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Determine the amount of tax liability in each of the following instances:

a. A married couple filing jointly with taxable income of $32,991.
b. A married couple filing jointly with taxable income of $192,257.
c. A married couple filing separately, one spouse with taxable income of $43,885 and the other with $56,218.
d. A single person with taxable income of $79,436. A single person with taxable income of $297,784.
e. A head of household with taxable income of $96,592. A qualifying widow with taxable income of $14,019.
f. A married couple filing jointly with taxable income of $11,216.

Respuesta :

The determination of the tax liability in each of the following instances is as follows:

          Taxable     Filing        Tax            Tax

          Income     Status       Rate         Liability

a.       $32,991     Joint          12%           $3,958.92

b.     $192,257     Joint          24%         $46,141.68

c.      $43,884     Separate   12%          $5,266.08

c.      $56,218      Separate   12%           $6,746.16

d.     $79,436      Single       22%         $17,475.92

d.     $297,784    Single       35%      $104,224.40

e.     $96,592      Household 24%     $23,182.08

e.      $14,019      Widow        12%         $1,682.28

f.       $11,216       Joint           10%           $1,121.60

What is a tax liability?

A tax liability is the payment that an individual or couple must pay within the tax year to the government.  Generally, tax liabilities arise when the individual earns income or sells an investment.  Examples of tax liabilities are income taxes or capital gains taxes.

Thus, the tax liability of each instance depends on the tax rate and the filing status of the individual or couple.

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