Question

Use the Tax Computation Worksheet, Exhibit 18-4, to calculate the tax liability for the following taxpayer...

Use the Tax Computation Worksheet, Exhibit 18-4, to calculate the tax liability for the following taxpayer earning $100,000 or above. Round your answer to the nearest cent.

Click here for Exhibit 18-4

Name Filing Status Taxable Income Tax Liability
Cabral Head of household $185,188 $
Business   Finance   
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Homework Answers

Answer #1
0 - 13350 10%
13351 - 50800 1335 + 15% of the amount over 13350
50801 - 131200 6952.50 + 25% of the amount over 50800
131201 - 212500 27052.50 + 28% of the amount over 131200

Above table is IRS tax rates applicable to Head of household for year 2017

Taxable income = 185188 falls in Line - 4 of the above table.

Hence tax liability =  27052.50 + 28% of the amount over 131200 = 27052.50 + 28% ( 185188 - 131200)

= 42169.14 ............. Final answer

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