Blake and Valerie Meyer both age 30 are mamied with one dependent child (age 5- -Blake's gross salary from his corporane empioyer was $70,000, and his Section 401 conribution was $6,300 Valerie's salary from GulTech, an S corporaion was $29.400. Velerie owns 16 percent of Gui Tech's outstanding stock Her pro rata shere of GuiTech's ordinary business income wes $13.790. her pro rete shere of GuiTech's net loss from rentel reel estete was $8100, and she received e $7coo cesh distritbutian from GuiTech The ordinary income from GuiTech is qualified business income- Blake receved a $15,000 cosh gh from his grandmather Valerie won $6.400 In the Marylend state lomery The Meyers received e distroution from ther investment in Pewnee Mutuel Fund thet consisted of e $712 quelitying dividend end $3.020 long-term cepital gein Blake paid $12,000 aimany to a former spouse under a divarce agreement esecuted in 2011 The Meyers paid $14200 home mangage interest on acquisition debt and $2780 property tax on their personal residence. The Meyers pald $7.000 state Income tax and $4.200 state and local sales tx Velerie contributed $1945 to the First Beotst Church On the besis of the ebove information. compute the Meyers' 2018 federel income tex (including any AMT) on their joint return. Assume the taxable year is 2018 Use Individual tax rate schedules, Standard deduction table and Tax rates for capital gains and qualifed divicends. (Do not round Intermedlate ealeulsatlons. Round your final answers to the nearest whole dlalar amount.) Adutd gros income (AGI) Tsble income M and Ms Meyers regular income tax labty (aher applioable oredits) AMT Mr and Ma Mayars tl bty induding AMT Married filing jointly 24,000 Married filing separately 12,000 Head of household 18,000 Single 12.000 Married Filing Jointly Married Filing Separately Single Head of House hold Trusts and Estates Rate 09% so-$ 77,200 SO-$38,600 SO-$38.600 SO-$51.700 SO-$2,600 $77,201-$479,000 15% $38,601-$425,800 $51,701-$452,400 $2,601-$12,700 S38,601-$239,500 $239,500 20%% $425,801 $452.401- $479,000- $12,701- The highest income amount in this range for each filing status is referred to as the maximum zero rate amount The highest income amount in this range for each filing status is referred to as the maximum 15-percent INDIVIDUAL TAX RATES Manied Filng Jointly and Surviving Spouse The tax Is 7 taxable Income is Not over $19.050 Over $19.050 but not over $77,400 Over $77,400 but not over $165,000 Over $165.000 but not over $315.000 Over $315.000 but not over $400,000 Over $400,000 but not over $600,000 Over $600,000 10% of taable income $1.905.00 12% of excess over s19050 S890700+22% of excess over $77 400 $28.17900+24% of excess over $165.000 $64,179.00+32% of excess over $315.000 91379.00+35% of excess over $400.000 $161.379.00+37% of excess over $600.000 Maed Fiing Separately tasable incame is The tax s 10% of taatle income Not over $9 525 Over $9.525 but not over $38 700 Over $38 700 but not over $82.500 s952 50+12% of oxcess over $9.525 4,453 50+22% of excess over $38 700 Over $82.500 but not over $157,500 Over $157 500 but not over 5200,00 Over $200,000 but not over 5300,000 Over $300,000 $14089 504 24% of excess over 582 500 $3208950+32s of ecess over $157 500 $45 68950+35% of excess over $200,000 $80.68950+37% of excess over $300,000 Heads of Household The tax is ftaxable Incame is Not over $13600 Over $13600 but not over $51,800 Over $51800 but not over $82.500 10% of taxable ncome $136000+12% of eces over s13600 $594400+22% of excess over $51,800 $12.608.00+24% of excess over $82.500 $30,698 00+32% of excess over $157.500 $44298 00+35x of excess over $200,000 $149,298 00+37 % of excess over $s00.000 Over $82500 but not over $157,500 Over $157,500 but not over $200,000 Over $200,000 but not over $500,000 Over $600,000 Single f taxable Income is The tax is: Not over $9.525 Over $9.525 but not over $38.700 10% of taxoble income 5952 50+ 12% of excess over $9.525 Over $38,700 but not over $82.500 $4.45350+ 22% of excess over $38.700 Over $82,500 but not over $157,500 $14089 50+ 24% of excess over $82.500 Over $157,500 but not over $200,.000 $32089 50+32% of excess ovor $157500 Over $200,000 but not over $500,000 $45689 50+35% of excess over $200.000 $150,689 50 +37% of ocess over $500,000 Over $500,000 ESTATE AND TRUST TAX RATES taxable Income is The tax is: Not over $2 550 Over $2.550 not over 59,150 10% off taxable incomes $255+ 24% of he ecess over $2550 Over $9.150 not over $12.500 $1839+35% of the excess over $9.150 $3011.50+37% of the excess over $12.500 Over $12.500 nt