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*2021 Tax tables is 12 pages long unable to include that* Thank you for your help! Determine the amount of tax liability in the following
*2021 Tax tables is 12 pages long unable to include that* Thank you for your help!
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. Note: 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. Note: Round your intermediate computations to 2 decimal places and final answer to the nearest whole dollar amount. Note: For all requirements, use the Tax Tables for taxpayers with taxable income under $100,000 and the Tax Rate Schedules fo those with taxable income above $100,000. Tax Liability a. b. C. d. e. 2021 Federal Income Tax Information 2021 Federal Tax Rate Schedules Schedule X-Single If taxable income is over: $0 $9.950 $40,525 $86,375 $164,925 $209,425 $523,600 But not over: $9.950 $40,525 $86,375 $164.925 $209,425 $523,600 The tax is: 10% of taxable income $995.00 plus 12% of the excess over $9.950 $4.664.00 plus 22% of the excess over $40,525 $14.751.00 plus 24% of the excess over $86,375 $33,603.00 plus 32% of the excess over $164.925 $47,843.00 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) F If taxable income is over: SO $19.900 $81,050 $172.750 $329,850 $418.850 $628,300 But not over: $19,900 $81,050 $172.750 $329.850 $418.850 S628,300 The tax is: 10% of taxable income $1,990.00 plus 12% of the excess over $19.900 $9,328.00 plus 22% of the excess over $81,050 $29.502.00 plus 24% of the excess over $172.750 $67,206.00 plus 32% of the excess over $329.850 $95 686.00 plus 35% of the excess over $418.850 $168.993.50 plus 37% of the excess over $628,300Step by Step Solution
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