Calculate the 2020 tax liability and the tax or refund due for each situation. Round your answers to the nearest dollar. a. Mark is single with no dependents and has a taxable income of $64,800. He has $9,800 withheld from his salary for the year. - Tax Liability: _______ - Tax or Refund: _______
Calculate the 2020 tax liability and the tax or refund due for each situation. Round your answers to the nearest dollar.
a. Mark is single with no dependents and has a taxable income of $64,800. He has $9,800 withheld from his salary for the year.
- Tax Liability: _______
- Tax or Refund: _______
b. Harry and Linda are married and have a taxable income of $64,800. Harry has $5,050 withheld from his salary. Linda makes estimated tax payments totaling $3,170.
- Tax Liability: _________
- Tax or Refund: _________
c. Aspra is single. His 20-year-old son, Calvin, lives with him throughout the year. Calvin pays for less than one-half of his support and his earned income for the year is $2,870. Aspra pays all costs of maintaining the household. His taxable income is $64,800. Aspra’s withholdings total $8,700.
- Tax Liability: _________
- Tax or Refund: _________
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