Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Find the tax. Use $3700 for each personal exemption; a standard deduction of $5800 for single people, $11,600 for married people filing jointly, $5800 for

Find the tax. Use $3700 for each personal exemption; a standard deduction of $5800 for single people, $11,600 for married people filing jointly, $5800 for married people filing separately, and $8500 for head of a household; and the tax rate schedule.

image text in transcribed

Megan Cortez had an adjusted gross income of $51,453 last year. She had deductions of $886 for state income tax, $570 for property tax, $3809 in mortgage interest, and $605 in contributions. Cortez claims one exemption and files as a single person.

A) $8063.25 B) $7520.75 C) $8988.25 D) $6595.75

2011 TAX RATE SCHEDULES Schedule X-Use if your Schedule Z-Use ifyour 2011 filing status is Head of household 2011 filing status is If taxable income is The tax is The tax is: of the of the But not $0 $12,150 | $0 $8500 &500 34,500 | $850.00 + 15 8,500 12,150 4G250| $1,215.00 + 15 12,150 10 340 836004750.0025 345046250 1194006330.0025% 46,250 83,000 174400 | 17,02500 + 285% 83,600 | 119A00 193-350 | 24.617.50 + 28 119,400 174 400 379,150 | 42H9.00+ 335 174.400| 193.350 319150 | 45,323.50+33% 193,350 379.1 50 | 379150 379 150 Schedule Y-1-Use if your 2011 filing status is Married filing Jointly or Qualifying widow(er) If taxable income is 1 1 0,016.50 + 355% 106.637.50 + 355& 379,150 Schedule Y-2-Use if your 2011 filing status is Married filing separately The tax iss If taxable income is: The tax Is of the amount of the But not Over-over- But not $0 $17000 -10% $0 $8,500 10% 17,000 69,000|$1,700.00 +15 17,000 8,500 34,500 | $850.0015% 00 69,000 139350| 9500.00 +25 69000| 34500 89075| 4750:00 +15% 34500 139380212300|27087.50 + 28% 139350| 60075 106,150| 13,543.75 + 28% 69,675 212300 379,150 | 47,513.50+33fil 212-300| 106,150 189,575 | 2375675 +33% 106,150 51,28700+35% 189,575 379,150 102,574.00-t-350% 379.150 189,575

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

Night Comes To The Cumberlands A Biography Of A Depressed Area

Authors: Harry M. Caudill

1st Edition

1334682070, 978-1334682070

More Books

Students also viewed these Accounting questions

Question

Enumerate the benefits of depositary receipts to the issuers.

Answered: 1 week ago