Question

In: Accounting

Determine the tax liability for tax year 2017 in each of the following instances. In each...

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 deduction.

Use the appropriate Tax Tables and Tax Rate Schedules.

Tax table link: http://lectures.mhhe.com/connect/cruz11e_1259713733/2017_tax_table.pdf

Tax Rate Schedules Link: http://lectures.mhhe.com/connect/cruz11e_1259713733/2017_tax_rate_schedule.pdf

A single taxpayer, not head of household, with AGI of $23,493 and one dependent.

A single taxpayer, not head of household, with AGI of $169,783 and no dependents. (Round your intermediate computations to two decimal places and final answer to the nearest dollar amount.)

A married couple filing jointly with AGI of $39,945 and two dependents.

A married couple filing jointly with AGI of $162,288 and three dependents. (Round your intermediate computations to two decimal places and final answer to the nearest dollar amount.)

A married couple filing jointly with AGI of $301,947 and one dependent. (Round your intermediate computations to two decimal places and final answer to the nearest dollar amount.)

A taxpayer filing married filing separately with AGI of $68,996 and one dependent.

A qualifying widow, age 66, with AGI of $49,240 and one dependent.

A head of household with AGI of $14,392 and two dependents.

A head of household with AGI of $59,226 and one dependent.

(For all requirements, use the Tax Tables for taxpayers with taxable income under $100,000 and the Tax Rate Schedules for those with taxable income above $100,000.)

Tax Liability

Solutions

Expert Solution

Part A

Taxable income = 23493- standard deduction 6350 - personal exemption and dependency exemption (2*4050) = 9043

Tax liability = 9043*10% = 904.3 = 904

Part B

Taxable income = 169783 - standard deduction 6350 - personal exemption and dependency exemption 4050 = 159383

Tax liability = 18713.75 - (159383-91900)*15% = 28837.20 = 28837

Part C

Taxable income = 39455 - standard deduction 12700 - personal exemption and dependency exemption 4050*4 = 10555

Tax liability = 10555 * 10% = 1055.5 = 1056

Part D

Taxable income = 162288 - standard deduction 12700 - personal and dependency exemption (4050*5) = 129388

Tax liability = 10452.50 + (129388-75900)*25% = 23824.50 = 23825

Part E

Taxable income = 301947 - standard deduction 12700 - personal and dependency exemption (4050*3) = 277097

Tax liability = 52222.50 + (277097- 233350)*33% = 66659

Part F

Taxable income = 68996 - standard deduction 6350 - personal and dependency exemption (4050*2) = 54546

Tax liability = 5226.25 + (54546-37950)*25% = 9375.25 = 9375

Part G

Taxable income = 49240 - standard deduction (12700) - personal and dependency exemption (4050*3) = 24390

Tax liability = 1865 + (24390-18650)*15% = 2726

Part H

Taxable income = 14392 - standard deduction 9350 - personal and dependency exemption (4050*3) = -7108

Tax liability = 0

Part I

Taxable income = 59226 - standard deduction 9350 - personal and dependency exemption (4050*2) = 41776

Tax liability = 1335 + (41776-13350)*15% = 5598.90 = 5599

ekkarill92 answered 8 months ago

Next > < Previous

Related Solutions

determine the tax liability for tax year 2017 in each of the following instances. in each...

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 deduction. use the appropriate taxtable and tax rate schedules. a. single taxpayer, not household, with AGI of $23493 and one dependent. b. A single taxpayer, not head of household, with AGI of $169783 and no dependents. c. A married couple filling jointly with AGI of $39945 and two dependents. d. a married couple filling jointly...

Determine the average tax rate and the marginal tax rate for each of the following instances:...

Determine the average tax rate and the marginal tax rate for each of the following instances: (Use the Tax Tables for taxpayers with taxable income under $100,000 and the Tax Rate Schedules for those with taxable income above $100,000. Round "Average tax rate" to 1 decimal place.) Use the appropriate Tax Tables or Tax Rate Schedules. A married couple filing jointly with taxable income of $47,302. A married couple filing jointly with taxable income of $208,779. A married couple filing...

