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Business, 16.04.2020 01:49 AngstyGroot

Deductions from Adjusted Gross Income, Calculating Tax Liability (LO. 3, 5) Hongtao is single and has a gross income of $89,200. His allowable deductions for adjusted gross income are $4,100, and his itemized deductions are $19,250. The standard deduction for 2019 is $12,200. 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 2019. b. If Hongtao has $11,000 withheld from his salary during 2019 then Hongtao has of $ . c. Assume the same facts as in part a and part b, except that Hongtao is married. His wife's salary is $30,300, and she has $1,400 withheld from her paycheck. They file jointly. The standard deduction for 2019 is $24,000. Their taxable income is $ and their tax liability is $ for

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Deductions from Adjusted Gross Income, Calculating Tax Liability (LO. 3, 5) Hongtao is single and ha...
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