Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For questions 2 through 6, use the following information for the tax year 2022. Alicia, age 30, is a single taxpayer with W-2 wages of

For questions 2 through 6, use the following information for the tax year 2022. Alicia, age 30, is a single taxpayer with W-2 wages of $96,000. In addition, Alicia receives $6,000 of tax-exempt interest income and she has $5,000 interest income from her savings account at Citibank. She has from AGI deductions totaling $10,000.

Question #2: What is Alicia's gross income, subject to tax? a. $90,000 b. $96,000 c. $101,000 d. $102,000 e. $107,000

QUESTION 3 What is Alicia's adjusted gross income? a. $91,000 b. $96,000 c. $101,000 d. $102,000 e. $107,000

QUESTION 4 What is Alicia's taxable income? a.$88,050 b.$88,450 c.$90,000 d.$90,100 e.$96,000

QUESTION 5 What is Alicia's tax liability (rounded)? a.$10,181 b.$14,605 c.$14,751 d.$14,988 e.$21,250

QUESTION 6 What is Alicias marginal tax rate? a. 10% b. 12% c. 22% d. 24% e. 32%

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

QuickBooks

Authors: Tim Power

1st Edition

1801490090, 978-1801490092

More Books

Students also viewed these Accounting questions

Question

What are your hobbies?

Answered: 1 week ago