Explanation Given Information: The Person Gomez has filed as a filing of marriage separately with the taxable income of $334,515. Calculation: Taxable income is defined as the income to which tax rates are functional in order to discover the total amount of tax payable for the year. Tax table is defined as the table which is used to find the income tax whose earnings are more than $100,000. The followings steps are used to calculate Step 1: The Person Gomez has filed as marriage separately and in the tax computation sheet, this category is under section C. Step 2: Reading down the table EXHIBIT 18-4 for taxable income. The taxable income of Gomez is in the range over $228,800 . Step 3: The taxable income is multiplied by the multiplication amount which can be seen as done below: 334 , 515 × 39

Contemporary Mathematics for Business & Consumers

8th Edition

ISBN: 9781305585447

Author: Robert Brechner, Geroge Bergeman

Publisher: Cengage Learning

See similar textbooks

Concept explainers

Unitary Method

The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.

Speed, Time, and Distance

Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 …

Profit and Loss

The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.

Units and Measurements

Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experime…

Videos

Question

Chapter 18.III, Problem 19RE

To determine

To calculate: The tax liability for the tax payer Gomez whose taxable income is $334,515.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Chapter 18.III, Problem 18RE

Chapter 18.III, Problem 20RE

Chapter 18 Solutions

Contemporary Mathematics for Business & Consumers

Ch. 18.I - Use Exhibit 18-1 to determine the amount of sales...Ch. 18.I - Andy Bennett purchased a car for $38,600 at Auto...Ch. 18.I - At the end of a business day, the cash register at...Ch. 18.I - An archery set at The Sports Authority in Mason,...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, subject and related others by exploring similar questions and additional content below.

Recommended textbooks for you

College Algebra
Algebra
ISBN:9781337282291
Author:Ron Larson
Publisher:Cengage Learning

College Algebra

Algebra

ISBN:9781337282291

Author:Ron Larson

Publisher:Cengage Learning

SEE MORE TEXTBOOKS

Use of ALGEBRA in REAL LIFE; Author: Fast and Easy Maths !;https://www.youtube.com/watch?v=9_PbWFpvkDc;License: Standard YouTube License, CC-BY

Compound Interest Formula Explained, Investment, Monthly & Continuously, Word Problems, Algebra; Author: The Organic Chemistry Tutor;https://www.youtube.com/watch?v=P182Abv3fOk;License: Standard YouTube License, CC-BY

Applications of Algebra (Digit, Age, Work, Clock, Mixture and Rate Problems); Author: EngineerProf PH;https://www.youtube.com/watch?v=Y8aJ_wYCS2g;License: Standard YouTube License, CC-BY

The tax liability for the tax payer Gomez whose taxable income is $334,515.

Solution Summary: The author explains how to calculate the tax liability for the person Gomez whose taxable income is 334,515.

Concept explainers

Videos

To calculate: The tax liability for the tax payer Gomez whose taxable income is $334,515.

Want to see the full answer?

Chapter 18 Solutions