Question: Using the appropriate tax tables or tax rate schedules, determine the tax liability for tax year 2016 in each of the following instances. In each

Using the appropriate tax tables or tax rate schedules, determine the tax liability for tax year 2016 in each of the following instances. In each case, assume the taxpayer can take only the standard deduction.
a. A single taxpayer, not head of household, with AGI of $23,493 and one dependent.
b. A single taxpayer, not head of household, with AGI of $169,783 and no dependents.
c. A married couple filing jointly with AGI of $39,945 and two dependents.
d. A married couple filing jointly with AGI of $162,288 and three dependents.
e. A married couple filing jointly with AGI of $301,947 and one dependent.
f. A taxpayer filing married filing separately with AGI of $68,996 and one dependent.
g. A qualifying widow, age 66, with AGI of $49,240 and one dependent.
h. A head of household with AGI of $14,392 and two dependents.
i. A head of household with AGI of $59,226 and one dependent.

Step by Step Solution

★★★★★

3.40 Rating (175 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a Taxpayer is entitled to a standard deduction of 6300 and two exemptions of 4050 each Taxable incom... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

1234-L-B-L-I-T-E(3262).docx

120 KBs Word File

Students Have Also Explored These Related Business Law Questions!

Using the appropriate tax tables or tax rate schedules, determine the amount of tax liability in each of the following instances. a. A married couple filing jointly with taxable income of $32,991. b....

Determine the 2016 filing status in each of the following situations: a. Michaela and Harrison decide to separate on October 12, 2016. Before filing their 2016 tax return on February 18, 2017,...

Determine Ms. As filing status in each of the following independent cases: a. Ms. A and Mr. Z have been living together since 2013. They were married on December 13, 2015. b. Ms. A married Mr. P in...

Using the appropriate tax tables or tax rate schedules, determine the tax liability for tax year 2018 in each of the following instances. In each case, assume the taxpayer can take only the standard...

42. Using the appropriate tax tables or tax rate schedules, determine the tax liability for tax year 2020 in each of the following instances. In each case, assume the taxpayer can take only the...

Using the appropriate tax tables or tax rate schedules, determine the tax liability for tax year 2017 in each of the following instances. In each case, assume the taxpayer can take only the standard...

42. Using the appropriate tax tables or tax rate schedules, determine the tax liability for tax year 2020 in each of the following instances. In each case, assume the taxpayer can take only the...

Using the appropriate tax tables or tax rate schedules, determine the tax liability for tax year 2014 in each of the following instances. In each case, assume the taxpayer can take only the standard...

Using the appropriate tax tables or tax rate schedules, determine the tax liability for tax year 2 0 2 3 in each of the following instances. In each case, assume the taxpayer can take only the...

4 2 . Using the appropriate tax tables or tax rate schedules, determine the tax liability for tax year 2 0 2 1 in each of the following instances. In each case, assume the taxpayer can take only the...

The fastest possible rate of rotation of a planet is that for which the gravitational force on material at the equator just barely provides the centripetal force needed for the rotation. (Why?) (a)...

The following is a frequency distribution summarizing earnings per share (EPS) growth data for the 30 fastest- growing firms as given on Fortune magazines website on March 16, 2005. EPS Growth...

27. Where Millionaires Live in America. In a 2018 study, Phoenix Marketing International identified Bridgeport, Connecticut; San Jose, California; Washington, D.C.; and Lexington Park, Maryland as...

Why do you think it is important to understand an organizations informal structure?

What is the standard deduction for each filing status?

Prepare a table of the possible IRS penalties listed in the text and give a brief summary of the purpose of each penalty.

Multiple Choice Questions 1. A single taxpayer is 27 years old and has wages of $17,000 and interest income of $450. Which is the simplest tax form this person can file? a. 1040. b. 1040EZ. c. 1040A....

Last week, you sold 3 0 0 shares of ABC stock for $ 6 , 3 0 0 . The sale was a short sale with an initial margin requirement of 7 0 % . The maintenance margin is 4 0 % . Some positive news concerning...

please help 5 Both Bond Sam and Bond Dave have 9 percent coupons, make semiannual payments, and are priced at par value. Bond Sam has five years to maturity, whereas Bond Dave has 18 years to...

6. Why is it best to hold zero coupon bonds in a tax-deferred account like a 401K? A. Zero coupon bonds are tax exempt B. The IRS requires the holders of zero coupon bonds to pay taxes on the...