Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Deductions from Adjusted Gross Income, Calculating Tax Liability (LO. 3, 5) Hongtao is single and has a gross income of $86,000. His allowable deductions for

image text in transcribed

Deductions from Adjusted Gross Income, Calculating Tax Liability (LO. 3, 5) Hongtao is single and has a gross income of $86,000. His allowable deductions for adjusted gross income are $4,300, and his itemized deductions are $19,350. The standard deduction for 2020 is $12,400. Round all final amounts to the nearest dollar. Refer to the Tax Rate Schedules to answer the following questions. a. Hangtao's taxable income is \$ and his tax liability is $ for 2020 . b. If Hongtao has $10,200 withheld from his salary during 2020 then Hongtao has of $ c. Assume the same facts as in part a and part b, except that Hongtao is married. His wife's salary is $34,400, and she has $3,000 withheld from her paychech file jointly. The standard deduction for 2020 is $24,800. Their taxable income is $ and their tax liability is $ for 2020 . They will of $

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

SAP Audit Black Book

Authors: Bhushan Jairamdas Mamtani

1st Edition

9351194086, 978-9351194088

More Books

Students also viewed these Accounting questions