Question: When explaining Tax Liability, please go into detail. Sheila and Joe Wells are married with one dependent child. During 2023 , they have gross income

When explaining Tax Liability, please go into detail.

Sheila and Joe Wells are married with one dependent child. During 2023 , they have gross income of $159,800, deductions for AGI of $5,500, itemized deductions of $29,100 and a dependent tax credit of $2,000. The Wells' had $22,000 withheld by their employer for federal income tax. They have a tax (due/refund) of $ 2023 standard deduction amounts - $27,700 Married filing jointly - \$20,800 Qualifying surviving spouse - $13,850 Married filing separately - $20,800 Head of household - \$13,850 Single - Additional standard deduction amounts for age and eyesight (discuss in Individuals Deductions chapter)

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