Question
Determine the tax liability for tax year 2021 in each of the following instances. In each case, assume the taxpayer can take only the standard
Determine the tax liability for tax year 2021 in each of the following instances. In each case, assume the taxpayer can take only the standard deduction.
Use the appropriate Tax Tables and Tax Rate Schedules.
- A single taxpayer, not head of household, with AGI of $24,993 and one dependent.
- A single taxpayer, not head of household, with AGI of $192,313 and no dependents.
Note: Round your intermediate computations to 2 decimal places and final answer to the nearest dollar amount.
- A married couple filing jointly with AGI of $41,445 and two dependents.
- A married couple filing jointly with AGI of $163,788 and three dependents.
Note: Round your intermediate computations to 2 decimal places and final answer to the nearest dollar amount.
- A married couple filing jointly with AGI of $315,732 and one dependent.
Note: Round your intermediate computations to 2 decimal places and final answer to the nearest dollar amount.
- A taxpayer filing married filing separately with AGI of $70,496 and one dependent.
- A qualifying widow, age 66, with AGI of $50,740 and one dependent.
- A head of household with AGI of $17,257 and two dependents.
- A head of household with AGI of $60,726 and one dependent.
Note: For all requirements, use the Tax Tables for taxpayers with taxable income under $100,000 and the Tax Rate Schedules for those with taxable income above $100,000.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started