Whitney received $75,000 of taxable income in 2020. All of the income was salary from her employer.
Question:
Whitney received $75,000 of taxable income in 2020. All of the income was salary from her employer. What is her income tax liability in each of the following alternative situations?
a. She files under the single filing status.
b. She files a joint tax return with her spouse. Together their taxable income is $75,000.
c. She is married but files a separate tax return. Her taxable income is $75,000.
d. She files as a head of household.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (2 reviews)
a Whitney has an income tax liability of 12290 Description Amount Computation 1 ...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Taxation Of Individuals And Business Entities 2021
ISBN: 9781260247138
12th Edition
Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham
Question Posted:
Students also viewed these Business questions
-
Whitney received $75,000 of taxable income in 2014. All of the income was salary from her employer. What is her income tax liability in each of the following alternative situations? a. She files...
-
Whitney received $75,000 of taxable income in 2017. All of the income was salary from her employer. What is her income tax liability in each of the following alternative situations? a. She files...
-
Whitney received $75,000 of taxable income in 2015. All of the income was salary from her employer. What is her income tax liability in each of the following alternative situations? a) She files...
-
Assume Pelican Corp has a current Beta is 0.65 and no debt. Management wants to increase their debt load which will result in a debt/equity ratio of 0.20 Given this change, what is the new,...
-
Describe how the Kanban concept works.
-
Leisure Luggage maintains a line of luggage designed for airline travel. Assume the following transactions occur during the year ended December 31, 2015. Required: Record any amounts as a result of...
-
Apply the marketing-myopia concept to print media, magazines, and newspapers. What is the implication?
-
The direct labor budget of Krispin Corporation for the upcoming fiscal year contains the following details concerning budgeted direct labor-hours. The company's variable manufacturing overhead rate...
-
A seal dives below the ice in search of fish. Its path can be modelled by where d is the depth in decameters and t the time in minutes. Use the equation above to answer questions about the seal's...
-
Analyze the events chronologically, one transaction at a time, beginning with the transaction on May 1st For each transaction that follows the May 1st transaction, calculate the balance in each...
-
In 2020, for a taxpayer with $50,000 of taxable income, without doing any actual computations, which filing status do you expect to provide the lowest tax liability? Which filing status provides the...
-
In 2020, Lisa and Fred, a married couple, have taxable income of $300,000. If they were to file separate tax returns, Lisa would have reported taxable income of $125,000 and Fred would have reported...
-
What competencies best describe (a) Your college or university, (b) Your favourite restaurant, (c) The company that manufactures the computer you own or use most often?
-
The people in an economy have $276 million in money. There is only one bank that all the people deposit their money in and it holds 21% of the deposits as reserves. What is the money multiplier in...
-
In one to two sentences, describe one similarity and one difference between a quota and an embargo. 4. Differentiate foreign investment from the types of aid provided by the UNDP and World Bank,...
-
After working a four-hour shift, Paul readied himself to leave his call centre station and go home. As usual, he was thoroughly exhausted. He worked as a customer service representative for an online...
-
Discuss different trade policies that are currently enacted and if they should be updated in some way. Then create your own policy about an area in the economy is currently not addressed in current...
-
Excellence in Customer Service is a cornerstone of success in business interm of financial sector in terms of customer service . By researching existing company (Amex) with a reputation for...
-
Prove that, if f'(x) exists and is continuous on an interval l and if f'(x) 0 at all interior points of l, then either f is increasing throughout l or decreasing throughout l.
-
Maria Castigliani is head of the purchasing department of Ambrosiana Merceti, a medium-sized construction company. One morning she walked into the office and said, The main problem in this office is...
-
Assume that TDW Corporation (calendar-year-end) has 2022 taxable income of $650,000 for purposes of computing the 179 expense. The company acquired the following assets during 2022: a) What is the...
-
AMP Corporation (calendar-year-end) has 2022 taxable income of $1,900,000 for purposes of computing the 179 expense. During 2022, AMP acquired the following assets: a) What is the maximum amount of...
-
During 2022, your clients, Mr. and Mrs. Howell, owned the following investment assets: Because of the downturn in the stock market, Mr. and Mrs. Howell decided to sell most of their stocks and the...
-
A company has a marketing budget of $100,000 and wants to allocate it across different marketing channels. They want to spend 40% on online advertising, 30% on social media marketing, and the...
-
Compute SUTA and FUTA semimonthly payroll taxes general journal entry for this pay period. Show all calculations. Include both debits only. FUTA is .006 on 1st 7k of wages. SUTA is 2.6% on 1st...
-
Ferris wished to execute a swap to take advantage of her expectation of a yield curve shift and believes that any difference in credit spread between LIBOR and U.S. Treasury market rates will remain...
Study smarter with the SolutionInn App