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USE THE 2 0 2 3 TAX SCHEDULES AND TABLES. Mr . Carlos Santos and Mrs . Velez are married, and they are 5 0
USE THE TAX SCHEDULES AND TABLES. Mr Carlos Santos and Mrs Velez are married, and they are and years old respectively. Their income consisted of the following sources.
Salaries: Mr Santos $ and Mr Velez $
Interest received in Federal Bonds $
Interest received in Idaho State Bonds $
Interest received in private Certificate Deposit Accounts $
Gambling Winnings $
Gift received by their aunt $
Note: Mr Santos and Mrs Veles have withholding tax payments of $ and respectively.
Please present a computation or request explanation for each item.
Make the follows calculations:
a Gross Income Inclusions points
b Adjusted Gross Income: points.
c Standard Deduction amount: points
d Additional Standard Deduction if any: points
e The taxable income is: points
f The Total tax liability: Please use the tax schedules and indicate what is the marginal tax rate, and average tax rate points
i Total Tax Liability and computation
ii Marginal Tax Rate
iii. Average tax rate
g The tax payment or refund: points
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