Blake and Valerie Meyer both age 30 are mamied with one dependent child (age 5- -Blake's gross salary from his corporane empioyer was $70,000, and his Section 401 conribution was $6,300 Valerie's salary from GulTech, an S corporaion was $29.400. Velerie owns 16 percent of Gui Tech's outstanding stock Her pro rata shere of GuiTech's ordinary business income wes $13.790. her pro rete shere of GuiTech's net loss from rentel reel estete was $8100, and she received e $7coo cesh distritbutian from GuiTech The ordinary income from GuiTech is qualified business income- Blake receved a $15,000 cosh gh from his grandmather Valerie won $6.400 In the Marylend state lomery The Meyers received e distroution from ther investment in Pewnee Mutuel Fund thet consisted of e $712 quelitying dividend end $3.020 long-term cepital gein Blake paid $12,000 aimany to a former spouse under a divarce agreement esecuted in 2011 The Meyers paid $14200 home mangage interest on acquisition debt and $2780 property tax on their personal residence. The Meyers pald $7.000 state Income tax and $4.200 state and local sales tx Velerie contributed $1945 to the First Beotst Church On the besis of the ebove information. compute the Meyers' 2018 federel income tex (including any AMT) on their joint return. Assume the taxable year is 2018 Use Individual tax rate schedules, Standard deduction table and Tax rates for capital gains and qualifed divicends. (Do not round Intermedlate ealeulsatlons. Round your final answers to the nearest whole dlalar amount.) Adutd gros income (AGI) Tsble income M and Ms Meyers regular income tax labty (aher applioable oredits) AMT Mr and Ma Mayars tl bty induding AMT Married filing jointly 24,000 Married filing separately 12,000 Head of household 18,000 Single 12.000 Married Filing Jointly Married Filing Separately Single Head of House hold Trusts and Estates Rate 09% so-$ 77,200 SO-$38,600 SO-$38.600 SO-$51.700 SO-$2,600 $77,201-$479,000 15% $38,601-$425,800 $51,701-$452,400 $2,601-$12,700 S38,601-$239,500 $239,500 20%% $425,801 $452.401- $479,000- $12,701- The highest income amount in this range for each filing status is referred to as the maximum zero rate amount The highest income amount in this range for each filing status is referred to as the maximum 15-percent INDIVIDUAL TAX RATES Manied Filng Jointly and Surviving Spouse The tax Is 7 taxable Income is Not over $19.050 Over $19.050 but not over $77,400 Over $77,400 but not over $165,000 Over $165.000 but not over $315.000 Over $315.000 but not over $400,000 Over $400,000 but not over $600,000 Over $600,000 10% of taable income $1.905.00 12% of excess over s19050 S890700+22% of excess over $77 400 $28.17900+24% of excess over $165.000 $64,179.00+32% of excess over $315.000 91379.00+35% of excess over $400.000 $161.379.00+37% of excess over $600.000 Maed Fiing Separately tasable incame is The tax s 10% of taatle income Not over $9 525 Over $9.525 but not over $38 700 Over $38 700 but not over $82.500 s952 50+12% of oxcess over $9.525 4,453 50+22% of excess over $38 700 Over $82.500 but not over $157,500 Over $157 500 but not over 5200,00 Over $200,000 but not over 5300,000 Over $300,000 $14089 504 24% of excess over 582 500 $3208950+32s of ecess over $157 500 $45 68950+35% of excess over $200,000 $80.68950+37% of excess over $300,000 Heads of Household The tax is ftaxable Incame is Not over $13600 Over $13600 but not over $51,800 Over $51800 but not over $82.500 10% of taxable ncome $136000+12% of eces over s13600 $594400+22% of excess over $51,800 $12.608.00+24% of excess over $82.500 $30,698 00+32% of excess over $157.500 $44298 00+35x of excess over $200,000 $149,298 00+37 % of excess over $s00.000 Over $82500 but not over $157,500 Over $157,500 but not over $200,000 Over $200,000 but not over $500,000 Over $600,000 Single f taxable Income is The tax is: Not over $9.525 Over $9.525 but not over $38.700 10% of taxoble income 5952 50+ 12% of excess over $9.525 Over $38,700 but not over $82.500 $4.45350+ 22% of excess over $38.700 Over $82,500 but not over $157,500 $14089 50+ 24% of excess over $82.500 Over $157,500 but not over $200,.000 $32089 50+32% of excess ovor $157500 Over $200,000 but not over $500,000 $45689 50+35% of excess over $200.000 $150,689 50 +37% of ocess over $500,000 Over $500,000 ESTATE AND TRUST TAX RATES taxable Income is The tax is: Not over $2 550 Over $2.550 not over 59,150 10% off taxable incomes $255+ 24% of he ecess over $2550 Over $9.150 not over $12.500 $1839+35% of the excess over $9.150 $3011.50+37% of the excess over $12.500 Over $12.500 nt