n 2019, Cheryl, who is single and not a dependent of another taxpayer, has taxable income of $30,000. Using this abbreviated 2019 tax schedule for single filers below, compute her tax liability. $0 to $9,700 10%, $9700 to $39,475 12% 1. compute Cheryl's tax liability if her income consisted of $26,000 in wages and $4,000 in long term capital gains. 2.What would Cheryl's tax liability be if the $30,000 included $6,000 she withdrew from her IRA to pay off her credit cards? Cheryl is 35.

n 2019, Cheryl, who is single and not a dependent of another taxpayer, has taxable income of $30,000. Using this abbreviated 2019 tax schedule for single filers below, compute her tax liability. $0 to $9,700 10%, $9700 to $39,475 12% 1. compute Cheryl's tax liability if her income consisted of $26,000 in wages and $4,000 in long term capital gains. 2.What would Cheryl's tax liability be if the $30,000 included $6,000 she withdrew from her IRA to pay off her credit cards? Cheryl is 35.

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter9: Individuals As Taxpayers

Section: Chapter Questions

Problem 29P

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Arthur Wesson, an unmarried individual who is age 68, reports taxable income of 510,000 in 2019. He records positive AMT adjustments of 80,000 and preferences of 35,000. Arthur itemizes his deductions, and his regular tax liability in 2019 is 153,694. a. What is Arthurs AMT? b. What is the total amount of Arthurs tax liability? c. Draft a letter to Arthur explaining why he must pay more than the regular income tax liability. Arthurs address is 100 Colonels Way, Conway, SC 29526.
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