Answered: Henry files as a single taxpayer. In…

Henry files as a single taxpayer. In 2020 his taxable income was $95,525. Using the tax rate schedule in Chapter 3, what is his tax liability for the year?

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter1: The Individual Income Tax Return

Section: Chapter Questions

Problem 8P

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

Henry files as a single taxpayer. In 2020 his taxable income was $95,525. Using the tax rate schedule in Chapter 3, what is his tax liability for the year? (Be sure to use the 2020 rates. If you don't have the textbook, find the 2020 "tax rate schedule" for single taxpayers online)

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