Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Calculate the total 2017 tax liability for a surviving spouse with one dependent child with a gross income of $44, 140, no salary reductions for

image text in transcribed

image text in transcribed

image text in transcribed

Calculate the total 2017 tax liability for a surviving spouse with one dependent child with a gross income of $44, 140, no salary reductions for employer-provided benefits, and no itemized deductions. . (Round to the nearest dollar.) Click the following link for a standard 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 $ deduction table : 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.) Click the following link for the tax rates and brackets table. E Standard Deduction Amounts Filing Status Single Married Filing Jointly or Surviving Spouse Head of Household Married Filing Separately Personal Exemptions in 2017: $4,050 Child Tax Credit in 2017: $1,000 per child 2017 $6,350 $12,700 $9,350 $6,350 Single If Taxable income is: The Tax is: Not over $9,325 10% of taxable income Over $9,325 but not over $37,950 $932.50 plus 15% of the excess over $9,325 Over $37,950 but not over $91,900 $5,226.25 plus 25% of the excess over $37,950 Over $91,900 but not over $191,650 $18,713.75 plus 28% of the excess over $91,900 Over $191,650 but not over $416,700 $46,643.75 plus 33% of the excess over $191,650 Over $416,700 but not over $418,400 $120.910.25 plus 35% of the excess over $416,700 Over $418,400 $121,505 25 plus 39.6% of excess over $418,400 Married Filing Joint Returns and Surviving Spouses If Taxable income is: The Tax is: Not over $18,650 10% of taxable income Over $18,650 but not over $75,900 $1,865 plus 15% of the excess over $18,650 Over $75,900 but not over $153, 100 $10,452.50 plus 25% of the excess over $75,900 Over $153,100 but not over $233,350 $29,752.50 plus 28% of the excess over $153,100 Over $233,350 but not over $416,700 $52,222.50 plus 33% of the excess over $233,350 Over $416,700 but not over $470,700 $112,728 plus 35% of the excess over $416,700 Over $470,700 $131,628 plus 39.6% of the excess over $470,700

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Advanced Accounting

Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik

10th edition

0-07-794127-6, 978-0-07-79412, 978-0077431808

Students also viewed these Accounting questions