Hongtao is single and has a gross income of $89,000. His allowable deductions for adjusted gross income are $4,200, and his itemized deductions are $19,000. The standard deduction for 2018 is $12,000.
Round all amounts to the nearest dollar. Refer to the Tax Rate Schedules to answer the following questions.
a. Hangtao's taxable income is $ and his tax liability is $ for 2018.
Feedback
b. If Hongtao has $12,000 withheld from his salary during 2018 then Hongtao has a refund of $.
c. Assume the same facts as in part a and part b, except that Hongtao is married. His wife's salary is $30,000, and she has $2,000 withheld from her paycheck. They file jointly. The standard deduction for 2018 is $24,000. Their taxable income is $ and their tax liability is $ for 2018. They will of $.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
