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9-6 Estimated Payments (LO 9.2) Kana is a single wage earner with no dependents and taxable income of $168,700 in 2021. Her 2020 taxable income
9-6 Estimated Payments (LO 9.2) Kana is a single wage earner with no dependents and taxable income of $168,700 in 2021. Her 2020 taxable income was $155,000 and tax liability was $31,375. Calculate Kana's 2021 income tax liability and the minimum required 2021 annual payment necessary to avoid any penalty. Round your answers to two decimal places. Click here to access the income tax rate schedules. Kana's 2021 income tax liability: $ Kana's minimum required 2021 annual payment necessary to avoid any penalty: $ 2021 Tax Rate Schedules Schedule X-If your filing status is Single If your taxable CAUTION The Tax Rate Schedules are shown so you can see the tax rate that applies to all levels of taxable income. Don't use them to figure your tax. Instead, see the instructions for line 16. income is: The tax is: of the But not Over- over- amount over- $0 $9,950 10% $0 9,950 40,525 $995.00 + 12% 9,950 40,525 86,375 4,664.00 + 22% 40,525 86,375 164,925 14,751.00 + 24% 86,375 164,925 209,425 33,603.00 +32% 164,925 209,425 523,600 47,843.00 + 35% 209,425 523,600 157,804.25 + 37% 523,600 Schedule Y-1-If your filing status is Married filing jointly or Qualifying widow(er) If your taxable income is: The tax is: But not Over- over- of the amount over- $0 $19,900 10% $0 19,900 81,050 $1,990.00 + 12% 19,900 81,050 172,750 9,328.00 + 22% 81,050 172,750 329,850 29,502.00 + 24% 172,750 329,850 418,850 67,206.00 + 32% 329,850 418,850 628,300 95,686.00 + 35% 418,850 628,300 168,993.50 + 37% 628,300 Schedule Y-2-If your filing status is Married filing separately If your taxable income is: The tax is: But not Over- over- of the amount over- $0 $9,950 10% $0 9,950 40,525 $995.00 + 12% 9,950 40,525 86,375 4,664.00 + 22% 40,525 86,375 164,925 14,751.00 + 24% 86,375 164,925 209,425 33,603.00 +32% 164,925 209,425 314,150 47,843.00 + 35% 209,425 314,150 84,496.75 + 37% 314,150 Schedule Z-If your filing status is Head of household If your taxable The tax is: income is: But not Over- over- of the amount over- $0 $14,200 10% $0 14,200 54,200 $1,420.00 + 12% 14,200 54,200 86,350 6,220.00 + 22% 54,200 86,350 164,900 13,293.00 + 24% 86,350 164,900 209,400 32,145.00 + 32% 164,900 209,400 523,600 46,385.00 + 35% 209,400 523,600 156,355.00 + 37% 523,600 Note: The tax rate schedules for income of at least $100,000 are presented in the traditional "additive" format on this page and in the somewhat lesser used "deductive" style on Page A-3. Both formats will compute the same tax amounts for taxable income of at least $100,000
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