Determine the amount of tax liability in the following situations. In all cases, the taxpayer is using the filing status of married filing jointly. (Use the Tax Tables for taxpayers with taxable income under $100,000 and the Tax Rate Schedules for those with taxable income above $100,000. Round your intermediate computations to 2 decimal places and final answer to the nearest whole dollar amount.)
What is the tax liability for the following?
a.) Taxable income of $62,449 that includes qualified dividend income of $560.
b.) Taxable income of $12,932 that includes qualified dividend income of $322.
c.) Taxable income of $144,290 that includes qualified dividend income of $4,384.
d.) Taxable income of $43,297 that includes qualified dividend income of $971.
e.) Taxable income of $262,403 that includes qualified dividend income of $12,396.
The following information was taken from the financial statements of Hofburg Corp. for the year just ended:
Accounts receivable, January 1 $ 21,600
Accounts receivable, December 31 30,400
Sales on account and cash sales 438,000
Uncollectible accounts 1,000
No accounts receivable were written off or recovered during the year. If the direct method is used in its statement of cash flows, Hofburg should report cash collected from customers as
A. $447,800
B. $446,800
C. $428,200
D. $429,200
