   Chapter 18, Problem 24AT ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# As an accountant for the Give Me A Break Tax Service, use the Tax Table, Exhibit 18-3, or the Tax Computation Worksheet, Exhibit 18-4, whichever is appropriate, to calculate the tax liability for the following clients. Name Filing Status Taxable Income Tax Liability 24. Henne Single $125,202 To determine To calculate: The tax liability for Henne whose filing status is single and the taxable income of the Henne is$125,202.

Explanation

Given Information:

The taxable income of the Henne is  $125,202. As an account for the give me a tax break tax service, refer to the tax table Exhibit 183 and 184 for the tax computation. Formula used: Steps to find tax liability by the use of tax computation worksheet (Exhibit 184), Step1: Select the section based on the filling status. Step2: To find the range of taxable income, read down the first column “Taxable Income, If line 43 is -”. Step3: find the product of taxable income and the multiplication amount obtained in the range of taxable income. Step4: Now, find the subtraction amount for the range and subtract it from the result of step 3 to find the tax liability. Calculation: Consider the taxable income of the Henne is$125,202.

As the taxable income is greater than \$100,000, use tax computation worksheet Exhibit 184

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