36 - Answer: Their taxable income is $47,214. Remember that...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
42. Havel and Petra are married, will file a joint tax return, and meet the requirements to file a Form 1040EZ. Havel has W-2 income of $31,931 and Petra has W-2 income of $32,783. What are their taxable income and their tax liability. Determine tax liability using the Tax Tables and the Tax Rate Schedule.
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Answer: Their taxable income is $47,214. Remember that you need to subtract the permitted deduction of $17,500 from their W-2 wages to obtain taxable income. Their tax liability using the tax tables is $6,301 and their liability using the tax rate schedules is $6,299.60....
View Full Document

This note was uploaded on 09/16/2011 for the course ACCOUNTING 145 taught by Professor Eric during the Spring '11 term at Palm Beach Community College.

Ask a homework question - tutors are online