1

Total income $130,200 Excludable income 2,500 Deductions for adjusted gross income 2,700 Deductions from adjusted gross...

Question

Total income $130,200 Excludable income 2,500 Deductions for adjusted gross income 2,700 Deductions from adjusted gross...
Total income $130,200
Excludable income 2,500
Deductions for adjusted gross income 2,700
Deductions from adjusted gross income 13,200

(Hint: The standard deduction for married filing jointly is $24,400.)

Do not round intermediate computations. Round the final tax liability to the nearest cent. Refer to the tax rate schedule to calculate the following.

Based on the above information, for a couple filing jointly, their adjusted gross income (AGI) is $; taxable income is $; and, their tax liability is $

Answers

Ans:

Particulars Amount($)
Total Income $130,200
Excluded income (2,500)
Deductions for adjusted gross income (2,700)
Adjusted gross income $ 125,000
Standard deduction ( whichever is greater i.e. standard deduction or deductions from adjusted gross income) ($24,400)
Taxable income $100,600
Tax liability -($9,086+ 22% (100,600-78,950)** $13,849

** note: assume year to be 2019


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