1. Lacy is a single taxpayer. In 2017, her taxable income is $47,200. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.)
a. All of her income is salary from her employer.
Tax liability: ____?____
2. In 2017, Carson is claimed as a dependent on
his parent's tax return. His parents' ordinary income marginal tax
rate is 28 percent. Carson's parents provided most of his
What is Carson's tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule for reference.
a. Carson is 17 years old at year-end and earned $10,500 from his summer job and part-time job after school. This was his only source of income.
Tax liability: ____?____
4. In 2017, Elaine paid $2,960 of tuition and
$1,040 for books for her dependent son to attend State University
this past fall as a freshman. Elaine files a joint return with her
What is the maximum American opportunity credit that Elaine can claim for the tuition payment and books in each of the following alternative situations? (Round your intermediate calculations to two decimal places and final answer to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.)
a. Elaine’s AGI is $103,250.
American opportunity credit: ___?___
5. This year Lloyd, a single taxpayer,
estimates that his tax liability will be $11,950. Last year, his
total tax liability was $16,300.
He estimates that his tax withholding from his employer will be $9,035.
a. How much does Lloyd need to increase his withholding by (for the year), in order to avoid the underpayment penalty?
Increase in withholding: _____?___
|a. All of her income is salary from her employer.|
|Tax Liability =|
|Single Taxable Income Tax Brackets and Rates, 2017|
|10%||$0 to $9,325||932.5|
|15%||$9,325 to $37,950||4293.75|
|25%||$37,950 to $91,900||2312.5|
|Total Tax Liability||7538.75|
|2 a. Carson is 17 years old at year-end and earned $10,500 from his summer job and part-time job after school. This was his only source of income.|
|Gross Income =||10500|
|Less" Standard Deduction =||6350|
|Tax rate of a single tax Payer|
|4 a. Elaine’s AGI is $103,250.|
|American opportunity credit:|
|Dependent Care Expenditure =||+2960+1040|
|Expenditure eligible for Credit =||3000|
|Credit Percentage Rate =||20%|
|American Opportunity Credit =||600|
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