Problem 1-8 The Tax Formula for Individuals, Filing Status and Tax Computation, Personal and Dependency...
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Accounting
Problem 1-8 The Tax Formula for Individuals, Filing Status and Tax Computation, Personal and Dependency Exemptions (LO 1.3, 1.5, 1.7)
Jonathan is a 35-year-old single taxpayer with adjusted gross income in 2019 of $46,300. He uses the standard deduction and has no dependents.
Table for the standard deduction
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Click here to access the tax tables.
a. Calculate Jonathan's taxable income. $
b. When you calculate Jonathan's tax liability are you required to use the tax tables or the tax rate schedule?
c. What is Jonathan's tax liability? $
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