FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Hanasaben

Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $39,148, and Petra has W-2 income of $47,227. Use the appropriate Tax Tables and Tax Rate Schedules. Required: a. What is their tax liability using the Tax Tables? b. What is their tax liability using the Tax Rate Schedule? Note: Round your intermediate computations and final answers to 2 decimal places. a. Tax liability using Tax Tables b. Tax liability using Tax Rate Schedule
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Transcribed Image Text:Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $39,148, and Petra has W-2 income of $47,227. Use the appropriate Tax Tables and Tax Rate Schedules. Required: a. What is their tax liability using the Tax Tables? b. What is their tax liability using the Tax Rate Schedule? Note: Round your intermediate computations and final answers to 2 decimal places. a. Tax liability using Tax Tables b. Tax liability using Tax Rate Schedule
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Step 1: Meaning of taxable income :
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Step 2: Calculation of tax liability using tax table and tax rate schedule:
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