2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 9,950 $ 40,525 $ 86,375 $ 164,925 $209,425 $ 523,600 $ 9,950 $ 40,525 $ 86,375 $164,925 $209,425 $ 523,600 The tax is; 10% of taxable income $995 plus 12% of the excess over $9,950 $4,664 plus 22% of the excess over $40,525 $14,751 plus 24% of the excess over $86,375 $33,603 plus 32% of the excess over $164,925 $47,843 plus 35% of the excess over $209,425 $157,804.25 plus 37% of the excess over $523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: S 0 $ 19,900 $ 81,050 $172,750 $329,850 $418,850 $ 628,300 $ 19,900 $ 81,050 $172,750 $329,850 $418,850 $ 628,300 The tax is: 10% of taxable income $1,990 plus 12% of the excess over $19,900 $9,328 plus 22% of the excess over $81,050 $29,502 plus 24% of the excess over $172,750 $67,206 plus 32% of the excess over $329,850 $95,686 plus 35% of the excess over $418,850 $168,993.50 plus 37% of the excess over $628,300 Schedule Z-Head of Household If taxable income is over: But not over: $ 0 $14,200 $ 54,200 $ 86,350 $164,900 $209,400 $ 523,600 $ 14,200 $ 54,200 $ 86,350 $164,900 $209,400 $ 523,600 The tax is: 10% of taxable income $1,420 plus 12% of the excess over $14,200 $6,220 plus 22% of the excess over $54,200 $13,293 plus 24% of the excess over $86,350 $32,145 plus 32% of the excess over $164,900 $46,385 plus 35% of the excess over $209,400 $156,355 plus 37% of the excess over $523,600 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: S 0 $ 9,950 $40,525 $ 86,375 $ 9,950 $ 40,525 $ 86,375 $164,925 $164,925 $209,425 $209,425 $314,150 $314,150 The tax is: 10% of taxable income $995 plus 12% of the excess over $9.950 $4,664 plus 22% of the excess over $40,525 $14,751 plus 24% of the excess over $86,375 $33,603 plus 32% of the excess over $164,925 $47,843 plus 35% of the excess over $209,425 $84,496.75 plus 37% of the excess over $314,150 9. Marc, a single taxpayer, earns $61,000 in taxable income and $5,100 in interest from an investment in city of Birmingham bonds. Using the U.S. tax rate schedule for year 2021, what is his effective tax rate? (Round your final answer to two decimal places.) (Use tax rate schedule.) a) 20.40 percent b) 13.87 percent c) 15.10 percent d) 11.63 percent e) None of the choices are correct 10. Leonardo, who is married but files separately, earns $60,000 of taxable income. He also has $15,200 in city of Tulsa bonds. His wife, Theresa, earns $50,200 of taxable income. If Leonardo and his wife file married filing jointly in 2021, what would be their average tax rate? (Use tax rate schedule.) (Round your final answer to two decimal places.) a) 12.00 percent b) 22.00 percent c) 14.28 percent d) 18.29 percent e) None of the choices are correct 11. A sales tax is a common example of a progressive tax rate structure. a) True b) False 12. Tax policy rarely plays an important part in presidential campaigns. a) True b) False 13. In a regressive tax rate system, the marginal tax rate will often be greater than the average tax rate. a) True b) False 14. Property taxes may be imposed on both real and personal property. a) True b) False 15. A flat tax is an example of a graduated tax system. a) True b) False 16. Self-employment taxes are charged on self-employment income in addition to any federal income tax. a) True b) False 17. The tax base for the federal income tax is taxable income. a) True b) False 18. A 1 percent charge imposed by a local government on football tickets sold is not considered a tax if all proceeds are earmarked to fund local schools. a) True b) False