Question
19. Colleen is a cash basis, calendar year individual taxpayer who has a filing status of single. Colleens taxable income for 2020 is $195,000. Colleens
19. Colleen is a cash basis, calendar year individual taxpayer who has a filing status of single. Colleens taxable income for 2020 is $195,000. Colleens total tax prepayments for 2020 are $52,000. Colleen has no tax credits and owes no other taxes that are filed on the form 1040. Using the tax table below:
Single
Taxable Income (Form 1040 Line 15) | Tax Rate in 2020 |
$0$9,875 | 10% |
$9,876$40,125 | $988 plus 12% of the amount over $9,875 |
$40,126$85,525 | $4,617 plus 22% of the amount over $40,125 |
$85,526$163,300 | $14,605 plus 24% of the amount over $85,525 |
$163,301$207,350 | $33,271 plus 32% of the amount over $163,300 |
$207,351$518,400 | $47,367 plus 35% of the amount over $207,350 |
$518,401 or more | $156,234 plus 37% of the amount over $518,400 |
- Determine Colleens gross tax liability for 2020?
- Determine Colleens additional tax due or net tax refund for 2020?
- What is Colleens marginal tax rate for 2020?
- What is Colleens effective tax rate for 2020?
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