Exercise 3-21 (Algorithmic) (LO. 7) Simon, age 12, generates $6,060 interest income and no earned income for 2019. He incurs no investment expenses. Click here to access the 2019 tax rate schedule and 2019 Estate and Trust Tax Rate Schedule. If required, round the tax liability to the nearest dollar. Net unearned income is $ Simon's total tax is $ Problem 3-27 (b) (LO. 2) Determine the amount of the standard deduction allowed for 2019 in the following independent situations. In each case, assume the taxpayer is claimed as another person's dependent. Amount of the Standard Deduction $ 2,81 $ 1,0! a. Bajnok, aged 19, has income as follows: $2,800 from walking dogs. b. Lance, aged 18, has income as follows: $1,000 in cash dividends from a stock investment. $ 8,30 c. Neeraj, aged 69, has income as follows: $400 interest on a bank savings account and $8,000 in wages from a part- time job. d. Bobbi, who is legally blind and 15 years old, has income as follows: $2,400 in interest income from a certificate of deposit and $1,400 earned income. e. Abbigail, aged 60 and a widow, has income as follows: $12,100 from babysitting. $ 1,7! of the amount over- 2019 Tax Rate Schedules Single-Schedule X Head of householdSchedule Z If taxable of the If taxable income is: But not amount income is: But not Over- over- The tax is: over- Over- over- The tax is: $ 0 $ 9,700 .........10% $ 0 $ 0 $ 13,850 ......... 10% 9,700 39,475 $ 970.00 + 12% 9,700 13,850 52,850 $ 1,385.00 + 12% 39,475 84,200 4,543.00 + 22% 39,475 52,850 84,200 6,065.00 + 22% 84,200 160,725 14,382.50 + 24% 84,200 84,200 160,700 12,962.00 + 24% 160,725 204,100 32,748.50 + 32% 160,725 160,700 204,100 31,322.00 + 32% 204,100 510,300 46,628.50 + 35% 204,100 204,100 510,300 45,210.00 + 35% 510,300 153,798.50 + 37% 510,300 510,300 152,380.00 + 37% Married filing jointly or Qualifying widow(er) Married filing separatelySchedule Y-2 Schedule Y-1 If taxable of the If taxable income is: But not amount income is: But not Over- over- The tax is: over- Over- over- The tax is: $ 0 $ 19,400 ......... 10% $ 0 $ 0 $ 9,700 ......... 10% 19,400 78,950 $ 1,940.00 + 12% 19,400 9,700 39,475 $ 970.00 + 12% 78,950 168,400 9,086.00 + 22% 78,950 39,475 84,200 4,543.00 + 22% 168,400 321,450 28,765.00 + 24% 168,400 84,200 160,725 14,382.50 + 24% 321,450 408,200 65,497.00 + 32% 321,450 160,725 204,100 32,748.50 + 32% 408,200 612,350 93,257.00 + 35% 408,200 204,100 306,175 46,628.50 + 35% 612,350 ..... 164,709.50 + 37% 612,350 306,175 ......... 82,354.75 + 37% $ 0 13,850 52,850 84,200 160,700 204,100 510,300 of the amount over- $ 0 9,700 39,475 84,200 160,725 204,100 306,175 Income Tax RatesEstates and Trusts Tax Year 2019 Taxable Income The Tax Is: But not Over- Of the Amount Over- Over- $ 2,600 9,300 $ 0 2,600 9,300 12,750 10% $ 260.00+ 24% 1,868.00 + 35% 3,075.50 + 37% $ 0. 2,600 9,300 12,750 12,750
