Emma Williams received the items and amounts of income (see Table 6) during 2014. Use colons (,) for thousands, point(.) for decimals, always 2 decimals, do not write any symbol (i.e. $). I.e do not write 5, write 5.00; do not write 1546.1, write 1,546.10. TABLE 6 Salary Dividends Gift from mother Child support from Ex-husband interest on savings account Rent Loan from bank Interest on state gov't bonds What is her total gross income? $ 62,050.00. $60,000.00 $500.00 $500.00 $2,500.00 $500.00 $1,050.00 $2,500.00 $250.00 What portion of her income is tax exempt? $3,250.00. After calculating her gross income, Emma wants to calculate her tax liability (how much she has to pay or is owed in taxes). As a single person, she can claim the standard deduction allowed by the IRS ($6,200.00) and can claim an exemption worth $3,900.00 for every person in her household. Emma has one child. Use the tax rate table below. What does Emma have to pay the IRS in taxes (See below Tax Schedule 2014)? $ type your answer....

Essentials of Business Analytics (MindTap Course List)
2nd Edition
ISBN:9781305627734
Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson
Publisher:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson
Chapter2: Descriptive Statistics
Section: Chapter Questions
Problem 1P: A Wall Street Journal subscriber survey asked 46 questions about subscriber characteristics and...
icon
Related questions
Question
Emma Williams received the items and amounts of income (see Table 6) during 2014. Use colons (,) for thousands, point(.) for decimals, always 2
decimals, do not write any symbol (i.e. $). I.e do not write 5, write 5.00; do not write 1546.1, write 1,546.10.
TABLE 6
Salary
Dividends
Gift from mother
Child support from Ex-husband
interest on savings account
Rent
Loan from bank
Interest on state gov't bonds
What is her total gross income? $ 62,050.00.
$60,000.00
$500.00
$500.00
$2,500.00
$500.00
$1,050.00
$2,500.00
$250.00
What portion of her income is tax exempt? $3,250.00.
After calculating her gross income, Emma wants to calculate her tax liability (how much she has to pay or is owed in taxes). As a single person, she
can claim the standard deduction allowed by the IRS ($6,200.00) and can claim an exemption worth $3,900.00 for every person in her household.
Emma has one child. Use the tax rate table below.
What does Emma have to pay the IRS in taxes (See below Tax Schedule 2014)? $ type your answer...
Transcribed Image Text:Emma Williams received the items and amounts of income (see Table 6) during 2014. Use colons (,) for thousands, point(.) for decimals, always 2 decimals, do not write any symbol (i.e. $). I.e do not write 5, write 5.00; do not write 1546.1, write 1,546.10. TABLE 6 Salary Dividends Gift from mother Child support from Ex-husband interest on savings account Rent Loan from bank Interest on state gov't bonds What is her total gross income? $ 62,050.00. $60,000.00 $500.00 $500.00 $2,500.00 $500.00 $1,050.00 $2,500.00 $250.00 What portion of her income is tax exempt? $3,250.00. After calculating her gross income, Emma wants to calculate her tax liability (how much she has to pay or is owed in taxes). As a single person, she can claim the standard deduction allowed by the IRS ($6,200.00) and can claim an exemption worth $3,900.00 for every person in her household. Emma has one child. Use the tax rate table below. What does Emma have to pay the IRS in taxes (See below Tax Schedule 2014)? $ type your answer...
Expert Solution
steps

Step by step

Solved in 5 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Essentials of Business Analytics (MindTap Course …
Essentials of Business Analytics (MindTap Course …
Statistics
ISBN:
9781305627734
Author:
Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson
Publisher:
Cengage Learning
Administration Of Wills/Trusts/ And Estates
Administration Of Wills/Trusts/ And Estates
Finance
ISBN:
9781285281308
Author:
Brown
Publisher:
Cengage
Income Tax Fundamentals 2020
Income Tax Fundamentals 2020
Accounting
ISBN:
9780357391129
Author:
WHITTENBURG
Publisher:
Cengage