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7 Leanne is an unmarried taxpayer, filing head of household. She has two dependent children (7-year-old twins) who lived with her all year. Her 2019
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Leanne is an unmarried taxpayer, filing head of household. She has two dependent children (7-year-old twins) who lived with her all year. Her 2019 eamed income was $19.600, her AGI was $23,700, and she uses the standard deduction. (Click the icon to vie (Click the icon to view Head of Household Read the requirement, E (Click the icon to view If taxable Income is: The tax is: Not over $13,850........... 10% of taxable income. 1. Detemine her taxable income and regular tax before credits. Over $13,850 but not over $52,850..$1,385.00 + 12% of the excess over $13,850. O Requirements Over $52,850 but not over $84,200.. $6,065.00 + 22% of the excess over $52,850. Minus: Over $84,200 but not over $160,Z0o. $12,962.00 + 24% of the excess over $84,200. Over $160,700 but not over $204,1.. $31,322.00 + 32% of the excess over $160,700. Determine her: Over $204,100 but not over $510,3... $45,210.00 + 35% of the excess over $204, 100. Taxable income 1. Taxable income and regular tax before credits. 2. Earned income credit (ElC). Over $510,300.... $152,380.00 + 37% of the excess over $510,300. 3. Balance due or refund. Print Done O Reference Reference STANDARD DEDUCTION Filing Status Married individuals filing joint returns and surviving spouses 24 24,400 2019Earned Income Credit Table Heads of households 2$ 18,350 Number of Credit Base 12,200 Unmarried individuals (other than surviving spouses and heads of houscholds) Maxium Credit Phase-out (Maximum Earned Income) Qualifying Children Credit Rate Amount Rate* 2$ Marrled Individuals fillng separate returns 12,200 0 children Additional standard deduction for the aged and the blind; Individual who is marrled and surviving spouses $1,300* 7.65% S6.920 $529 7.65% 1 child $10,370 $3,526 34% 15.98% Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse Taxpayer claimed as dependent on another taxpayer's returm: Greater of (1) eamed income plus $350 or (2) S1,100. S1,650* 2 children $14,570 $5,828 40% 21.08% 3 or more children 45% $14.570 S6,557 21.06% * These amounts are $2,600 and $3,300, respectively, for a taxpayer who is both aged and blind. "Applied to the excess of Eamed Income (or AGI if larger) over the threshold amountStep by Step Solution
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