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Toni Tornan is a single parent- During 2014 she earned wages $26-550-.docx
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Toni Tornan is a single parent. During 2014 she earned wages $26,550. Her employer did not withhold federal income taxes from her pay.. Toni claims her two children, age 5 and 8, as dependents. The wages are Toni’s only source of gross income. Compute Toni taxable income and her taxes due to (or from) the government when she files her 2014 tax return. Solution Ans .
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Toni Tornan is a single parent- During 2014 she earned wages $26-550-.docx
- Toni Tornan is a single parent. During 2014 she earned wages $26,550. Her employer did not withhold federal income taxes from her pay.. Toni claims her two children, age 5 and 8, as dependents. The wages are Toni’s only source of gross income. Compute Toni taxable income and her taxes due to (or from) the government when she files her 2014 tax return. Solution Ans Details Amount Adjusted Gross Income 26,550.00 Less Personnal Exemption: Herself 3,950.00 2 Dependents    3950*2 7,900.00 Less Standard Deduction 6,200.00 Total 18,050.00 Net taxable income 8,500.00 Tax rate 10% Net Tax payable 850.00
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