Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: $ 0 $ 9,700 $ 39,475 $ 84,200 $160,725 $204,100 $510,300 But not

image text in transcribedimage text in transcribed

2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: $ 0 $ 9,700 $ 39,475 $ 84,200 $160,725 $204,100 $510,300 But not over: The tax is: $ 9,700 10% of taxable income $ 39,475 S970 plus 12% of the excess over $9.700 $ 84,200 $4,543 plus 22% of the excess over $39,475 $160,725 $14,382.50 plus 24% of the excess over $84,200 $204,100 $32,748.50 plus 32% of the excess over $160,725 $510,300 $46,628.50 plus 35% of the excess over $204,100 $153,798.50 plus 37% of the excess over $510,300 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,400 10% of taxable income $ 19,400 $ 78,950 $1,940 plus 12% of the excess over $19,400 $ 78,950 $168,400 $9,086 plus 22% of the excess over $78,950 $168,400 $321,450 $28.765 plus 24% of the excess over $168.400 $321,450 $408.200 $65,497 plus 32% of the excess over $321.450 $408.200 $612,350 $93,257 plus 35% of the excess over $408.200 $612,350 $164.709.50 plus 37% of the excess over $612,350 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: I $ 0 $ 13,850 10% of taxable income $ 13,850 $ 52,850 $1,385 plus 12% of the excess over $13.850 $ 52,850 $ 84,200 56,065 plus 22% of the excess over $52.850 $ 84,200 $160,700 $12.962 plus 24% of the excess over $84,200 $160,700 $204,100 $31,322 plus 32% of the excess over $160,700 $204,100 $510,300 $45,210 plus 35% of the excess over $204.100 $510,300 - $152,380 plus 37% of the excess over $510,300 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 5970 plus 12% of the excess over $9.700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160,725 S14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $306,175 $46,628.50 plus 35% of the excess over $204,100 $306,175 - $82,354.75 plus 37% of the excess over $306.175 Required information [The following information applies to the questions displayed below.) Rick, who is single, has been offered a position as a city landscape consultant. The position pays $151,400 in cash wages. Assume Rick has no dependents. Rick deducts the standard deduction instead of itemized deductions and he is not eligible for the qualified business income deduction. (Use the tax rate schedules.) a. What is the amount of Rick's after-tax compensation (ignore payroll taxes)? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Taxable income (6) Income tax liability After-tax compensation

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

Horngrens Financial and Managerial Accounting

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

4th Edition

978-0133251241, 9780133427516, 133251241, 013342751X, 978-0133255584

Students also viewed these Accounting questions