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What are the answers to C. I can't seem to figure this one out Deductions from Adjusted Gross income, Calculating Tax Liability (LO. 3, 5)
What are the answers to C. I can't seem to figure this one out
Deductions from Adjusted Gross income, Calculating Tax Liability (LO. 3, 5) Hongtao is single and has a gross income of $69,000. His allowable deductions for adjusted gross income are $4,200, and his itemized deductions are $19,000. The standard deduction for 2019 is $12,200. Round all amounts to the nearest dollar. Refer to the Tax Rate Schedules answer the following questions. a. Hangtao's taxable income is 65,800 and his tax liability is s 10,335 for 2019. Feedback Check My Work After determining the taxpayer's taxable income, the tax is computed using the appropriate rate for the taxpayer's filing status. b. If Hongtao has $12,000 with held from his salary during 2019 then Hongtao has a refund of S 1,665 Feedback Check My Work Correct C. Assume the same facts as in part a and part b, except that Hongtao is married. His wife's salary is $30,000, and she has $2,000 withheld from her paycheck. They file jointly. The standard deduction for 2019 is $24,400. Their taxable income is 90,400 and their tax liability is $ 11,605 for 2019. They will receive a refund of 2,395Step by Step Solution
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