Taxable Income= Adjusted gross income- Standard deduction = =$48100 Explanation: E) Taxes payable= Tax Liability-Tax...
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Accounting
Taxable Income= Adjusted gross income- Standard deduction
=
=$48100
Explanation:
E)
Taxes payable= Tax Liability-Tax
Tax liability=$0-$19050 --10% of your taxable income
$ 1905+12% excess over 19050
=
=$3486
Tax liability=
=$5391
Tax= federal tax withholding+ child tax credit
=
=$7500
Tax liability-Tax= refund
=
=-$2109
Example where the 0 and the 19050 come from
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