Question
Assume the federal income tax table for 2020 is as shown below. What is each individuals 2020 tax if the individual (A, B, C, and
Assume the federal income tax table for 2020 is as shown below. What is each individuals 2020 tax if the individual (A, B, C, and D) has only her own personal exemption, if any, and uses the basic standard deduction for a single person, and has Adjusted Gross Income of:
A: $60,000
B: $98,000
C: $120,000
D: $20,000
[Use this table and please show your work for each of the four cases]
Tax rate | Taxable income bracket | Tax owed |
10% | $0 to $9,875 | 10% of taxable income |
12% | $9,876 to $40,125 | $987.50 plus 12% of the amount over $9,875 |
22% | $40,126 to $85,525 | $4,617.50 plus 22% of the amount over $40,125 |
24% | $85,526 to $163,300 | $14,605.50 plus 24% of the amount over $85,525 |
32% | $163,301 to $207,350 | $33,271.50 plus 32% of the amount over $163,300 |
35% | $207,351 to $518,400 | $47,367.50 plus 35% of the amount over $207,350 |
37% | $518,401 or more | $156,235 plus 37% of the amount over $518,400 |
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