Question

Amy and Ethan are married and file a joint return for 2023. Their taxable income is $192,100. The amount of their tax liability, rounded to the nearest dollar, is $

Zack is single and has collected the following information for preparing his 2023 taxes: Gross income $74,000, tax credits $2,500, itemized deductions $10,500, deductions for AGI $5,000, tax prepayments $8,400. Based on this information, Zack's "adjusted gross income" equals $69,000, and his "taxable income" equals ______.
Adjusted gross income = gross - deductions for AGI = 74000-5000 = $69,000

Answer 1

Zack's taxable income for the year 2023 is calculated by subtracting his itemized deductions from his adjusted gross income, resulting in a taxable income of $58,500.

Step-by-step explanation:

Amy and Ethan, a married couple filing a joint return with a taxable income of $192,100 in 2023, can determine their tax liability using the applicable tax brackets and rates. Unfortunately, specific tax liability calculations require detailed information on credits, deductions, and other factors. Without this information, I cannot provide the exact tax liability rounded to the nearest dollar.

For Zack, a single taxpayer, his adjusted gross income (AGI) is calculated by subtracting deductions for AGI from his gross income. In this case, Zack's AGI is $74,000 - $5,000 = $69,000. To determine his taxable income, various factors such as itemized deductions, tax credits, and prepayments are considered. However, the specific taxable income value is not provided in the given information.