Question

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 | $ |

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**

Determine the tax liability for tax year 2019
in each of the following instances. In each case, assume the
taxpayer can take only the standard deduction.
Use the appropriate Tax Tables and Tax Rate Schedules.
A taxpayer filing married filing separately with AGI of $68,996
and one dependent.
A qualifying widow, age 66, with AGI of $49,240 and one
dependent.
A head of household with AGI of $14,392 and two
dependents.
A head of household with AGI of $59,226 and...

Determine the tax liability for tax year 2019
in each of the following instances. In each case, assume the
taxpayer can take only the standard deduction.
Use the appropriate Tax Tables and Tax Rate Schedules.
a. A single taxpayer, not head of household, with AGI of $23,493
and one dependent.
b. A single taxpayer, not head of household, with AGI of
$169,783 and no dependents. (Round your intermediate
computations to 2 decimal places and final answer to the nearest
dollar...

Compute the 2017 tax
liability and the marginal and average tax rates for the following
taxpayers.
Click here to access
the 2017 tax rate schedule. If required, round the tax liability
the nearest dollar. When required, round the average rates to three
decimal places before converting to a percentage (i.e. .67073 would
be rounded to .671 and entered as 67.1%).
a.
Chandler, who files as a single taxpayer, has taxable income of
$118,600.
Tax liability:
$
Marginal rate:
%
Average...

Compute the 2019 Federal income tax liability and the marginal
and effective tax rates in each of the following independent
cases.
Click here to access the 2019 tax rate schedule. If required,
round the tax liability the nearest dollar. When required, round
the average rates to four decimal places before converting to a
percentage (i.e. .67073 would be rounded to .6707 and entered as
67.07%).
a. Chandler is single and reports taxable income of $149,000.
Tax liability: $ -- Marginal...

Computation of taxable income. The following information relates
to Tom, a single taxpayer, age 18. Tax Year 2019. Wages = $7,000
Taxable interest income = 425 Itemized deductions = 310 a. Compute
Tom's taxable income assuming he is self-supporting. b. Compute
Tom's taxable income assuming he is a dependent of his parents. Tax
year 2019.

Computation of taxable income. The following information relates
to Tom, a single taxpayer, age 18. Tax Year 2019. Wages = $7,000
Taxable interest income = 425 Itemized deductions = 310 a. Compute
Tom's taxable income assuming he is self-supporting. b. Compute
Tom's taxable income assuming he is a dependent of his parents.

Taxable Income and Tax Liability Calculations (LO. 6)
Total income
$118,000
Excludable income
2,000
Deductions for adjusted gross income
2,500
Deductions from adjusted gross income
8,000
(Hint: The standard deduction for married
filing jointly is $24,400.)
Do not round intermediate computations. Round the final
tax liability to the nearest cent. Refer to the tax rate schedule
to calculate the following.
Based on the above information, for a couple filing jointly,
their adjusted gross income (AGI) is $; taxable income is...

Calculate the 2017 AMT exemption amount for the following cases
for a married taxpayer filing jointly, and a married taxpayer
filing separately.
Case
AMT
1
$150,000
2
$300,000
3
$800,000
Click here to access the exemption table. Do not round
computations, but round your final amounts to the nearest dollar.
For each case above, compute the AMT exemption for 2017. Note: If
an amount is zero, enter a "0". Do not round your intermediate
computations and round your final answer...

Exercise 3-20 (Algorithmic) (LO. 6)
Compute the 2018 Federal income tax liability and the marginal
and effective tax rates in each of the following independent
cases.
Click here to access the 2018 tax rate schedule. If required,
round the tax liability the nearest dollar. When required, round
the average rates to four decimal places before converting to a
percentage (i.e. .67073 would be rounded to .6707 and entered as
67.07%).
a. Chandler is single and reports taxable
income of $104,200....

Use the combined wage bracket tables, Exhibits 9-3 and 9-4, to
solve.
Click here for Exhibit 9-3 and Exhibit
9-4
Round dollars to the nearest cent.
Marital
Withholding
Pay
Gross
Combined
Employee
Status
Allowances
Period
Earnings
Withholding
Reese, S.
M
3
Weekly
$1,237
$

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