Calculate the total 2020 tax liability for a surviving spouse with one dependent child with a...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Calculate the total 2020 tax liability for a surviving spouse with one dependent child with a gross income of $50,890.00, assuming that the taxpayer takes the standard deduction. If the dependent child is under the age of 17 and $3,000.00 was withheld from the taxpayer's wages for federal income taxes, what is the amount of the taxpayer's refund or tax due? Assuming the single parent taxpayer's filing status is Married Filing Jointly or Surviving Spouse, the taxpayer's standard deduction for the 2020 tax year is $ (Enter the amount to the nearest cent.) Click the following link for a standard deduction table: . Calculate the total 2020 tax liability for a surviving spouse with one dependent child with a gross income of $50,890.00, assuming that the taxpayer takes the standard deduction. If the dependent child is under the age of 17 and $3,000.00 was withheld from the taxpayer's wages for federal income taxes, what is the amount of the taxpayer's refund or tax due? Assuming the single parent taxpayer's filing status is Married Filing Jointly or Surviving Spouse, the taxpayer's standard deduction for the 2020 tax year is $ (Enter the amount to the nearest cent.) Click the following link for a standard deduction table: .
Expert Answer:
Answer rating: 100% (QA)
2020 Tax Calculations for Surviving Spouse with One Dependent Child 1 Standard Deduct... View the full answer
Related Book For
Personal Finance Turning Money into Wealth
ISBN: 978-0134730363
8th edition
Authors: Arthur J. Keown
Posted Date:
Students also viewed these finance questions
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Calculate the total 2017 tax liability for a surviving spouse with one dependent child with a gross income of $46,250, no salary reductions for employer-provided benefits, and no itemized deduction.
-
A PLC is used to count the number of cans traveling by on a conveyor belt in a fish canning factory. An optical proximity switch detects the passage of each can, sending a discrete (on/off) signal to...
-
Go ca.finance.yahoo.com, enter MB.TO, and click "Go." Click on "Company Snapshot" and find out what the company does and visit its Web site. What type of information is provided to its investors?...
-
Give an example in the spirit of the recursion theorem of a program in a real programming language (or a reasonable approximation thereof ) that prints itself out.
-
Nereus Montemayor was an employee of VZ Hogs, a company that raises hogs and produces hog feed. VZ Hogs used an extruder manufactured by Sebright Products, Inc. to create hog feed out of discarded...
-
Klandon Company manufactures decorative rocks for aquariums. Kim Klandon is preparing the budget for the quarter ended June 30. She has gathered the following information. 1. Klandons sales manager...
-
You have just been named Director of Data Administration of General Hardware Co. General Hardware maintains a large, central IS organization with several operational relational databases at its...
-
Consider an individual whose preferences are defined over bundles of non-negative amounts of each of two commodities. Suppose that this individual's preferences can be represented by a utility...
-
Dec. 31, 2025 Sunland Company is as follows. Dec. 31, 2024 Current assets $232,600 $253,500 Plant assets 1,442,500 841,700 Total assets $1,675,100 $1,095,200 Compute the amount and percentage changes...
-
Suppose that on January 1 4 , Ralph Lauren Company purchased supplies of $ 4 5 0 on account. The entry to record the purchase will include a debit to Supplies Expense and a credit to Accounts...
-
An accountant has debited an asset account for $ 1 7 0 0 and credited a liability account for $ 1 3 0 0 . What can be done to complete the recording of the transaction?
-
Copr. Goedl Cincy Savers makes a single product. The sales price is $90 per unit; cost of goods sold is $30 per unit; selling and administrative expenses are $4 per unit and $1,500 per month. Cost of...
-
Suppose a company charges $ 1 8 9 . 0 0 for a bicycle it sells to wholesalers. The fixed cost of the opperation is $ 2 , 0 0 0 , 0 0 0 and the variable cost is $ 1 0 0 . 0 0 per bicycle. They have...
-
Determine the net income of a company for which the following information is available for the month of July. Employee salaries expense $ 187,000 Interest expense Rent expense Consulting revenue...
-
Bioethanol production from glycose takes place in a batch reactor. Pure glucose is to be taken initially in the reactor. It is required to produce 3 tons of bioethanol per day. The molecular weight...
-
Research an article from an online source, such as The Economist, Wall Street Journal, Journal of Economic Perspectives, American Journal of Agricultural Economics, or another academic journal. The...
-
1. Identify the stage of the life cycle that best describes Cory and Tisha today. What important financial planning issues characterize this stage? 2. Based on the issues identified in Question 1 and...
-
What are some of the key financial topics that should be discussed toward the beginning of a serious relationship?
-
Calculate the future value of $5,000 earning 5 percent after 1 year, assuming annual compounding. Now, calculate the future value of $5,000 earning 5 percent after 20 years
-
Label each of the following statements true, false, or uncertain. Explain briefly. a. If the nominal exchange rate is fixed, the real exchange rate is fixed. b. When domestic inflation equals foreign...
-
Consider a country operating under fixed exchange rates. The IS curve is given by equation (20.1) a. Explain the term \(\left(i^{*}-\pi^{e}ight)\). Why does the foreign nominal interest rate appear...
-
Policy choices when the real exchange rate is "too high" and the nominal exchange rate is fixed An overvalued real exchange rate is a rate such that domestic goods are too expensive relative to...
Study smarter with the SolutionInn App