Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Help please I don't know if I did this correctly! Brandon Mann has $84,750 in gross income from his job at the Acme Pro. During

image text in transcribed

image text in transcribed Help please I don't know if I did this correctly!

Brandon Mann has $84,750 in gross income from his job at the Acme Pro. During 2020 he had $2,600 in adjustments. He had $19000 in qualified medical expenses and $14,200 in other fully itemized deductions. He has 1 dog. Use 2020 tax tables posted on Canvas. Use the following information to answer the next 7 tax questions. Income tax held throughout the year = $13,440 Standard Deduction: Head of Household=$18,650; Single=$12,400; Married Filing Jointly=$24,800 1. What is the Adjusted Gross Income. $84,750 - $2,600 = $82,150 2. What is the total amount of itemized deductions? $82,150 - $6,161.25 = $12,838.75 3. What is the taxable income? $82,150 - $27,038.75 = $55,111 4. How much Federal tax is owed (what is their tax liability)? $55,111.25 x 24 = $13,226

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Personal Finance

Authors: Jeff Madura, Hardeep Singh Gill

4th Canadian edition

978-0134724713

Students also viewed these Accounting questions