EXHIBIT 8-10 2023 Earned Income Credit Table (1) Maximum Earned Income Qualifying Eligible for Children Credit...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
EXHIBIT 8-10 2023 Earned Income Credit Table (1) Maximum Earned Income Qualifying Eligible for Children Credit (2) Credit % (3) (4) Maximum Credit Phase-Out for AGI (5) Credit (or earned income if Phase-Out (1)x(2) greater) over This Amount Percentage No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + [(3)/(5)] Married taxpayers filing joint returns 0 $ 7,840 7.65% $ 600 $16.370 7.65% $24,210 1 11,750 34 3,995 28,120 15.98 53,120 2 16,510 40 6,604 28,120 21.06 59,478 3+ 16,510 45 7,430 28,120 21.06 63,398 All taxpayers except married taxpayers filing joint returns 0 $ 7,840 7.65% $600 $9,800 7.65% $17,640 1 11,750 34 3,995 21,560 15.98 46,560 2 16,510 40 6,604 21,560 21.06 52,918 3+ 16,510 45 7,430 21,560 21.06 $56,838 Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse If taxable income is over: But not over: $ 0 $ 22,000 $ 22,000 $ 89,450 $ 89,450 $ 190,750 $ 190,750 $364,200 $462,500 $ 693,750 $364,200 $462,500 $ 693,750 The tax is: 10% of taxable income | $2,200 plus 12% of the excess over $22,000 $10,294 plus 22% of the excess over $89,450 $32,580 plus 24% of the excess over $190,750 $74,208 plus 32% of the excess over $364,200 | $105,664 plus 35% of the excess over $462,500 $186,601.5 plus 37% of the excess over $693,750 Tax Rates for Net Capital Gains and Qualified Dividends Taxable Income Rate* Married Filing Jointly 0% $0 - $89,250 15% $89,251 $553,850 20% $553,851+ Married Filing Separately $0 - $44,625 $44,626-$276,900 $276,901+ Head of Housel Single $0 - $44,625 $44,626 $492,300 $492,301+ $0 - $59,750 $59,751 - $523, $523,051+ *This rate annlies to the not nanital gains and ualified dividends that fall within the range of taxable income onecified in th EXHIBIT 8-5 2023 AMT Exemptions Filing Status Exemption Married filing jointly $126,500 $1,156,300 Phase-Out Begins at This Level of AMTI Phase-Out Complete for This Level of AMTI $1,662,300 Married filing separately 63,250 578,150 831,150 Head of household and single 81,300 578,150 903,150 EXHIBIT 8-10 2023 Earned Income Credit Table (1) Maximum Earned Income Qualifying Eligible for Children Credit (2) Credit % (3) (4) Maximum Credit Phase-Out for AGI (5) Credit (or earned income if Phase-Out (1)x(2) greater) over This Amount Percentage No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + [(3)/(5)] Married taxpayers filing joint returns 0 $ 7,840 7.65% $ 600 $16.370 7.65% $24,210 1 11,750 34 3,995 28,120 15.98 53,120 2 16,510 40 6,604 28,120 21.06 59,478 3+ 16,510 45 7,430 28,120 21.06 63,398 All taxpayers except married taxpayers filing joint returns 0 $ 7,840 7.65% $600 $9,800 7.65% $17,640 1 11,750 34 3,995 21,560 15.98 46,560 2 16,510 40 6,604 21,560 21.06 52,918 3+ 16,510 45 7,430 21,560 21.06 $56,838 Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse If taxable income is over: But not over: $ 0 $ 22,000 $ 22,000 $ 89,450 $ 89,450 $ 190,750 $ 190,750 $364,200 $462,500 $ 693,750 $364,200 $462,500 $ 693,750 The tax is: 10% of taxable income | $2,200 plus 12% of the excess over $22,000 $10,294 plus 22% of the excess over $89,450 $32,580 plus 24% of the excess over $190,750 $74,208 plus 32% of the excess over $364,200 | $105,664 plus 35% of the excess over $462,500 $186,601.5 plus 37% of the excess over $693,750 Tax Rates for Net Capital Gains and Qualified Dividends Taxable Income Rate* Married Filing Jointly 0% $0 - $89,250 15% $89,251 $553,850 20% $553,851+ Married Filing Separately $0 - $44,625 $44,626-$276,900 $276,901+ Head of Housel Single $0 - $44,625 $44,626 $492,300 $492,301+ $0 - $59,750 $59,751 - $523, $523,051+ *This rate annlies to the not nanital gains and ualified dividends that fall within the range of taxable income onecified in th EXHIBIT 8-5 2023 AMT Exemptions Filing Status Exemption Married filing jointly $126,500 $1,156,300 Phase-Out Begins at This Level of AMTI Phase-Out Complete for This Level of AMTI $1,662,300 Married filing separately 63,250 578,150 831,150 Head of household and single 81,300 578,150 903,150
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Unlike other sciences, the nature and value of philosophy is derived from reflection versus testing, measuring, or examining. O True O False 4
-
Ross and Jessica are married and have one child who is two years old. Ross is a recent college graduate and works as a software engineer. Jessica is a full-time student at Hendrick College, and...
-
LGD Consulting is a medium-sized provider of environmental engineering services. The corporation sponsors a noncontributory, defined benefit pension plan. Alan Barlow, a new employee and participant...
-
Think of an example when you had to decide which values were more important. What was the situation, and how did you resolve it? In retrospect, did you make the right decision? Would you change that...
-
Shown below are the job cost related accounts for the law firm of Barnes, King, andMorton and their manufacturing-company equivalents: Cost data for the month of March follow.1. Purchased supplies on...
-
Introduction to Torque The following picture represents the meter stick setup that can pivot at its center. One of these along with a set of weights and a hook scale will be provided to your group....
-
What were the theological disparities within the Ottoman Empire that precipitated the attempted genocide of Armenians, illuminating the intricate interplay of religious factors in the complex...
-
How might you apply direct labor costs under Job Order versus Process Costing? Under the 2 methods of Process Costing, why is the FIFO method considered superior to the Weighted Average method? Is...
-
Identify and discuss the basic forms of behaviors that employees exhibit in organizations. Describe the nature and importance of individual differences among employees. Explain the meaning and...
-
Completing the actually simulation that will provide the list of the sample number and the list of NPV's. Can you explain how to get the results of the Monte Carlo Simulation? 1 Purchase 2 Purchase...
-
Moose Enterprises has fixed expenses of $200,000 per year. Right now, Moose Enterprises is selling its products for $100 per unit. Management is contemplating a 20% increase in the sale price for the...
-
What is a good thorough response to these questions? To be successful, all organizations need to thoroughly understand their costs. New technologies, such as phone apps, are changing the way...
-
Repeated student samples. Of all freshman at a large college, 16% made the deans list in the current year. As part of a class project, students randomly sample 40 students and check if those students...
-
What mass of KBr (in grams) should you use to make 350.0 mL of a 1.30 M KBr solution?
Study smarter with the SolutionInn App