Deductions from Adjusted Gross Income, Calculating Tax Liability (LO. 3, 5) Hongtao is single and has a gross income of $89,200. His allowable deductions for adjusted gross income are $4,100, and his itemized deductions are $19,250. The standard deduction for 2019 is $12,200. Round all amounts to the nearest dollar. Refer to the Tax Rate Schedules to answer the following questions. a. Hangtao's taxable income is $ and his tax liability is $ for 2019. b. If Hongtao has $11,000 withheld from his salary during 2019 then Hongtao has of $ . c. Assume the same facts as in part a and part b, except that Hongtao is married. His wife's salary is $30,300, and she has $1,400 withheld from her paycheck. They file jointly. The standard deduction for 2019 is $24,000. Their taxable income is $ and their tax liability is $ for

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

The correct answer is  "b)  net income overstated, assets unaffected, liabilities understated, and owner's equity overstated."

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