Calculate the 2017 tase liability and the tax or refund due for each situation Round your ansvers to the nearest dollar. 2017 Tax Liability Tax or Refund a. Mark is single vith no dependents and has a taxable income of $60,000. He has $10,700 withheld from his salary for the year. b. Harry and Linda are married and have tasable income of $60-000 Harry has $5,250 withheld from his salary. Linda makes estimated tax payments totaling $3,000. c. Aspra is single. His 20-year-old son. Calvin, lives vith him throughout the year. Calvin pays for less than one half of his support and his earned income for the year is $3.000 Aspra pa all costs of maintaining the household. His taxable income is $60,000. Aspra\'s withholdingstotal $9,600 d. Randy and Raina are married. Because of marital discord, they ar not living together at the end of the year, although they are not legally separated or divorced. Randy\'s taxxable income is s25,000 and Raina\'s is $60,000. Randy makes estimated tax payments of 3.500, and Raina has $9.500 in tax withheld from her salary Assume they choose to file as married filing jointl
Solution:
a. Mark\'s 2017 tax is $10,771 {$5,183.75+[25%x($60,000-$37,650)]}. He has a tax due of $71 ($10,771-$10,700).
b. Harry\'s and Linda\'s 2017 tax filing a joint return is $8,073 {$1,855+ [15%x($60,000-$18,550)]}.
They receive a refund of $177 ($8,073 -$5,250-$3,000).
c. Aspra qualifies to file as head of household.
Aspra\'s 2017 tax is $9,298 {$6,897.50+[25%x($60,000-$50,400)]}.
Aspra will receive a refund of $302 ($9,600-$9,298).
d. If Randy and Raina can get together and file a joint return, their tax on $85,000 in 2017 will be $12,793 {$10,367.50+[25%x($85,000- $75,300)]}.
If they each fileseparately, Randy\'s tax will be $3,286 {$927.50+[($25,000-$9,275) x15%) andRaina\'s tax will be $10,771 [$5,183.75+[25%x($60,000 - $37,650)]}.Their total 2017 tax filing separately is $14,057 ($10,771+$3,286), which is $1,264 ($12,793-$14,057) more tax than they would pay on a joint return.
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