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
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