federal tax 2021

Required information [The following information applies to the questions displayed below.] Lacy is a single taxpayer. In 2021, her taxable income is $42,000. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.) c. Her $42,000 of taxable income includes $5,000 of qualified dividends. Tax liability 2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 9,950 $ 9,950 $ 40,525 $ 86,375 $ 40,525 $ 86,375 $164,925 $209,425 $523,600 $164,925 $ 209,425 $ 523,600 - The tax is: 10% of taxable income $995 plus 12% of the excess over $9,950 $4,664 plus 22% of the excess over $40,525 $14,751 plus 24% of the excess over $86,375 $33,603 plus 32% of the excess over $164,925 $47,843 plus 35% of the excess over $209,425 $157,804.25 plus 37% of the excess over $523,600 Tax Rates for Net Capital Gains and Qualified Dividends Taxable Income Single Married Filing Separately Rate" 0% Married Filing Jointly $0-$80,800 $80.801-$501.600 $0-$40,400 Head of Household 50-$54,100 $54,101 5473,750 Trusts and Estates 50-$2,700 $2,701-$13.250 50-$40,400 $40,401-$445,850 $445,851+ 15% $40,401-$250.800 $250,801+ 20% $501601 $473,751+ $13.251 "This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table (net capital gains and qualified dividends are included in taxable income last for this purpose)