Determine the tax liability for tax year 2021 in each of the following instances. In each case, assume the taxpayer can take only the standard deduction. Use the appropriate Tax Tables and Tax Rate Schedules. a. A single taxpayer, not head of household, with AGI of $23,493 and one dependent. b. A single taxpayer, not head of household, with AGI of $169,783 and no dependents. Note: Round your intermediate computations to 2 decimal places and final answer to the nearest dollar amount. c. A married couple filing jointly with AGI of $39,945 and two dependents. d. A married couple filing jointly with AGI of $162,288 and three dependents. Note: Round your intermediate computations to 2 decimal places and final answer to the nearest dollar amount.

SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter9: Individuals As Taxpayers
Section: Chapter Questions
Problem 16P
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Determine the tax liability for tax year 2021 in each of the following instances. In each case, assume the taxpayer can take only the standard deduction. Use the appropriate Tax Tables and Tax Rate Schedules. a. A single taxpayer, not head of household, with AGI of $23,493 and one dependent. b. A single taxpayer, not head of household, with AGI of $169,783 and no dependents. Note: Round your intermediate computations to 2 decimal places and final answer to the nearest dollar amount. c. A married couple filing jointly with AGI of $39,945 and two dependents. d. A married couple filing jointly with AGI of $162,288 and three dependents. Note: Round your intermediate computations to 2 decimal places and final answer to the nearest dollar amount. e. A married couple filing jointly with AGI of $301,947 and one dependent. Note: Round your intermediate computations to 2 decimal places and final answer to the nearest dollar amount. f. A taxpayer filing married filing separately with AGI of $68,996 and one dependent. g. A qualifying widow, age 66, with AGI of $49,240 and one dependent. h. A head of household with AGI of $14,392 and two dependents. i. A head of household with AGI of $59,226 and one dependent. Note: For all requirements, use the Tax Tables for taxpayers with taxable income under $100,000 and the Tax Rate Schedules for those with taxable income above $100,000.

 

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