Answered step by step
Verified Expert Solution
Question
1 Approved Answer
2023 Tax Rate Schedules begin{tabular}{|c|c|c|c|c|c|c|c|} hline multicolumn{4}{|c|}{ Single-Schedule X} & multicolumn{4}{|c|}{ Head of household-Schedule Z } hline Iftaxableincomeis:Over- & multirow{2}{*}{Butnotover-$11,000} & multirow{2}{*}{Thetaxis:..10%} & oftheamountover-
2023 Tax Rate Schedules \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Single-Schedule X} & \multicolumn{4}{|c|}{ Head of household-Schedule Z } \\ \hline Iftaxableincomeis:Over- & \multirow{2}{*}{Butnotover-$11,000} & \multirow{2}{*}{Thetaxis:..10%} & oftheamountover- & Iftaxableincomeis:Over- & \multirow{2}{*}{Butnotover-$15,700} & \multirow{2}{*}{Thetaxis:...10%} & oftheamountover- \\ \hline 0 & & & $ & 0 & & & $ \\ \hline 11,000 & 44,725 & $1,100.00+12% & 11,000 & 15,700 & 59,850 & $1,570.00+12% & 15,700 \\ \hline 44,725 & 95,375 & 5,147.00+22% & 44,725 & 59,850 & 95,350 & 6,868.00+22% & 59,850 \\ \hline 95,375 & 182,100 & 16,290.00+24% & 95,375 & 95,350 & 182,100 & 14,678.00+24% & 95,350 \\ \hline 182,100 & 231,250 & 37,104.00+32% & 182,100 & 182,100 & 231,250 & 35,498.00+32% & 182,100 \\ \hline 231,250 & 578,125 & 52,832.00+35% & 231,250 & 231,250 & 578,100 & 51,226.00+35% & 231,250 \\ \hline 578,125 & .......... & 174,238.25+37% & 578,125 & 578,100 & .......... & 172,623.50+37% & 578,100 \\ \hline \multicolumn{4}{|c|}{MarriedfilingjointlyorQualifyingwidow(er)-ScheduleY-1} & \multicolumn{4}{|c|}{ Married filing separately-Schedule Y-2 } \\ \hline Iftaxableincomeis:Over- & Butnotover- & The tax is: & oftheamountover- & Iftaxableincomeis:Over- & Butnotover- & The tax is: & oftheamountover- \\ \hline 0 & $22,000 & .........10\% & $ & 0 & $11,000 & ..........10\% & $ \\ \hline 22,000 & 89,450 & $2,200.00+12% & 22,000 & 11,000 & 44,725 & $1,100.00+12% & 11,000 \\ \hline 89,450 & 190,750 & 10,294.00+22% & 89,450 & 44,725 & 95,375 & 5,147.00+22% & 44,725 \\ \hline 190,750 & 364,200 & 32,580.00+24% & 190,750 & 95,375 & 182,100 & 16,290.00+24% & 95,375 \\ \hline 364,200 & 462,500 & 74,208.00+32% & 364,200 & 182,100 & 231,250 & 37,104.00+32% & 182,100 \\ \hline 462,500 & 693,750 & 105,664.00+35% & 462,500 & 231,250 & 346,875 & 52,832.00+35% & 231,250 \\ \hline \end{tabular} Problem 9-19 (Algorithmic) (LO. 2, 3, 4, 5) Taylor, age 18, is a dependent of her parents. For 2023, she has the following income: $5,400 of wages from a summer job, $1,625 of interest from a money market account, and $1,875 of interest from City of Chicago bonds. If required, round your answers to the nearest dollar. If required, round your answers to the nearest dollar. If an amount is zero, enter " 0 ". Click here to access the 2023 tax rate schedule. a. Taylor's standard deduction for 2023 is $ X. Taylor's taxable income for 2023 is $ X. b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. $ Compute Taylor's tax liability. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).] $X
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started