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8th Edition

Robert Brechner + 1 other

Publisher: Cengage Learning

ISBN: 9781305585447

Chapter 18.III, Problem 19RE

Textbook Problem

Use the Tax Computation Worksheet, Exhibit 18-4, to calculate the tax liability for the following taxpayers earning $100,000 or above.

Name |
Filing Status |
Taxable Income |
Tax Liability |
|||||

19. | Gomez | Married. Separately | $334,515 |

Expert Solution

To determine

**To calculate:** The tax liability for the tax payer Gomez whose taxable income is $334,515.

**Given Information:**

The Person Gomez has filed as a filing of marriage separately with the taxable income of $334,515.

**Calculation:**

Taxable income is defined as the income to which tax rates are functional in order to discover the total amount of tax payable for the year. Tax table is defined as the table which is used to find the income tax whose earnings are more than $100,000.

The followings steps are used to calculate

Step 1: The Person Gomez has filed as marriage separately and in the tax computation sheet, this category is under section C.

Step 2: Reading down the table EXHIBIT 18-4 for taxable income. The taxable income of Gomez is in the range

Step 3: The taxable income is multiplied by the multiplication amount which can be seen as done below:

Contemporary Mathematics for Business & Consumers

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