ACCT M50 PRINCIPLES OF INCOME TAXATION PRACTICE EXAM | FREE SOLVED ANSWERS
What is the amount of the tax liability for a qualifying widow(er) with a dependent child and having taxable income of $121,600? Use the appropriate tax lables and Tax Rate Schedules
What is the amount of the tax liability for a qualifying widow(er) with a dependent child and having taxable income of $121,600? Use the appropriate Tax lables and Tax Rate Schedules
Note: All answers should be rounded to the nearest dollar.
Multiple Choice
- a. $16,858
- b. $14,592
- c. $10,294
- d. $23,020
Answer: A. $16,858
The amount of the tax liability for a qualifying widow(er) with a dependent child and having taxable income of $121,600, according to the provided options, is $16,858.
=$10,852+ (($121,600-$94,300)*22%
=$10,852+$6,006
=$16,858
ACCT M50 PRINCIPLES OF INCOME TAXATION PRACTICE EXAM FREE SOLVED ANSWERS