Calculate Tax Liability. What would be the tax liability for a single taxpayer who has a gross income of $50,050? (Hint: Use Table 4-3, and don’t forget to subtract the value of a standard deduction and one exemption.)

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Answer 1

Textbook Question

Chapter 4, Problem 1DTM

Calculate Tax Liability. What would be the tax liability for a single taxpayer who has a gross income of $50,050? (Hint: Use Table 4-3, and don’t forget to subtract the value of a standard deduction and one exemption.)

Expert Solution & Answer

Summary Introduction

To calculate: Tax liability for a single taxpayer.

Introduction: Tax is payable on net taxable income. The income is taxed on the basis of slabs. Tax is calculated for each slab of the income separately. The tax slabs are determined by the government and these slabs keep changing from year to year.

Answer to Problem 1DTM

Tax liability for a single tax payer is $5696.25

Explanation of Solution

Tax liability for a single tax payer is calculated as follows:

Standard deduction of $6,300 and personal exemption of $4050, total $10,350 is not taxed. The tax on additional income 50,050 less 10350 = $39700 is calculated as follows:

Single individual if taxable income is	Rate	Amount	Tax
	A	B	= A*B
up to $9275	10%	$ 9,275	$ 927.50
over $9275 and up to $37650	15%	$ 28,375	$ 4,256.25
over $37650 and up to $91150	25%	$ 2,050	$ 512.50
Total		$ 39,700	$ 5,696.25

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Answer 2

Textbook Question

Chapter 4, Problem 1DTM

Calculate Tax Liability. What would be the tax liability for a single taxpayer who has a gross income of $50,050? (Hint: Use Table 4-3, and don’t forget to subtract the value of a standard deduction and one exemption.)

Expert Solution & Answer

Summary Introduction

To calculate: Tax liability for a single taxpayer.

Introduction: Tax is payable on net taxable income. The income is taxed on the basis of slabs. Tax is calculated for each slab of the income separately. The tax slabs are determined by the government and these slabs keep changing from year to year.

Answer to Problem 1DTM

Tax liability for a single tax payer is $5696.25

Explanation of Solution

Tax liability for a single tax payer is calculated as follows:

Standard deduction of $6,300 and personal exemption of $4050, total $10,350 is not taxed. The tax on additional income 50,050 less 10350 = $39700 is calculated as follows:

Single individual if taxable income is	Rate	Amount	Tax
	A	B	= A*B
up to $9275	10%	$ 9,275	$ 927.50
over $9275 and up to $37650	15%	$ 28,375	$ 4,256.25
over $37650 and up to $91150	25%	$ 2,050	$ 512.50
Total		$ 39,700	$ 5,696.25

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Answer 3

Textbook Question

Chapter 4, Problem 1DTM

Calculate Tax Liability. What would be the tax liability for a single taxpayer who has a gross income of $50,050? (Hint: Use Table 4-3, and don’t forget to subtract the value of a standard deduction and one exemption.)

Expert Solution & Answer

Summary Introduction

To calculate: Tax liability for a single taxpayer.

Introduction: Tax is payable on net taxable income. The income is taxed on the basis of slabs. Tax is calculated for each slab of the income separately. The tax slabs are determined by the government and these slabs keep changing from year to year.

Answer to Problem 1DTM

Tax liability for a single tax payer is $5696.25

Explanation of Solution

Tax liability for a single tax payer is calculated as follows:

Standard deduction of $6,300 and personal exemption of $4050, total $10,350 is not taxed. The tax on additional income 50,050 less 10350 = $39700 is calculated as follows:

Single individual if taxable income is	Rate	Amount	Tax
	A	B	= A*B
up to $9275	10%	$ 9,275	$ 927.50
over $9275 and up to $37650	15%	$ 28,375	$ 4,256.25
over $37650 and up to $91150	25%	$ 2,050	$ 512.50
Total		$ 39,700	$ 5,696.25

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Answer 4

Textbook Question

Chapter 4, Problem 1DTM

Calculate Tax Liability. What would be the tax liability for a single taxpayer who has a gross income of $50,050? (Hint: Use Table 4-3, and don’t forget to subtract the value of a standard deduction and one exemption.)

Expert Solution & Answer

Summary Introduction

To calculate: Tax liability for a single taxpayer.

