Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Please help to answer sheet 1 ^ starting with a salary of $38,752 (Starting Salary-Gross) 2. This is the sheet that you have to

1.

image text in transcribed

Please help to answer sheet 1 ^ starting with a salary of $38,752 (Starting Salary-Gross)

2.

image text in transcribedThis is the sheet that you have to use to answer sheet 1.

image text in transcribed This is an example of how it has to look sheet 1.

Not included - sales tax/gross receipts tax, property taxes, gift taxes, estate taxes, self employment tax, personal property tax READ TAX PLANNING WORKSHEET EXAMPLE AND USE TAX \& STANDARD DEDUCTION TAB TO COMPLETE THIS ASSIGNMENT 2021 Federal Income Tax Brackets and Rates for Single Filers, Married Couples Filing Jointly, and Heads of Households \begin{tabular}{|l|l|l|l|} \hline Rate & Single & \multicolumn{1}{|c|}{ Married Couples Filing Jointly } & Head of Household \\ \hline 10% & Up to $9,950 & Up to $19,900 & Up to $14,200 \\ \hline 12% & $9,951 to $40,525 & $19,901 to $81,050 & $14201 to $54,200 \\ \hline 22% & $40,526 to $86,375 & $81,051 to $172,750 & $54,201 to $86,350 \\ \hline 24% & $86,376 to $164,925 & $172,751 to $329,850 & $86,351 to $164,900 \\ \hline 32% & $164,901 to $209,425 & $329,851 to $418,850 & $164,901 to $209,425 \\ \hline 35% & $209,426 to $523,600 & $418,851 to $628,300 & $209,426 to $523,600 \\ \hline 37% & over $523,600 & Over $628,300 & over $523,600 \\ \hline \end{tabular} Example: Filing as Single and Taxable Income at $85,000 (Federal Taxes) Not included - sales tax/gross receipts tax, property taxes, gift taxes, estate taxes, self employment tax, personal property tax Not included - sales tax/gross receipts tax, property taxes, gift taxes, estate taxes, self employment tax, personal property tax READ TAX PLANNING WORKSHEET EXAMPLE AND USE TAX \& STANDARD DEDUCTION TAB TO COMPLETE THIS ASSIGNMENT 2021 Federal Income Tax Brackets and Rates for Single Filers, Married Couples Filing Jointly, and Heads of Households \begin{tabular}{|l|l|l|l|} \hline Rate & Single & \multicolumn{1}{|c|}{ Married Couples Filing Jointly } & Head of Household \\ \hline 10% & Up to $9,950 & Up to $19,900 & Up to $14,200 \\ \hline 12% & $9,951 to $40,525 & $19,901 to $81,050 & $14201 to $54,200 \\ \hline 22% & $40,526 to $86,375 & $81,051 to $172,750 & $54,201 to $86,350 \\ \hline 24% & $86,376 to $164,925 & $172,751 to $329,850 & $86,351 to $164,900 \\ \hline 32% & $164,901 to $209,425 & $329,851 to $418,850 & $164,901 to $209,425 \\ \hline 35% & $209,426 to $523,600 & $418,851 to $628,300 & $209,426 to $523,600 \\ \hline 37% & over $523,600 & Over $628,300 & over $523,600 \\ \hline \end{tabular} Example: Filing as Single and Taxable Income at $85,000 (Federal Taxes) Not included - sales tax/gross receipts tax, property taxes, gift taxes, estate taxes, self employment tax, personal property tax

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Mathematical Finance Core Theory Problems And Statistical Algorithms

Authors: Nikolai Dokuchaev

1st Edition

0415414482, 978-0415414487

More Books

Students also viewed these Finance questions