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2019 tax rate schedule pictured below. Thanks!! Please show how you got the answers you did. Compute the 2019 tax liability and the marginal and
2019 tax rate schedule pictured below. Thanks!! Please show how you got the answers you did.
Compute the 2019 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2019 tax rate schedule. If required, round the tax liability the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (i.e. .67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable income of $144,800. Tax liability: $ 16,927 x Marginal rate: 24 % Average rate: 17.86 x % b. Lazare, who files as a head of household, has taxable income of $77,000. Tax liability: $ 6,989 x Marginal rate: 22 % Average rate: 12.25 x % of the amount over- $ 0 Head of household-Schedule Z If taxable income is: But not Over- over- The tax is: 0 $ 13,850 ......... 10% 13,850 52,850 $ 1,385.00 + 12% 52,850 84,200 6,065.00 + 22% 84,200 160,700 12,962.00 +24% 160,700 204,100 31,322.00 + 32% 204,100 510,300 45,210.00 + 35% 510,300 ........ 152,380.00 + 37% Married filing separatelySchedule Y-2 Single-Schedule X If taxable of the income is: But not amount Over- over- The tax is: over- $ 0 $ 9,700 ......... 10% 9,700 39,475 $ 970.00 + 12% 9,700 39,475 84,200 4,543.00 + 22% 39,475 84,200 160,725 14,382.50 +24% 84,200 160,725 204,100 32,748.50 + 32% 160,725 204,100 510,300 46,628.50 + 35% 204,100 510,300 ... ... 153,798.50 + 37% 510,300 Married filing jointly or Qualifying widow(er) - Schedule Y-1 If taxable of the income is: But not amount Over- over- The tax is: over- 0 $ 19,400 ......... 10% 19,400 78,950 $ 1,940.00 + 12% 19,400 78,950 168,400 9,086.00 + 22% 78,950 168,400 321,450 28,765.00 + 24% 168,400 321,450 408,200 65,497.00 + 32% 321,450 408,200 612,350 93,257.00 + 35% 408,200 612,350 164,709.50 +37% 612,350 13,850 52,850 84,200 160,700 204,100 510,300 O If taxable income is: Over- $ 0 9,700 39,475 84,200 160,725 204,100 306,175 But not over- $ 9,700 39,475 84,200 160,725 204,100 306,175 The tax is: .... .. 10% $ 970.00 + 12% 4,543.00 + 22% 14,382.50 +24% 32,748.50 + 32% 46,628.50 + 35% 82,354.75 +37% of the amount over- $ 0 9,700 39,475 84,200 160,725 204,100 306,175Step by Step Solution
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