ACC 2500 cummulative problem 59

Name: Scott Bender Assignment: Cumulative Problem 59 Class: ACC 2500 Question 59 Particulars Calculation Amount Salary 120000 Interest Income 2300 Refund of State Income Tax 1200 Foreign earned income exclusion 46/365x103,900 13094.2465753425 Gross Income 110406 Deductions from AGI Alimony 6600 Adjusted AGI 103806 Standard Deduction 12,000 x 2 24000 Taxable Income 103,806-24000 79806 Income Range Tax Rate Calculation Amount 0-19050 10% 19050 x 10% 1905 19,050-77,400 12% 77400-19050 * 12% 7002 77,400-165000 22% 79806-77400*22% 529.32 Total 9436.32 Particulars Calculation Amount Tax on Taxable income of 155700 9436 Dependent Tax Credit 1000 Taxes withhold 10750 Tax Refund 9436-1000-10750 -2314 Part 2 There would be no impact on the federal income tax liability because the deductions would not change.