2020 Federal Income Tax Information 2020 Federal Tax Rate Schedules Schedule X-Single If taxable income is over: But not over: $0 $ 9,875 $ 9,875 $ 40,125 $ 40,125 $ 85,525 $ 85,525 $ 163,300 $ 163,300 $ 207,350 $ 207,350 $518,400 $ 518,400 The tax is: 10% of taxable income $987.50 plus 12% of the excess over $9,875 $4,617.50 plus 22% of the excess over $40,125 S14,605,50 plus 24% of the excess over $85,525 $33,271.50 plus 32% of the excess over $163,300 $47,367.50 plus 35% of the excess over $207,350 $156,235.00 plus 37% of the excess over $518,400 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: $0 $ 19,750 $ 80,250 $ 171,050 $326.600 $ 414,700 $622,050 But not over: $ 19,750 $ 80,250 $ 171,050 $ 326,600 $ 414,700 $ 622,050 The tax is: 10% of taxable income $1,975.00 plus 12% of the excess over $19,750 $9,235.00 plus 22% of the excess over $80,250 $29,211.00 plus 24% of the excess over $171,050 S66,543.00 plus 32% of the excess over $326,600 $94.735.00 plus 35% of the excess over $414,700 $167,307.50 plus 37% of the excess over $622,050 Schedule Y-2-Married Filing Separately Tf taxable income is over: But not over: $0 $ 9,875 $ 9,875 $ 40,125 $ 40,125 $ 85,525 $ 85,525 $ 163,300 $ 163,300 $ 207,350 $ 207,350 $311,025 $ 311,025 The tax is: 10% of taxable income $987.50 plus 12% of the excess over $9,875 $4,617.50 plus 22% of the excess over $40,125 $14,605.50 plus 24% of the excess over $85,525 $33,271.50 plus 32% of the excess over $163,300 $47,367.50 plus 35% of the excess over $207,350 $83,653.75 plus 37% of the excess over $311,025 Schedule 7-Head of Household If taxable income is over: $0 S 14,100 $ 53,700 $ 85,500 $ 163,300 But not over: $ 14,100 $ 53,700 $ 85,500 $ 163,300 $ 207,350 The tax is: 10% of taxable income $1,410.00 plus 12% of the excess over $14,100 $6,162.00 plus 22% of the excess over $53,700 $13,158.00 plus 24% of the excess over $85,500 $31,830.00 plus 32% of the excess over $163,300 Required: Determine the amount of tax liability in the following situations. In all cases, the taxpayer is using the filing status of married filing jointly. Use the appropriate Tax Tables or Tax Rate Schedules. a. Taxable income of $62,449 that includes a qualified dividend of $560. b. Taxable income of $12,932 that includes a qualified dividend of $322. c. Taxable income of $144,290 that includes a qualified dividend of $4,384. (Round your intermediate computations to 2 decimal places and final answer to the nearest whole dollar amount.) d. Taxable income of $43,297 that includes a qualified dividend of $971. e. Taxable income of $262,403 that includes a qualified dividend of $12,396. (Round your intermediate computations to 2 decimal places and final answer to the nearest whole dollar amount.) (For all requirements, use the Tax Tables for taxpayers with taxable income under $100,000 and the Tax Rate Schedules for those with taxable income above $100,000.) Tax Liability a. b. C. d. e