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For 2019: Chin Lee (age 42) is single with three minor children (all under age 16), who live with him. Chin has a salary of
For 2019: Chin Lee (age 42) is single with three minor children (all under age 16), who live with him. Chin has a salary of $80,001, a short-term capital loss of ($2,000), a cash prize of $4,000 from a church raffle, and itemized deductions of $10,500.
Calculate/Answer the following:
a. Chin's optimum filing status
b. Chin's adjusted gross income
c. Chin's taxable income
d. Chin's tax liability before any credits
Show all calculations and label each answer.
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