Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

2. The Tanner family live in San Francisco, California in 2019. Danny lost his wife just over three years ago. Working as talk show host,

image text in transcribed

image text in transcribed

2. The Tanner family live in San Francisco, California in 2019. Danny lost his wife just over three years ago. Working as talk show host, Danny earns $150,000 per year. He continues to support his three young daughters, D.J., Stephanie, and Michelle, who all live with him throughout the year. Their ages are 18, 16, and 6. None of them earned income throughout the year. a. What filing status does Danny have? b. How many qualifying children does Danny have? c. Regardless of your answer in a., assume that Tanner used Head of Household as his filing status. Use the individual tax formula and the appropriate Federal Tax Schedule and other values from Appendix D to calculate Danny's tax due for 2019. Assume that he does not have any itemized deductions, other taxes, credits, or prepayments. 2019 Tax Rate Schedules Individuals Schedule X-Single Schedule Z-Head of Household If taxable income is over: But not over: If taxable income is over: But not over: The tax is: The tax is: $ $ 0 9,700 $ 9,700 $ 39,475 $ 0 $ 13,850 $ 13,850 $ 52,850 $ 39,475 $ 84,200 $ 52,850 $ 84,200 $ 84,200 $160,725 $ 84,200 $160,700 10% of taxable income $970 plus 12% of the excess over $9,700 $4,543 plus 22% of the excess over $39,475 $14,382.50 plus 24% of the excess over $84,200 $32,748.50 plus 32% of the excess over $160,725 $46,628.50 plus 35% of the excess over $204,100 $153,798.50 plus 37% of the excess over $510,300 10% of taxable income $1,385 plus 12% of the excess over $13,850 $6,065 plus 22% of the excess over $52,850 $12,962 plus 24% of the excess over $84,200 $31,322 plus 32% of the excess over $160,700 $45,210 plus 35% of the excess over $204,100 $152,380 plus 37% of the excess over $510,300 $160,725 $204,100 $160,700 $204,100 $204,100 $510,300 $204,100 $510,300 $510,300 - $510,300 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) Schedule Y-2-Married Filing Separately If taxable income is over: If taxable income is over: But not over: The tax is: But not over: The tax is: $ $ 0 9,700 $ 9,700 $ 39,475 $ 0 $ 19,400 $ 19,400 $ 78,950 $ 39,475 $ 84,200 $ 78,950 $168,400 $ 84,200 $160,725 $168,400 $321,450 10% of taxable income $1,940 plus 12% of the excess over $19,400 $9,086 plus 22% of the excess over $78,950 $28,765 plus 24% of the excess over $168,400 $65,497 plus 32% of the excess over $321,450 $93,257 plus 35% of the excess over $408,200 $164,709.50 plus 37% of the excess over $612,350 10% of taxable income $970 plus 12% of the excess over $9,700 $4,543 plus 22% of the excess over $39,475 $14,382.50 plus 24% of the excess over $84,200 $32,748.50 plus 32% of the excess over $160,725 $46,628.50 plus 35% of the excess over $204,100 $82,354.75 plus 37% of the excess over $306,175 $160,725 $204,100 $321,450 $408,200 $204,100 $306,175 $408,200 $612,350 $306,175 $612,350

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, Srikant M. Datar, George Foster

12th edition

978-0131495388

Students also viewed these Accounting questions