Question: 1 Calculate Tax Liability What would be the tax liability

1. Calculate Tax Liability. What would be the tax liability for a single taxpayer who has a gross income of $39,700?
2. Marginal Tax Rate. What would be the marginal tax rate for a single person who has a taxable income of (a) $40,210, (b) $47,800, (c) $56,100, and (d) $90,230?
3. Determine Tax Liability. Find the tax liabilities based on the taxable income of the following people: (a) married couple, $74,125; (b) married couple, $53,077; (c) single person, $27,880; (d) single person, $59,000.
4. Use Tax Rate Schedule. Benjamin Addai determined the following tax information: gross salary, $60,000; interest earned, $90; IRA contribution, $1000; personal exemption, $3950; and itemized deductions, $5900. Calculate Benjamin’s taxable income and tax liability filing single.
5. Use Tax Rate Schedule. Samual Clark determined the following tax information: salary, $144,000; interest earned, $2000; qualified retirement plan contribution, $7000; personal exemption, $3950; itemized deductions, $10,000. Filing single, calculate Samual’s taxable income and tax liability.
6. Review Figure on page 107 and comment on the logic of how different segments of Victoria’s income is taxed.


View Solution:


Sale on SolutionInn
Sales7
Views709
Comments
  • CreatedNovember 26, 2014
  • Files Included
Post your question
5000