Deductions from Adjusted Gross Income, Calculating Tax Liability (LO. 3,5) Hongtao is single and has...
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Deductions from Adjusted Gross Income, Calculating Tax Liability (LO. 3,5) Hongtao is single and has a gross income of $92,600. His allowable deductions for adjusted gross income are $4,300, and his itemized deductions are $18,450. The standard deduction for 2020 is $12,400. Round all final amounts to the nearest dollar. Refer to the Tax Rate Schedules to answer the following questions. a. Hangtao's taxable income is $ 69,850 and his tax liability is $ 14,627.5 x for 2020. Feedback b. If Hongtao has $11,800 withheld from his salary during 2020 then Hongtao has a refund of $ Feedback C. Assume the same facts as in part a and part b, except that Hongtao is married. His wife's salary is $33,700, and she has $3,100 withheld from her paycheck. They file jointly. The standard deduction for 2020 is $24,800. Their taxable income is $ and their tax liability is $ for 2020. They will of $ Fedhack
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