Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Emily, age 38 and married, has decided to file a separate return for the tax year 2018. Her wages from her job are expected to

Emily, age 38 and married, has decided to file a separate return for the tax year 2018. Her wages from her job are expected to be $240,000. In addition, her interest income from the savings account and dividends from the CDs at the credit union is expected to total $7,600. Her spouse will not itemize deductions. If she takes the standard deduction, has no adjustments to income, and claims no dependents, what would her projected federal income tax be for 2018? Use the following 2018 Tax Computation Worksheet: Taxable Income Range | (a) Enter the taxable Income |(b) Multiplication Amount |(c) Multiply (a) by (b) | (d) Subtraction Amount | Tax Subtract (c) +(d)

Over $200,000 but not over $300,000 | $235,600 | x 35% | $82,460 | $24,310.50 | $58,149.50 a) $65,913.00 b) $56,049.50 c) $53,949.50 d) $58,149.50

I keep getting 62,349.50

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

More Books

Students also viewed these Accounting questions