Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Mark is a U.S. veteran who served in the U.S. Army and is receiving $10,000 annually in disability compensation. Based on the 2021 tax

1. Mark is a U.S. veteran who served in the U.S. Army and is receiving $10,000 annually in disability compensation. Based on the 2021 tax federal income tax brackets, Mark, who is a single filer, will owe:

Mark will owe 10% of taxable income

Mark will owe $9,,950 at 10% and $995 plus 12% for any amount over $9.950

Mark will not owe any taxes since he is a U.S. Veteran.

None of these are correct.

3. in 2021, Jose is married to Kim, his college sweetheart. Jose reported taxable income of $42,000 driving a delivery van for Amazon and Kim reported taxable income of $48,000 working for a small accounting firm. Jose and Kim file jointly. What is their total income tax liability for 2021.

$19,800

$15,176

$11,297

None of these are correct

2. In 2021, Rebecca is a single tax filer working for Google. She earned $136,000 and her taxable income after deductions was $118,000. When filing her income taxes, Rebecca's total Federal income tax liability for 2021 is:

$22,341

$28,320

$14,751

none of these are correct

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Financial Management

Authors: Geert Bekaert, Robert J. Hodrick

1st Edition

0131163604, 9780131163607

More Books

Students also viewed these Finance questions

Question

8. Compute your chronological age in years, months, and days.

Answered: 1 week ago

Question

How can you defend against SQL injection attacks?

Answered: 1 week ago