Whitney recurved $77,099 of taxable income in 2022.- she files as head of household. What is the income tax liability? Schedule Z-Head of HouseholdIf taxable income is over: But not over:$0$ 14,650$ 55,900$ 89,050$ 170,050$ 215,950$ 539,900$ 14,650$ 55,900$ 89,050$ 170,050$215,950$ 539,900The tax is:10% of taxable income$1,465 plus 12% of the excess over $14,650$6,415 plus 22% of the excess over $55,900$13,708 plus 24% of the excess over $89,050$33,148 plus 32% of the excess over $170,050$47,836 plus 35% of the excess over $215,950$161.218.50 plus 37% of the excess over $539,900

Taxable income is the income chargeable to income tax as per income tax act. Tax liability is…

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Whitney recurved $77,099 of taxable income in 2022. - she files as head of household. What is the income tax liability?

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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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

Whitney recurved $77,099 of taxable income in 2022. - she files as head of household. What is the income tax liability?

Schedule Z-Head of Household
If taxable income is over: But not over:
$
0
$ 14,650
$ 55,900
$ 89,050
$ 170,050
$ 215,950
$ 539,900
$ 14,650
$ 55,900
$ 89,050
$ 170,050
$215,950
$ 539,900
The tax is:
10% of taxable income
$1,465 plus 12% of the excess over $14,650
$6,415 plus 22% of the excess over $55,900
$13,708 plus 24% of the excess over $89,050
$33,148 plus 32% of the excess over $170,050
$47,836 plus 35% of the excess over $215,950
$161.218.50 plus 37% of the excess over $539,900

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