Problemscenerio 1you gross 19600 a year and you are single, Ask an Expert

Accounting

Problem

Scenerio 1:

You gross $19,600 a year and you are single. 10% of your GI is withheld for your income tax. Calculate how much tax you owe and your ATI.

Scenerio 2:

From Scenerio 1 you find a new job for double the pay, $39,200 a year. 15% of your GI is withheld for IT. Youre still single. Calculate how much tax you owe and your ATI.

Scenerio 3:

From Scenerio 2, you get married and your spouse isnt working. 10% of your GI is withheld for IT. You file jointly. Calculate how much tax you owe and your ATI.

Scenerio 4:

Now suppose your spouse gets a job with the same pay you have. You file jointly with GI=78,400. 15% of your GI is withheld for your ITs. Calculate how much tax you owe jointly and your joint ATI.

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Category:- Accounting Basics
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