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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
Publisher: Cengage Learning
ISBN: 9781305585447
BuyFind

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
Publisher: Cengage Learning
ISBN: 9781305585447

Solutions

Chapter
Section
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.

Explanation of Solution

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 over $228,800.

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

334,515×39

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Chapter 18 Solutions

Contemporary Mathematics for Business & Consumers
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Ch. 18.I - Calculate the missing information for the...Ch. 18.I - Calculate the missing information for the...Ch. 18.I - Calculate the missing information for the...Ch. 18.I - Calculate the missing information for the...Ch. 18.I - Calculate the missing information for the...Ch. 18.I - Calculate the missing information for the...Ch. 18.I - Calculate the missing information for the...Ch. 18.I - 14. Gloria Carey purchased a refrigerator at Best...Ch. 18.I - 15. Sig Moline purchased supplies at Office Max...Ch. 18.I - Last month The Sweet Tooth Candy Shops had total...Ch. 18.I - Abby Duncan purchased a diamond necklace for...Ch. 18.I - 18. 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