Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A sole proprietorship expects to earn taxable income of $139,000 during 2021. The proprietor earned no other income. According to the 2021 tax table
A sole proprietorship expects to earn taxable income of $139,000 during 2021. The proprietor earned no other income. According to the 2021 tax table for individuals shown below, what will be the proprietor's income tax expense in 2021? Ignore the standard deduction. (Enter your answer to the nearest penny. Do not enter the dollar symbol or any commas. For example, if your answer is $1,234.56789, enter 1234.57. Do not worry if Canvas adds commas or truncates trailing zeroes.) From To Rate $ 0 $ 9,950 10% $ 9,950 $ 40,525 12% $ 40,525 $ 86,375 22% $ 86,375 $ 164,925 24% $ 164,925 $ 209,425 32% $ 209,425 $ 523,600 35% $ 523,600 $ infinity 37%
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