HomeworkLib
Question

Anabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents....

Anabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $58,000 as a sales representative for Planning Associates; $4,210 of her wages were withheld for federal income taxes. In addition, she had interest income of $160. She takes the standard deduction.

Calculate her:

a. taxable income

b. tax liability

c. tax refund or tax owed for 2018

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Ans: Salary = $58,000

Interest income= $160

Less: wages income withheld= (4,210)

Total income= $53,950

Standard deduction= (12,000)**

A). Taxable income= 41,950

B). Tax liability= $4,453.50+ 22% (41,950-38,700)

= $4,453.50 + 12%(3,250)

= $4,453.50 + 390

= $ 4,843.50

C).Tax Owed= Tax liability- Tax withheld

=$4,843.50-4,210

= $633.50

** standard deduction for 2018 as single is $12,000

0 0
Add a comment
Know the answer?
Add Answer to:
Anabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents....
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Anabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents....

    Anabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $56,000 as a sales representative for Planning Associates; $4,010 of her wages were withheld for federal income taxes. In addition, she had interest income of $175. She takes the standard deduction. Calculate- a. Tax liability b. taxable income c. tax refund or tax owed for 2018

  • Arabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents....

    Arabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $38,500 as a sales representative for Planning Associates; $2,695 of her wages was withheld for federal income taxes. In addition, she had interest income of $135. The standard deduction in 2018 was $12,000 for single. The appropriate tax rate schedule is shown below: EXHIBIT 3.3 Sample Tax Rate Schedules Tax rates levied on personal income vary with the amount of...

  • Emily Hill is 24 years old and single, lives in an apartment, and has no dependents....

    Emily Hill is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $55,000 as a sales assistant for Business Solutions: $3,910 of her wages was withheld for federal income taxes. In addition, she had interest income of $142. - Estimate her taxable income - Estimate her tax liability - Estimate her tax refund or tax owed

  • Estimating taxable income, tax liability, and potential refund. Kara Hooks is 24 years old and single,...

    Estimating taxable income, tax liability, and potential refund. Kara Hooks is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $55,000 as a sales assistant for Business Solutions: $3,910 of her wages was withheald for federal income taxes. In addition, she had interest income of $142. She takes the standard deduction. Calculate her taxable income, tax liability, and tax refund or owed. For your calculations, use a standard deduction of $6,100 and...

  • Ing Your laxes Estimating taxable income, tax liability, and potential refund Arabella Cunningham is 24 years...

    Ing Your laxes Estimating taxable income, tax liability, and potential refund Arabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $42,100 as a sales representative for Planning Associates; $3,368 of her wages was withheld for federal income taxes. In addition, she had interest income of $169. The standard deduction in 2018 was $12,000 for single. The appropriate tax rate schedule is shown below: EXHIBIT 3.3 Sample Tax Rate Schedules...

  • 3. Mary Parker is 24 years of age, single, lives in an apartment, and has no...

    3. Mary Parker is 24 years of age, single, lives in an apartment, and has no dependents. Last year she earned $68,700 as a wharehouse supervisor for Amazon in Dallas. $5,250 of her wages were withheld for Federal Incomes taxes. In addition, she had interest income from a time deposit (CD) of $962. Estimate her taxable income, tax liability, and tax refund/owed. (Look in your text for the income tax schedules and standard deductions). 4. Bill and Betty Jacobs jointly...

  • THX!! Estimating taxable income, tax liability, and potential refund Sophia Johnson is 24 years old and...

    THX!! Estimating taxable income, tax liability, and potential refund Sophia Johnson is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $36,500 as a sales assistant for Office Furniture Rentals, $2,920 of her wages were withheld for federal income taxes. In addition, she had interest income of $105. The standard deduction in 2014 was $6,200 for single. The exemption was claimed to be worth $3,950. The appropriate tax rate schedule is shown...

  • Financial Planning Exercise 1 Estimating taxable income, tax liability, and potential refund Sophia Johnson is 24...

    Financial Planning Exercise 1 Estimating taxable income, tax liability, and potential refund Sophia Johnson is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $37,800 as a sales assistant for Office Furniture Rentals; $3,024 of her wages was withheld for federal income taxes. In addition, she had interest income of $151. The standard deduction in 2014 was $6,200 for single. The exemption was claimed to be worth $3,950. The appropriate tax rate...

  • Ashley is single and lives with Barney, her boyfriend, and Candy, his 8 year old daughter....

    Ashley is single and lives with Barney, her boyfriend, and Candy, his 8 year old daughter. Ashley paid all of the support for her household in 2018. Barney has earned income of $2,500 and had income tax withheld form his wages. He has no other income and is not required to file an income tax return. with one qualifying child, Barney may claim an earn income credit. Barney files an income tax return solely to obtain a refund of withheld...

  • Hongtao is single and has a gross income of $85,300. His allowable deductions for adjusted gross...

    Hongtao is single and has a gross income of $85,300. His allowable deductions for adjusted gross income are $4,300, and his itemized deductions are $19,450. The standard deduction for 2019 is $12,200. Round all amounts to the nearest dollar. Refer to the Tax Rate Schedules to answer the following questions. a. Hangtao's taxable income is $______ and his tax liability is $_______ for 2019. b. If Hongtao has $10,100 withheld from his salary during 2019 then Hongtao has (refund or...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT