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Based on the amounts of taxable income provided, compute the federal income tax payable in 2019 on each amount assuming the taxpayers are married filing
Based on the amounts of taxable income provided, compute the federal income tax payable in 2019 on each amount assuming the taxpayers are married filing a joint return. Also, for each amount of taxable income, compute the average tax rate and the marginal tax rate.
i Reference Review the list of taxable income amounts below: (Click the icon to view the taxable income amounts.) (Click the icon to view the tax rate schedule.) Married, Filing Joint and Surviving Spouse If taxable income is: The tax is: Read the requirements 10% of taxable income. Not over $19,400 Over $19,400 but not over $78,950 to the nearest a. Taxable income of $45,000. (Do not round intermediary calcula hundredth percent, X.XX%.) Over $78,950 but not over $168,400 Scenario a. Over $168,400 but not over $321,450 Over $321,450 but not over $408,200 Over $408,200 but not over $612,350 . $1,940.00 + 12% of the excess over $19,400. .$9,086.00 + 22% of the excess over $78,950. . $28,765.00 + 24% of the excess over $168,400. .$65,497.00 + 32% of the excess over $321,450. .$93,257.00 + 35% of the excess over $408,200. . $164,709.50 + 37% of the excess over $612,350. Federal income tax payable % Average tax rate Marginal tax rate Over $612,350 % b. Taxable income of $95,000. (Do not round intermediary calculations. Only round the amount you input in the federal income tax payable cell to the nearest cent, $X.XX. Round all tax rates to the nearest hundredth percent, X.XX%.) Scenario b. Federal income tax payable % Average tax rate Marginal tax rate % c. Taxable income of $385,000. (Do not round intermediary calculations. Only round the amount you input in the federal income tax payable cell to the nearest cent, $X.XX. Round all tax rates to the nearest hundredth percent, X.XX%.) Scenario c. Federal income tax payable Average tax rate Marginal tax rate % % Scenario d. Federal income tax payable % Average tax rate Marginal tax rate %Step by Step Solution
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