Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

chuck a single taxpayer earns $79000 in taxable income and $12100 in interest from an investment in City of Heflin bonds. Use the tax rate

chuck a single taxpayer earns $79000 in taxable income and $12100 in interest from an investment in City of Heflin bonds. Use the tax rate Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 11,000 10% of taxable income $ 11,000 $ 44,725 $1,100 plus 12% of the excess over $11,000 $ 44,725 $ 95,375 $5,147 plus 22% of the excess over $44,725 $ 95,375 $ 182,100 $16,290 plus 24% of the excess over $95,375 $ 182,100 $ 231,250 $37,104 plus 32% of the excess over $182,100 $ 231,250 $ 578,125 $52,832 plus 35% of the excess over $231,250 $ 578,125 $174,238.25 plus 37% of the excess over $578,125 Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse If taxable income is over: But not over: The tax is: $ 0 $ 22,000 10% of taxable income $ 22,000 $ 89,450 $2,200 plus 12% of the excess over $22,000 $ 89,450 $ 190,750 $10,294 plus 22% of the excess over $89,450 $ 190,750 $ 364,200 $32,580 plus 24% of the excess over $190,750 $ 364,200 $ 462,500 $74,208 plus 32% of the excess over $364,200 $ 462,500 $ 693,750 $105,664 plus 35% of the excess over $462,500 $ 693,750 $186,601.5 plus 37% of the excess over $693,750 Schedule Z-Head of Household If taxable income is over But not over: The tax is: $ 0 $ 15,700 10% of taxable income $ 15,700 $ 59,850 $1,570 plus 12% of the excess over $15,700 $ 59,850 $ 95,350 $6,868 plus 22% of the excess over $59,850 $ 95,350 $ 182,100 $14,678 plus 24% of the excess over $95,350 $ 182,100 $ 231,250 $35,498 plus 32% of the excess over $182,100 $ 231,250 $ 578,100 $51,226 plus 35% of the excess over $231,250 $ 578,100 $172,623.5 plus 37% of the excess over $578,100 Schedule Y-2-Married Filing Separately If taxable income is over But not over: The tax is: $ 0 $ 11,000 10% of taxable income $ 11,000 $ 44,725 $1,100 plus 12% of the excess over $11,000 $ 44,725 $ 95,375 $5,147 plus 22% of the excess over $44,725 $ 95,375 $ 182,100 $16,290 plus 24% of the excess over $95,375 $ 182,100 $ 231,250 $37,104 plus 32% of the excess over $182,100 $ 231,250 $ 346,875 $52,832 plus 35% of the excess over $231,250 $ 346,875 $93,300.75 plus 37% of the excess over $346,875. 1- How much federal tax will he own 2-what is his average tax rate 3- What is his effective tax rate 4-what is his current marginal tax rate

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting A Decision Emphasis

Authors: Germain B. Boer, William L. Ferrara, Debra C. Jeter

4th Edition

0873939123, 978-0873939126

More Books

Students also viewed these Accounting questions

Question

Where do you see yourself in 5/10 years?

Answered: 1 week ago