Using the table below, use the 2022 tax code, find out what your taxable income is, filing single. You can assume you take an itemized deduction. Also find out what tax bracket you are in and how much you pay in taxes. For simplicity consider your dividend income taxed the same way as your salary income. BALANCE SHEETASSETSPension FundCarBank BalanceStocksTOTALLIABILITIESCredit Card BalanceStudent LoanCar LoanTOTAL12,00025,0003,00040,00080,0005,00060,00025,00090,000CASH FLOW STATEMENT (monthly)INCOMESalaryShort-term Cap.GainsDividendsTOTALEXPENSESRentCarCredit Card pmt.Student LoanTOTAL6,000(9,000/ 12) =750(600/12) = 5068001,3005001504502400

As per IRS rules 2022 , the standard deduction for single filer is $…

Answered: Using the table below, use the 2022 tax…

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Using the table below, use the 2022 tax code,

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

Using the table below, use the 2022 tax code, find out what your taxable income is, filing single. You can assume you take an itemized deduction. Also find out what tax bracket you are in and how much you pay in taxes. For simplicity consider your dividend income taxed the same way as your salary income.

BALANCE SHEET
ASSETS
Pension Fund
Car
Bank Balance
Stocks
TOTAL
LIABILITIES
Credit Card Balance
Student Loan
Car Loan
TOTAL
12,000
25,000
3,000
40,000
80,000
5,000
60,000
25,000
90,000
CASH FLOW STATEMENT (monthly)
INCOME
Salary
Short-term Cap.
Gains
Dividends
TOTAL
EXPENSES
Rent
Car
Credit Card pmt.
Student Loan
TOTAL
6,000
(9,000/ 12) =
750
(600/12) = 50
6800
1,300
500
150
450
2400

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