Short Answer Questions Make sure to show all of your work in order to receive partial credit! Question 33 (5 points...

Question

Question

business accounting

Answer 1

Answer #1

Standard deduction for single taxpayer = $12,200

Itemized deductions = $8,200

He can claim standard deduction to reduce his tax liability.

Therefore, his taxable income = $65,000 - $12,200 - $1,200

= $51,600

He falls under the tax bracket of 22%

Therefore, his tax liability would be $11,352 for 2019

Answer 2

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