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I need help with calculating the Tax Liability...I am using the 2020 Tax Table Problem 1-9 The Tax Formula for Individuals, Filing Status and Tax
I need help with calculating the Tax Liability...I am using the 2020 Tax Table
Problem 1-9 The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.8) Brock, age 50, and Erin, age 49, are married with three dependent children. They file a joint return for 2020 . Their income from salaries totals $50,000, and they received $8,000 in taxable interest, $5,000 in royalties, and $3,000 in other ordinary income. Brock and Erin's deductions for adjusted gross income amount to $2,500, and they have itemized deductions totaling $19,250. Table for the standard deduction Click here to access the tax tables. Calculate the following amounts: Feedback V Check My Work Individual taxpayers calculate their tax in accordance with a tax formula. Understanding the formula is important, since all tax determinations are based on the result. An important step in calculating the amount of a taxpayer's tax is the determination of the taxpayer's correct filing status. The tax law five different filing statuses: single; married filing jointly; married filing separately; head of household; and qualifying widow(er)Step by Step Solution
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