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Computation of Adjusted Gross Income Andrew, who is single, retired from his job earlier this year. He earned a salary of $95,000, and dividends
Computation of Adjusted Gross Income Andrew, who is single, retired from his job earlier this year. He earned a salary of $95,000, and dividends from domestic corporations of $2,200. Andrew also owns a duplex that he rents to others. He received rent of $25,000 and incurred $18,750 of expenses related to the duplex. Compute Andrew's adjusted gross income AND tax liability. Individual Taxpayers (Single) Tax Rates 2022 If taxable income is between: 0-$10,275 $10,275 and $41,775 $41,775 and 89,075 $89,075 and $170,050 $170,050 and $215,950 $215,950 and $539,900 $539,900 the tax due is: 10% of taxable income $1.027.50 + 12% of the amount over $10,275 $4.807.50 + 22% of the amount over $41,775 $15,213.50 +24% of the amount over $89,075 $34,647.50+32% of the amount over $170,050 $49,335.50+ 35% of the amount over $215,950 $162,718+ 37% of the amount over $539,900
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