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dimulka [17.4K]
3 years ago
9

Caroline is an unmarried single mother of a 14 year old son in 2020. Caroline's spouse and the son's father, Frank, died during

2018. Caroline's Adjusted Gross Income for 2020 is 54,000. Caroline's itemized deductions are $10,000. What is Caroline's computed Income Tax Liability for 2020 BEFORE CONSIDERING ANY TAX CREDITS
Business
1 answer:
joja [24]3 years ago
3 0

Answer:

the income tax liability for the year 2020 is $9,680

Explanation:

The computation of the income tax liability for the year 2020 is as follows:

= (Adjusted gross income) - (itemized deductions) × tax rate

= ($54,000 - $10,000) × 0.22

= $44,000 × 0.22

= $9,680

We assume the tax rate be 22%

hence, the income tax liability for the year 2020 is $9,680

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3 years ago
Assume the auto market is initially in equilibrium with imports from Japan taking up a significant share of the market. Now assu
Zanzabum

Answer:

It depends

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