In 2020, Fred (55, head of household) has taxable income of $79,120. Fred had federal income taxes of $1,000 and state income taxes of $1,000 withheld from his paychecks in 2020, and he is entitled to a $501 federal tax credit. What is the amount of Fred's 2020 federal income tax liability after credits and prepayments?
In 2020, Fred (55, head of household) has taxable income of $79,120. Fred had federal income taxes of $1,000 and state income taxes of $1,000 withheld from his paychecks in 2020, and he is entitled to a $501 federal tax credit. What is the amount of Fred's 2020 federal income tax liability after credits and prepayments?
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 28P
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In 2020, Fred (55, head of household) has taxable income of $79,120. Fred had federal income taxes of $1,000 and state income taxes of $1,000 withheld from his paychecks in 2020, and he is entitled to a $501 federal tax credit. What is the amount of Fred's 2020 federal income tax liability after credits and prepayments?
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