Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children (ages 4, 8, 11, and 14) who live with her. She also maintains the household in which her parents live and furnished 60% of their support. Besides interest on City of Miami bonds in the amount of $5,500, Charlotte's father received $2,400 from a part-time job. Charlotte has a salary of $80,000, a short-term capital foss of $2,000, a cash prize of $4,000 from a church raffle, and itemized deductions of $10,500, Click here to access the standard deduction table to use, if required. If an amount is zero, enter "$0". a. Compute Charlotte's taxable income. for 2021 b. Using the Tax Rate Schedules (click here), tax liability (before any allowable credits) for Charlotte is s C. Compute Charlotte's child and dependent tax credit Charlotte's child tax credit is $ of which $ may be refundable and her dependent tax credit is of which may be refundable. But not of the amount Over $ 0 14,200 54,200 86,350 164,900 209.400 523,600 *** 2021 Tax Rate Schedules Single-Schedule X If taxable Head of household-Schedule Z income is: of the If taxable Over amount income is: over The tax is: But not over Over $ over- The tax is: 0 $ 9,950 ... 10% $ 0 $ 0 $ 14,200 ...109 9,950 40,525 $ 995.00 + 12% 9,950 14,200 54,200 $ 1,420.00 +12% 40,525 86,375 4,664.00 + 22% 40,525 54,200 86,350 6,220.00 + 22% 86,375 164,925 14,751.00 +2496 86,375 86,350 164,900 13,293.00 +24% 164,925 209,425 33,603.00 + 32% 164,925 164,900 209,400 32,145.00+ 32% 209,425 523,600 47,843.00 + 35% 209,425 209,400 523,600 46,385.00+ 35% 523,600 157,804.25 + 37% 523,600 523,600 156,355.00+ 37% Married filing jointly or Qualifying widow(er) - Married filing separately-Schedule Y-2 Schedule Y-1 If taxable of the If taxable Income is: But not amount income is: But not Over The tax is: over over over The tax is: Over- 0 $ 10% $ 0 $ $ 19,900 0 ...109 $ 9,950 40,525 9,950 19,900 $ 995.00+ 12% $ 19,900 81,050 1,990.00 + 1296 40,525 86,375 4,664.00 + 22% 81,050 81,050 172,750 9,328.00 + 22% 86,375 164,925 14,751.00 +2496 172,750 172,750 329,850 29,502.00 + 24% 164,925 209,425 33,603.00+ 32% 329,850 418,850 329,850 67,206.00 + 32% 209,425 314,150 47,843.00 +35% 418,850 418,850 628,300 95,686.00 + 35% 84,496.75 + 37% 314,150 628,300 628,300 168,993,50 + 3796 of the amount over $ 0 9,950 40,525 86,375 164.925 209.425 314,150 ***** Basic Standard Deduction Amounts Standard Deduction Amount Filing Status 2020 2021 Single $12,400 $12,550 Married, filing jointly 24,800 25,100 24,800 25,100 Surviving spouse 18,650 18,800 Head of household 12,400 12,550 Married, filing separately
