Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Compute the 2023 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2023 tax rate schedule.

image text in transcribed
image text in transcribed
Compute the 2023 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2023 tax rate schedule. If required, round the tax liability to the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (i.e., . 67073 would be rounded to .6707 and entered as 67.07% ). a. Chandler, who files as a single taxpayer, has taxable income of $146,400. b. Lazare, who files as a head of household, has taxable income of $76,800. 2023 Tax Rate Schedules \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{2}{|c|}{ Single-Schedule X } & \multirow[b]{2}{*}{ The taxis: } & \multirow[b]{2}{*}{\begin{tabular}{l} of the \\ amount \\ over- \end{tabular}} & \multicolumn{4}{|c|}{\begin{tabular}{l} Head of household-Schedule Z \\ If taxable \end{tabular}} \\ \hline \begin{tabular}{l} If taxable \\ income is: \\ Over- \end{tabular} & \multirow{2}{*}{\begin{tabular}{c} But not \\ over- \\ $11,000 \end{tabular}} & & & & The taxis: & \begin{tabular}{l} of the \\ amount \\ over- \end{tabular} \\ \hline 0 & & ......... 10% & 0 & 0 & $15,700 & ......... 10% & 5 \\ \hline 11,000 & 44,725 & $1,100.00+12% & 11,000 & 15,700 & 59,850 & \$ 1,570.00+12% & 15,700 \\ \hline 44,725 & 95,375 & 5,147,00+22% & 44,725 & 59,850 & 95,350 & 6,868.00+22% & 59,850 \\ \hline 95,375 & 182,100 & 16,290.00+24% & 95,375 & 95,350 & 182,100 & 14,678.00+24% & 95,350 \\ \hline 182,100 & 231,250 & 37,104.00+32% & 182,100 & 182,100 & 231,250 & 35,498.00+329 & 182,100 \\ \hline 231,250 & 578,125 & 52,832,00+35% & 231,250 & 231,250 & 578,100 & 51,226.00+35% & 231,250 \\ \hline 578,125 & .......... & 174,238.25+37% & 578,125 & 578,100 & ......... & 172,623.50+37% & 578,100 \\ \hline \multicolumn{4}{|c|}{\begin{tabular}{l} Married filing jointly or Qualifying widow(er) - \\ Schedule Y-1 \end{tabular}} & \multicolumn{4}{|c|}{ Married filing separately - Schedule Y2} \\ \hline \begin{tabular}{l} If taxable \\ income is: \\ Over- \end{tabular} & \begin{tabular}{l} But not \\ over- \end{tabular} & The tax is: & \begin{tabular}{l} of the \\ amount \\ over- \end{tabular} & \begin{tabular}{l} If taxable \\ income is: \\ Over- \end{tabular} & \begin{tabular}{l} But not \\ ovet- \\ \end{tabular} & The tax is: & \begin{tabular}{l} of the \\ amount \\ over- \end{tabular} \\ \hline 0 & $22,000 & .......... 10% & 0 & 0 & $11,000 & .....10% & $0 \\ \hline 22,000 & 89,450 & \$ 2,200.00+12% & 22,000 & 11,000 & 44,725 & \$ 1,100.00+12% & 11,000 \\ \hline 89,450 & 190,750 & 10,294.00+22% & 89,450 & 44,725 & 95,375 & 5,147.00+22% & 44,725 \\ \hline 190,750 & 364,200 & 32,580.00+24% & 190,750 & 95,375 & 182,100 & 16,290.00+24% & 95,375 \\ \hline 364,200 & 462,500 & 74,208.00+32% & 364,200 & 182,100 & 231,250 & 37,104.00+32% & 182,100 \\ \hline 462,500 & 693,750 & 105,664.00+35% & 462,500 & 231,250 & 346,875 & 52,832.00+35% & 231,250 \\ \hline 693,750 & & 186,601,50+37% & 693,750 & 346,875 & & 93,300,75+37% & 346,875 \\ \hline \end{tabular}

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

Step: 3

blur-text-image

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

Intermediate Accounting

Authors: kieso, weygandt and warfield.

14th Edition

9780470587232, 470587288, 470587237, 978-0470587287

More Books

Students also viewed these Accounting questions

Question

What are the stages of project management? Write it in items.

Answered: 1 week ago