Chris, who files single, has an Adjusted Gross Income (AGI) of $100,000. Compute the following, assuming...

Chris, who files single, has an Adjusted Gross Income (AGI) of $100,000. Compute the following, assuming her itemized deductions total $5,000. Round your gross tax liability to the nearest dollar.

If filing for the 2017 tax year:

AGI	$100,000
Less: larger of itemized or standard deduction	-
Less: Personal exemption	-
Taxable Income
Gross Tax Liabiliy

If filing for the 2018 tax year:

AGI	$100,000
Less: larger of itemized or standard deduction	-
Less: Personal exemption	-
Taxable Income
Gross Tax Liabiliy

Expert Solution

		CHRIS
	2017
	AGI	$ 100,000.00
	Less: Larger of itemized or Standard deduction	$ 6,350.00
	Less: Personal Exemption	$ 4,050.00
	Taxable Income	$ 89,600.00
	Gross Tax liability	932510%+2862515%+(89600-37950)*25%
	Gross Tax liability	$ 18,138.75

	2018
	AGI	$ 100,000.00
	Less: Larger of itemized or Standard deduction	$ 12,000.00
	Less: Personal Exemption	$ 4,150.00
	Taxable Income	$ 83,850.00
	Gross Tax liability	952510%+2917512%+(82500-38700)22%+($83850-$82500)24%
		$ 14,413.50

ekkarill92 answered 2 years ago

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