Question: Just need help on C Calculating Tax Liability (LO. 5) Refer to the Tax Rate Schedules to answer the following questions. Calculate the 2020 tax


Just need help on C
Calculating Tax Liability (LO. 5) Refer to the Tax Rate Schedules to answer the following questions. Calculate the 2020 tax liability and the tax or refund due for each situation. Round interim and final answers to the nearest dollar. 2020 Net Tax Tax or Refund Liability a. 8,990 210 b. 6,805 445 Mark is single with no dependents and has a taxable income of $60,000. He has $9,200 withheld from his salary for the year. Harry and Linda are married filing jointly and have taxable income of $60,000. Harry has $4,250 withheld from his salary. Linda makes estimated tax payments totaling $3,000. Aspra is single. His 20-year-old son, Calvin, lives with him throughout the year. Calvin pays for less than one-half of his support and his earned income for the year is $3,000. Aspra pays all costs of maintaining the household. His taxable income is $60,000. Aspra's withholdings total $7,800 C. 7,548 x 408 d. 10,280 720 Randy and Raina are married. Because of marital discord, they are not living together at the end of the year, although they are not legally separated or divorced. Randy's taxable income is $25,000, and Raina's is $60,000. Randy makes estimated tax payments of $3,500, and Raina has $7,500 in tax withheld from her salary. Assume they choose to file as married filing jointly, 2020 INDIVIDUAL TAX RATE SCHEDULES Table B-1 Single Taxpayers If Taxable income Is Over $ 0 9,875 40,125 85,525 163,300 207,350 518,400 But Not Over 9,875 40,125 85,525 163,300 207,350 518,400 The Tax Is 10% $ 987.50 + 12% 4,617.50 + 22% 14,605.50 +24% 33,271.50 + 32% 47,367.50 + 35% 156,235.00 + 37% of the Amount Over 0 9,875 40,125 85,525 163,300 207,350 518,400 Table B-2 Married Taxpayers Filing Jointly and Surviving Spouse If Taxable income Is Over $ 0 19,750 80,250 171,050 326,600 414,700 622,050 But Not Over 19,750 80,250 171,050 326,600 414,700 622,050 The Tax Is 10% $ 1,975.00 + 12% 9,235.00 + 22% 29,211.00 + 24% 66,543.00 + 32% 94,735.00 + 35% 167,307.50 + 37% of the Amount Over $ 0 19,750 80,250 171,050 326,600 414,700 622,050 Table B-3 Head of Household if Taxable income Is Over $ 0 14,100 53,700 85,500 163,300 207,350 518,400 But Not Over 14,100 53,700 85,500 163,300 207,350 518,400 The Tax Is 10% $ 1,410.00 + 12% 6,162.00 +22% 13,158.00 +24% 31,830.00 + 32% 45,926.00 + 35% 154,793.50 + 37% of the Amount Over $ 0 14,100 53,700 85,500 163,300 207,350 518,400
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