Determine the tax liability for tax year 2019. A taxpayer filling married filing separately with AGI...
Determine the tax liability for tax year 2019. A taxpayer filling married filing separately with AGI of $68,996 and one dependent
Homework Answers
Question -- Determine the tax liability for tax year 2019. A taxpayer filling married filing separately with AGI of $68996 and one dependent.
Answer -
Computation of Tax Liability for Tax Year 2019
Taxable Income = AGI - Standard Deduction = ($68996 - $12200) = $56796.
| Tax Rate | Taxable Income ($) | Calculation | Amount ($) | |
| I. | 10% | 0 - 9700 | $9700 * 10% | 970 |
| II. | 12% | 9701 - 39475 | ($39475 - $9700) * 12% | 3573 |
| III. | 22% | 39476 - 84200 | ($56796 - $39475) * 22% | 3811 |
| Total | I + II +III | 8354 | ||
| Less: Child Tax Credit | $2000 per dependent | (2000) | ||
| Tax Liability for Tax Year 2019 | $8354 - $2000 | 6354 | ||
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These links are to the tax table and tax rate schedule. http://lectures.mhhe.com/connect/cruz13e_1259969622/cruz13e_app_d.pdf http://lectures.mhhe.com/connect/cruz13e_1259969622/cruz13e_app_f.pdf please show your...
These links are to the tax table and tax rate schedule.
http://lectures.mhhe.com/connect/cruz13e_1259969622/cruz13e_app_d.pdf
http://lectures.mhhe.com/connect/cruz13e_1259969622/cruz13e_app_f.pdf
please show your work and thank you in advance!
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These links are to the tax table and tax rate schedule.
http://lectures.mhhe.com/connect/cruz13e_1259969622/cruz13e_app_d.pdf
http://lectures.mhhe.com/connect/cruz13e_1259969622/cruz13e_app_f.pdf
please show your work and thank you in advance!
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