Math Problem Statement

Calculate the total 2020 tax liability for a surviving spouse with one dependent child with a gross income of ​$59 comma 400.00​, assuming that the taxpayer takes the standard deduction. If the dependent child is under the age of 17 and ​$3 comma 000.00 was withheld from the​ taxpayer's wages for federal income​ taxes, what is the amount of the​ taxpayer's refund or tax​ due? Question content area bottom Part 1 Assuming the single parent​ taxpayer's filing status is Married Filing Jointly or Surviving​ Spouse, the​ taxpayer's standard deduction for the 2020 tax year is ​

Solution

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Math Problem Analysis

Mathematical Concepts

Tax Calculation
Federal Income Tax Brackets
Standard Deduction

Formulas

Taxable Income = Gross Income - Standard Deduction
Tax Liability = (Income in First Bracket) * 10% + (Remaining Income in Second Bracket) * 12%
Refund or Tax Due = Tax Withheld - Tax Liability

Theorems

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Suitable Grade Level

Grades 11-12 and College Level