Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lee is single and has two daughters, Ava and Alice. He makes $155,600 in gross income from his job at NASA. During 2020 he had

Lee is single and has two daughters, Ava and Alice. He makes $155,600 in gross income from his job at NASA. During 2020 he had $6,000 in adjustments. He also had $17,600 in qualified medical expenses and $9,000 in other fully itemized deductions. Income tax held throughout the year = $18,500 Standard Deduction: Head of Household $18,800; Single-$12,550; Married Filing Jointly $25,100 $2000 child tax credit Schedule Z-If your filing status is Head of household If your taxable income is: The tax is: Over- But not over- of the amount over- $0 $14,200 14,200 54,200 10% $1,420.00+12% $0 14,200 54,200 86,350 6,220.00 + 22% 54,200 86,350 164,900 13,293.00+ 24% 86,350 164,900 209,400 32,145.00+32% 164,900 209,400 523,600 46,385.00 + 35% 209,400 523,600 156,355.00+37% 523,600 Will a refund be received or will payment be owed to the government? owe government $1,461 O refund of $1,753 owe government $1,825 O refund of $1,895

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

Managerial Accounting Strayer University

Authors: Strayer University

3rd Custom Edition

0077234804, 978-0077234805

More Books

Students also viewed these Accounting questions