Chris, who files single, has an Adjusted Gross Income (AGI) of $100,000. Compute
ID: 2530686 • Letter: C
Question
Chris, who files single, has an Adjusted Gross Income (AGI) of $100,000. Compute the following, assuming her itemized deductions total $5,000. Round your gross tax liability to the nearest dollar.
If filing for the 2017 tax year:
-
If filing for the 2018 tax year:
AGI
$100,000
Less: larger of itemized or standard deduction
-
Less: Personal exemption
-
Taxable Income
Gross Tax Liabiliy
AGI $100,000 Less: larger of itemized or standard deduction-
Less: Personal exemption - Taxable Income Gross Tax LiabiliyExplanation / Answer
CHRIS 2017 AGI $ 100,000.00 Less: Larger of itemized or Standard deduction $ 6,350.00 Less: Personal Exemption $ 4,050.00 Taxable Income $ 89,600.00 Gross Tax liability 9325*10%+28625*15%+(89600-37950)*25% Gross Tax liability $ 18,138.75 2018 AGI $ 100,000.00 Less: Larger of itemized or Standard deduction $ 12,000.00 Less: Personal Exemption $ 4,150.00 Taxable Income $ 83,850.00 Gross Tax liability 9525*10%+29175*12%+(82500-38700)*22%+($83850-$82500)*24% $ 14,413.50
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.