Note: I need a cleared processus and explanation of determination of Tax. For example: items go in the deductios for adj
Posted: Mon May 30, 2022 6:55 am
Note: I need a cleared processus and explanation of determination of Tax.
For example: items go in the deductios for adjusted gross income and items go in the deductions from adjusted gross income.
Note: Don't resolve this case if you are note sure.
Maria is a single taxpayer. Her salary is $51,000. Maria realized a short-term capital loss of $5,000. Her itemized deductions total $4,000. Requirements A. Compute Maria's adjusted gross income Requirement B. Compute Maria's taxable income. Start by computing Maria's adjusted gross income and then her taxable income. Requirement C. Compute Maria's tax liability. (Use the 2020 tax rate schedule below for all tax calculations. Do not round any intermediary calculations. Round your final tax liability to the nearest whole dollar.) Individual Taxpayers *** If Taxable Income Is Between: The Tax Due Is: 0-$9,875 10% of taxable income $987.50+ 12% of the amount over $9,875 $4,617.50+22% of the amount over $40,125 $9,876- $40,125 $40,126 $85.525 $85,526-$163,300 $163,301-$207,350 $207,351-$518,400 $518,400 $14,605.50 +24% of the amount over $85.525 $33,271.50+ 32% of the amount over $163,300 $47,367.50 +35% of the amount over $207,350 $156.235 +37% of the amount over $518,400
For example: items go in the deductios for adjusted gross income and items go in the deductions from adjusted gross income.
Note: Don't resolve this case if you are note sure.
Maria is a single taxpayer. Her salary is $51,000. Maria realized a short-term capital loss of $5,000. Her itemized deductions total $4,000. Requirements A. Compute Maria's adjusted gross income Requirement B. Compute Maria's taxable income. Start by computing Maria's adjusted gross income and then her taxable income. Requirement C. Compute Maria's tax liability. (Use the 2020 tax rate schedule below for all tax calculations. Do not round any intermediary calculations. Round your final tax liability to the nearest whole dollar.) Individual Taxpayers *** If Taxable Income Is Between: The Tax Due Is: 0-$9,875 10% of taxable income $987.50+ 12% of the amount over $9,875 $4,617.50+22% of the amount over $40,125 $9,876- $40,125 $40,126 $85.525 $85,526-$163,300 $163,301-$207,350 $207,351-$518,400 $518,400 $14,605.50 +24% of the amount over $85.525 $33,271.50+ 32% of the amount over $163,300 $47,367.50 +35% of the amount over $207,350 $156.235 +37% of the amount over $518,400