Using the formula and methodology demonstrated in class, calculate the income tax for an individual whohas:•$171,691.00 of income from all sources•$3,877.00 in Exclusions•$12,167.00 in Adjustments•$14,865.00 in below-the-line Deductions•$730.00 in CreditsFor the purposes of this question, assume this is an individual taxpayer. Also assume a standard deductionof $12,550.00.In calculating the tax, use the following tax rates and brackets:Answer:IncomeUp to $9,950$9,951 to $40,525Rate10%12%$40,526 to $86,37522%$86,376 to $164,92524%$164,926 to $209,42532%$209,426 to $523,60035%$523,601 and more37%32,872.42 x (27,078.44)

Steps:Calculate Taxable Income:Start with the Total Income: $171,691.00Subtract the Exclusions:…

Answered: Using the formula and methodology…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter17: Business Tax Credits And The Alternative Minimum Tax

Section: Chapter Questions

Problem 18P

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If you may help me solve for the tax liability using tax tables? Tax liability using tax rate schedule?
please Given answer accounting question
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