Question

In: Accounting

Calculate the total 2017 tax liability for a surviving spouse with one dependent child with a...

Calculate the total 2017 tax liability for a surviving spouse with one dependent child with a gross income of ​$54,790​, no salary reductions for​ employer-provided benefits, and no itemized deductions.

Assuming the single parent​ taxpayer's filing status is Married Filing Jointly or Surviving​ Spouse, the​ taxpayer's standard deduction for the 2017 tax year is ​$______ ​(Round to the nearest​ dollar.)


Since the taxpayer has one dependent​ child, the​ taxpayer's exemptions for the 2017 tax year is ​$_____ (Round to the nearest​ dollar.)

The​ taxpayer's taxable income for the 2017 tax year is ​$______ ​(Round to the nearest​ dollar.)

The​ taxpayer's child tax credit amount for the 2017 tax year is ​$_____ ​ (Round to the nearest​ dollar.)

The​ taxpayer's total income tax due for the 2017 tax year is ​$_______ ​(Round to the nearest​ cent.)

Standard Deduction Amounts

Filing Status

   

   2017

Single

​$6,350

Married Filing Jointly or Surviving Spouse  

​$12,700

Head of Household

​$9,350

Married Filing Separately

​$6,350

Personal Exemptions in​ 2017: $4,050

Child Tax Credit in​ 2017: $1,000 per child

Solutions

Expert Solution

Tax year - 2017

Filing status - Surviving spouse

Number of personal exemptions = 2 [One for the surviving spouse and one for the dependent child]

Calculation of Tax due or Tax refund

Amount
Total income (Gross Income) $54,790
Less: Exclusions Nil
Adjusted Gross Income $54,790
Less: Standard deductions $12,700
Less: Personal exemptions $4,050 x 2 $8,100
Taxable income $33,990
Gross IncomeTax due [Note 1] $4,166
Less: Child Tax Credit $1,000
Net Inome tax due $3,166

Therefore,

The​ taxpayer's total income tax due for the 2017 tax year is ​$3,166

Note 1 - Calculation of Gross tax on taxable income of $33,990

Federal Income tax rate for the year 2017 (Filing status - Surviving Spouse):

Tax rate
$0 - $18,650 10%
$18,651 – $75,900 15%
$75,901 – $153,100 25%
$153,101 – $233,350 28%
$233,351 – $416,700 33%
$416,701 – $470,700 35%
$470,701+ $39.6%

Calculation of Gross tax payable:

Tax rate Tax amount
$0 to $18,650 = $18,650 10% $18,650 x 10% $1,865
$18,651 to $33,990 = $15,340 15% $15,340 x 15% $2,301
Total Gross tax $4,166

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