What is his tax liability before his payroll taxes

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Reference no: EM133923373

Problem

Forrest Grump makes $150,000 per year. He takes the standard deduction for 2024 of $14,600. He files single. He takes the lifetime learning credit of $2,000. He sold his 2 year old Mercedes for an excess of $3000 capital gain tax. Get the instant assignment help. What is his tax liability before his payroll taxes? He had his company withhold $20,000 in taxes. Is there a refund? If so how much? Does he owe taxes? If so how much?

Reference no: EM133923373

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