Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Compute the 2020 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2020 tax rate schedule.

image text in transcribed

image text in transcribed

Compute the 2020 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2020 tax rate schedule. If required, round the tax liability to the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (i.e. .67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable income of $94,800. Tax liability: $ 24,368 X Marginal rate: 24 % Average rate: 19.31 X % b. Lazare, who files as a head of household, has taxable income of $57,050. Tax liability: 11,376 x Marginal rate: 22 % Average rate: 14.70 X % Compute the 2020 standard deduction for the following taxpayers. If an amount is zero, enter "0". Click here to access the standard deduction table to use. a. $ 3,910 Ellie is 15 and claimed as a dependent by her parents. She has $575 in dividends income and $2,880 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody $ is 69. Their taxable retirement income is $16,070. C. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $480, and her interest income is $245. 100 $ d. Frazier, age 44, is married but is filing a separate return. His wife itemizes her deductions

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

College Mathematics For Business Economics, Life Sciences, And Social Sciences

Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker

14th Edition

0134674146, 978-0134674148

Students also viewed these Accounting questions