Introduction: Tax is payable on net taxable income. The income is taxed on the basis of slabs. Tax is calculated for each slab of the income separately. The tax slabs are determined by the government and these slabs keep changing from year to year.

Answer to Problem 1DTM

Tax liability for a single tax payer is $5696.25

Explanation of Solution

Tax liability for a single tax payer is calculated as follows:

Standard deduction of $6,300 and personal exemption of $4050, total $10,350 is not taxed. The tax on additional income 50,050 less 10350 = $39700 is calculated as follows:

Single individual if taxable income is	Rate	Amount	Tax
	A	B	= A*B
up to $9275	10%	$ 9,275	$ 927.50
over $9275 and up to $37650	15%	$ 28,375	$ 4,256.25
over $37650 and up to $91150	25%	$ 2,050	$ 512.50
Total		$ 39,700	$ 5,696.25

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

Summary Introduction

To calculate: Tax liability for a single taxpayer.

Introduction: Tax is payable on net taxable income. The income is taxed on the basis of slabs. Tax is calculated for each slab of the income separately. The tax slabs are determined by the government and these slabs keep changing from year to year.

Answer to Problem 1DTM

Tax liability for a single tax payer is $5696.25

Explanation of Solution

Tax liability for a single tax payer is calculated as follows:

Standard deduction of $6,300 and personal exemption of $4050, total $10,350 is not taxed. The tax on additional income 50,050 less 10350 = $39700 is calculated as follows:

Single individual if taxable income is	Rate	Amount	Tax
	A	B	= A*B
up to $9275	10%	$ 9,275	$ 927.50
over $9275 and up to $37650	15%	$ 28,375	$ 4,256.25
over $37650 and up to $91150	25%	$ 2,050	$ 512.50
Total		$ 39,700	$ 5,696.25

Answer 8

Expert Solution & Answer

Summary Introduction

To calculate: Tax liability for a single taxpayer.

Introduction: Tax is payable on net taxable income. The income is taxed on the basis of slabs. Tax is calculated for each slab of the income separately. The tax slabs are determined by the government and these slabs keep changing from year to year.

Answer to Problem 1DTM

Tax liability for a single tax payer is $5696.25

Explanation of Solution

Tax liability for a single tax payer is calculated as follows:

Standard deduction of $6,300 and personal exemption of $4050, total $10,350 is not taxed. The tax on additional income 50,050 less 10350 = $39700 is calculated as follows:

Single individual if taxable income is	Rate	Amount	Tax
	A	B	= A*B
up to $9275	10%	$ 9,275	$ 927.50
over $9275 and up to $37650	15%	$ 28,375	$ 4,256.25
over $37650 and up to $91150	25%	$ 2,050	$ 512.50
Total		$ 39,700	$ 5,696.25

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Summary Introduction

To calculate: Tax liability for a single taxpayer.

Introduction: Tax is payable on net taxable income. The income is taxed on the basis of slabs. Tax is calculated for each slab of the income separately. The tax slabs are determined by the government and these slabs keep changing from year to year.

Answer 12

Answer to Problem 1DTM

Tax liability for a single tax payer is $5696.25

Answer 13

Explanation of Solution

Tax liability for a single tax payer is calculated as follows:

Standard deduction of $6,300 and personal exemption of $4050, total $10,350 is not taxed. The tax on additional income 50,050 less 10350 = $39700 is calculated as follows:

Single individual if taxable income is	Rate	Amount	Tax
	A	B	= A*B
up to $9275	10%	$ 9,275	$ 927.50
over $9275 and up to $37650	15%	$ 28,375	$ 4,256.25
over $37650 and up to $91150	25%	$ 2,050	$ 512.50
Total		$ 39,700	$ 5,696.25

Answer 14

Ch. 4.1 - Prob. 1CC Ch. 4.1 - Prob. 2CC Ch. 4.1 - Explain why some taxpayers have an effective...Ch. 4.2 - Prob. 1CC Ch. 4.2 - Prob. 2CC Ch. 4.2 - Prob. 3CC Ch. 4.2 - Prob. 4CC Ch. 4.2 - Prob. 5CC Ch. 4.2 - Prob. 6CC Ch. 4.2 - Prob. 7CC

Calculate Tax Liability. What would be the tax liability for a single taxpayer who has a gross income of $50,050? (Hint: Use Table 4-3, and don’t forget to subtract the value of a standard deduction and one exemption.)

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Answer to Problem 1DTM

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