Based on the table, what can Alexis and Ashley expect when their taxes are due? (1 Point) O They will receive a refund of $1,302 Thế will receive a refund of $8,994 O They will owe an additional $1,302Using the appropriate tax tables or tax rate schedules, determine the amount of tax liability in each of the following instances. Please use the 2020 Tax year a. A married couple filing jointly with taxable income of $32,991. b. A married couple filing jointly with taxable income of $192,257. c. A married couple filing separately, one spouse with taxable income of $43,885 and the other with $56,218. d. A single person with taxable income of $79,436. e. A single person with taxable income of $297,784. f. A head of household with taxable income of $96,592. g. A qualifying widow with taxable income of $14,019. h. A married couple filing jointly with taxable income of $11,216.