Use the 2019 Tax Rate Schedules to determine the tax liability for each of the following...

Use the 2019 Tax Rate Schedules to determine the tax liability for each of the following cases. A. Single taxpayer, taxable income of $38,862. B. Single taxpayer, taxable income of $89,889. C. Married taxpayers, who file a joint return, have taxable income of $89,889. D. Married taxpayers, who file a joint return, have taxable income of $61,229. E. Married taxpayers, who file a joint return, have taxable income of $38,862. F. Single taxpayer, taxable income of $61,229. Please show work

Part 1: Using the following information for tax year 2017, determine if each of the individuals...

Part 1: Using the following information for tax year 2017, determine if each of the individuals could qualify as: QR = Possible Qualified Relative QC = Possible Qualified Child B = Both N = Neither Here are the individuals that you are to test Taxpayer’s son has gross income of $7,000. Taxpayer’s niece has gross income of $3,000. Taxpayer’s uncle lives with him. Taxpayer’s daughter is age 25 and disabled. Taxpayer’s daughter is age 18 but does not live with...

Required: Determine the tax liability, marginal tax rate, and average tax rate in each of the...

Required: Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases. Use the appropriate 2019 Tax Tables and Tax Rate Schedules. Married taxpayers, who file a joint return, have taxable income of $89,889. Married taxpayers, who file a joint return, have taxable income of $61,229. Tax Liability Marginal Tax Rate Average Tax Rate A. _________ _____________ % ______________ % B. _________ _____________ % ______________ %

Required: Determine the tax liability, marginal tax rate, and average tax rate in each of the...

Required: Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases. Use the appropriate 2019 Tax Tables and Tax Rate Schedules. Single taxpayer, taxable income of $38,862. Single taxpayer, taxable income of $89,889. Tax Liability Marginal Tax Rate Average Tax Rate A. _________ _____________ % ______________ % B. _________ _____________ % ______________ %

Determine taxable income in each of the following instances. Assume that the corporation is a C...

Determine taxable income in each of the following instances. Assume that the corporation is a C corporation and that book income is before any income tax expense. Book income of $152,000 including municipal bond interest of $4,000, a charitable contribution of $10,000, and dividends of $6,000 from a 10% owned domestic corporation. The corporation also has a $16,000 charitable contribution carryover.

Determine the amount of the dividends received deduction in each of the following instances. In all...

Determine the amount of the dividends received deduction in each of the following instances. In all cases, the net income figure includes the full dividend. Dividend of $10,000 from a 45% owned corporation; taxable income before DRD of $50,000. Dividend of $19,000 from a 15% owned corporation; taxable income before DRD of $75,000. Dividend of $22,000 from a 60% owned corporation; taxable income before DRD of $11,000. Dividend of $8,000 from a 10% owned corporation; taxable income before DRD of...

Determine taxable income in each of the following instances. Assume that the corporation is a C...

Determine taxable income in each of the following instances. Assume that the corporation is a C corporation and that book income is before any income tax expense. Book income of $100,000 including capital gains of $4,000, a charitable contribution of $2,000, and travel and entertainment expenses of $6,000. Book income of $184,000 including capital losses of $6,000, a charitable contribution of $24,000, and travel and entertainment expenses of $6,000. Book income of $152,000 including municipal bond interest of $4,000, a...

1. Determine George and Mary’s taxable income and tax liability for 2017 if George has $65,000...

1. Determine George and Mary’s taxable income and tax liability for 2017 if George has $65,000 and Mary has $45,000 of salary income, they have $24,000 of allowable itemized deductions, no dependents, and file a joint tax return. 2. Carrie and Stephen have gross salary and wages of $76,000 in 2017 and file a joint return, claiming two personal exemptions and one dependency exemption for their seven-year-old child. They have $15, 000 of allowable itemized deductions and a $240 child...

Subjects