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

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Chapter 18.III, Problem 19RE

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

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Chapter 18.III, Problem 18RE

Chapter 18.III, Problem 20RE

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Chapter 18 Solutions

Contemporary Mathematics for Business & Consumers

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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.

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

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Chapter 18 Solutions