Determine the tax liability for tax year 2023 in each of the following instances. In each...
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Determine the tax liability for tax year 2023 in each of the following instances. In each case, assume the taxpayer can take only the standard deduction. Use the Tax Tables for taxpayers with taxable income under $100,000 and the Tax Rate Schedules for those with taxable income above $100,000. Required: a. A single taxpayer, not head of household, with AGI of $24,893 and one dependent. b. A single taxpayer, not head of household, with AGI of $190,811 and no dependents. Note: Round your intermediate calculations to 2 decimal places and final answer to the nearest dollar amount. c. A married couple filing jointly with AGI of $41,345 and two dependents. d. A married couple filing jointly with AGI of $163,688 and three dependents. Note: Round your intermediate calculations to 2 decimal places and final answer to the nearest dollar amount. e. A married couple filing jointly with AGI of $314,813 and one dependent. Note: Round your intermediate calculations to 2 decimal places and final answer to the nearest dollar amount. f. A taxpayer filing married filing separately with AGI of $70,396 and one dependent. g. A qualifying widow, age 66, with AGI of $50,640 and one dependent. h. A head of household with AGI of $17,066 and two dependents. i. A head of household with AGI of $60,626 and one dependent. Note: For all requirements, leave no cells blank. Enter "O" wherever required. Tax liability a. b. C. d. e. f. g. h. i. Determine the tax liability for tax year 2023 in each of the following instances. In each case, assume the taxpayer can take only the standard deduction. Use the Tax Tables for taxpayers with taxable income under $100,000 and the Tax Rate Schedules for those with taxable income above $100,000. Required: a. A single taxpayer, not head of household, with AGI of $24,893 and one dependent. b. A single taxpayer, not head of household, with AGI of $190,811 and no dependents. Note: Round your intermediate calculations to 2 decimal places and final answer to the nearest dollar amount. c. A married couple filing jointly with AGI of $41,345 and two dependents. d. A married couple filing jointly with AGI of $163,688 and three dependents. Note: Round your intermediate calculations to 2 decimal places and final answer to the nearest dollar amount. e. A married couple filing jointly with AGI of $314,813 and one dependent. Note: Round your intermediate calculations to 2 decimal places and final answer to the nearest dollar amount. f. A taxpayer filing married filing separately with AGI of $70,396 and one dependent. g. A qualifying widow, age 66, with AGI of $50,640 and one dependent. h. A head of household with AGI of $17,066 and two dependents. i. A head of household with AGI of $60,626 and one dependent. Note: For all requirements, leave no cells blank. Enter "O" wherever required. Tax liability a. b. C. d. e. f. g. h. i.
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Answer rating: 100% (QA)
To determine the tax liability for each scenario well use the tax tables or tax rate schedules as applicable based on the taxpayers AGI and filing status Since youve provided specific AGI and dependen... View the full answer
Related Book For
Fundamentals Of Taxation 2015
ISBN: 9781259293092
8th Edition
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
Posted Date:
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