Lynn is a single mother with two children. She qualifies to file as head of household. Her total income before deductions was $37,950 last year. Her total deductions were $10,650. Her employer withheld $3,250 from her pay for tax. Use the tax table below. How much more will Lynn owe in taxes? If line 43 (taxable income) is- And you are- Single Married Married Head of a house- hold At least But less than filing filing jointly sepa- Irately Your tax is - 27,000 27,000 27,050 3,653 3,251 27,050 27,100 3,660 3,259 3,660 27,100 27,150 27,150 27,200 27,200 27,250 27,250 27,300 27,300 27,350 27,350 27,400 3,653 3,481 3,489 3,496 3,504 3,668 3,675 3,266 3,668 3,274 3,675 3,683 3,281 3,683 3,511 3,690 3,519 3,698 3,690 3,289 3,698 3,296 3,705 3,526 3,304 3,534 3,311 3,713 3,541 3,549 3,556 3,564 3,743 3,571 3,750 3,579 3,705 27,400 27,450 27,450 27,500 3,720 27,500 27,550 3,728 27,550 27,600 3,735 27,600 27,650 3,743 27,650 27,700 27,700 27,750 3,758 3,356 27,750 27,800 3,765 3,364 27,800 27,850 27,850 27,900 3,780 27,900 27,950 3,788 27,950 28,000 3,795 3,394 3,713 3,319 3,720 3,326 3,728 3,334 3,735 3,341 3,750 3,349 3,758 3,586 3,765 3,594 3,773 3,773 3,379 3,780 3,386 3,788 3,795 3,371 3,601 3,609 3,616 3,624

Lynn is a single mother with two children. She qualifies to file as head of household. Her total income before deductions was $37,950 last year. Her total deductions were $10,650. Her employer withheld $3,250 from her pay for tax. Use the tax table below. How much more will Lynn owe in taxes? If line 43 (taxable income) is- And you are- Single Married Married Head of a house- hold At least But less than filing filing jointly sepa- Irately Your tax is - 27,000 27,000 27,050 3,653 3,251 27,050 27,100 3,660 3,259 3,660 27,100 27,150 27,150 27,200 27,200 27,250 27,250 27,300 27,300 27,350 27,350 27,400 3,653 3,481 3,489 3,496 3,504 3,668 3,675 3,266 3,668 3,274 3,675 3,683 3,281 3,683 3,511 3,690 3,519 3,698 3,690 3,289 3,698 3,296 3,705 3,526 3,304 3,534 3,311 3,713 3,541 3,549 3,556 3,564 3,743 3,571 3,750 3,579 3,705 27,400 27,450 27,450 27,500 3,720 27,500 27,550 3,728 27,550 27,600 3,735 27,600 27,650 3,743 27,650 27,700 27,700 27,750 3,758 3,356 27,750 27,800 3,765 3,364 27,800 27,850 27,850 27,900 3,780 27,900 27,950 3,788 27,950 28,000 3,795 3,394 3,713 3,319 3,720 3,326 3,728 3,334 3,735 3,341 3,750 3,349 3,758 3,586 3,765 3,594 3,773 3,773 3,379 3,780 3,386 3,788 3,795 3,371 3,601 3,609 3,616 3,624

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter8: Taxation Of Individuals

Section: Chapter Questions

Problem 28P

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Similar questions

Sheila, a single taxpayer, is a retired computer executive with a taxable income of 100,000 in the current year. She receives 30,000 per year in tax-exempt municipal bond interest. Adam and Tanya are married and have no children. Adam and Tanyas 100,000 taxable income is comprised solely of wages they earn from their jobs. Calculate and compare the amount of tax Sheila pays with Adam and Tanyas tax. How well does the ability-to-pay concept work in this situation?
Bill and Anne Chambers are married and file a joint return. They have no children. Their college friend Ryan lived with them for the entire current tax year. Ryan is 40 years old and earned 2,000 at a part-time job and received 25,000 in municipal bond interest. Ryan is a citizen of the United States and is unmarried. Which of the following statements is true regarding claiming Ryan as a dependent on the Chamberses tax return? a. If Ryan earns 15,000 in self-employment income in addition to the part-time job and municipal bond interest, he will qualify as a dependent on the Chamberses tax return. b. Ryan qualifies as a dependent for the Chamberses under the qualifying child rules. c. As long as Ryan does not provide more than half of his own support, he qualifies as a dependent for the Chamberses under the qualifying relative rules because he lived with them for the entire year. d. As long as the Chamberses provide more than half of Ryans support, he qualifies as a dependent for the Chamberses under the qualifying relative rules.
Christine is a single 50 -year-old taxpayer with no dependents, Her only income is $ 40,750 of wages. Calculate her taxable income and her tax liability. Please show your work. ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Martha is a self-employed tax accountant who drives her car to visit clients on a regular basis. She drives her car 4,000 miles for business and 10,000 for commuting and other personal use. Assuming Martha uses the standard mileage method, how much is her auto expense for the year? Where in her tax return should Martha claim this deduction? _________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________
Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they have AGI of $80,300. They have excess depreciation on real estate of $67,500, which must be added back to AGI to arrive at AMTI. The amount of their mortgage interest expense for the year was $25,000, and they made charitable contributions of $7,500. If Otto and Monica's taxable income for the current year is $47,800 determine the amount of their AMTI. _______________________________________________________________________
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