1. Sandra, a single taxpayer, has taxable income of $96,623. Using the tax tables, she has determined...
Question:
1. Sandra, a single taxpayer, has taxable income of $96,623. Using the tax tables, she has determined that her tax liability is:
a). $17,368.
b). $11,846.
c). $15,973.
d). $17,365.
2. Arno and Bridgette are married and have combined W-2 income of $78,056. They received a $380 refund after they filed their taxes. How much income tax did their employers withhold during the year? Use the tax tables.
a). $9,313.
b). $6,053.
c). $6,433.
d). The answer cannot be determined with the information provided.
Required:
Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases. Use the appropriate Tax Tables and Tax Rate Schedules. Single taxpayer, taxable income of $36,501. Single taxpayer, taxable income of $89,757. (For all requirements, use the tax table to compute tax liability. Round "Average tax rate" to 2 decimal places.)
Fundamentals of Taxation 2019
ISBN: 9781260158670
12th edition
Authors: Ana M. Cruz Dr., Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone