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Gail and her husband have a son when her husband dies unexpectedly on January 1, 2020. Gail asks you, her tax professional, how her husband's
Gail and her husband have a son when her husband dies unexpectedly on January 1, 2020. Gail asks you, her tax professional, how her husband's death affects her taxes. 2 (Click the icon to view the standard deduction amounts.) (Click the icon to view the 2020 tax rate schedules.) Read the requirements Requirement a. Determine Gail's income tax each year from 2020 through 2024, assuming her only income is her $150,000 annual salary, her itemized deductions are $24,000 annually, and she has not remarried. Assume also that the tax rate schedules and standard deduction amounts for 2020 also apply in subsequent years. The son was born on April 15, 2007, is Gail's dependent each year, and lives with Gail for all of each year. (Use the 2020 tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest whole dollar.) 2020 2021 2022 2023 2024 Gross tax Net tax Single If taxable income is: The tax is: Not over $9,875 . 10% of taxable income. Over $9,875 but not over $40,125 .... $987.50 + 12% of the excess over $9,875. Over $40,125 but not over $85,525 .. $4,617.50 + 22% of the excess over $40,125. Over $85,525 but not over $163,300 .. $14,605.50 + 24% of the excess over $85,525. Over $163,300 but not over $207,350 ... $33,271.50 + 32% of the excess over $163,300. Over $207,350 but not over $518,400 ... $47,367.50 + 35% of the excess over $207,350. Over $518,400 $156,235.00 + 37% of the excess over $518,400. Married, Filing Joint and Surviving Spouse If taxable income is: The tax is: Not over $19,750 . 10% of taxable income. Over $19,750 but not over $80,250 $1,975.00 + 12% of the excess over $19,750. Over $80,250 but not over $171,050 .... $9,235.00 + 22% of the excess over $80,250. Over $171,050 but not over $326,600 ... $29,211.00 + 24% of the excess over $171,050. Over $326,600 but not over $414,700 ... $66,543.00 + 32% of the excess over $326,600. Over $414,700 but not over $622,050 .$94,735.00 + 35% of the excess over $414,700. Over $622,050 $167,307.50 +37% of the excess over $622,050. If taxable income is: Not over $14,100 Over $14,100 but not over $53,700 Over $53,700 but not over $85,500 Over $85,500 but not over $163,300 Over $163,300 but not over $207,350 Over $207,350 but not over $518,400 Over $518,400 Head of Household The tax is: . 10% of taxable income. ..$1,410.00 + 12% of the excess over $14,100. ..... $6,162.00 + 22% of the excess over $53,700 .. $13,158.00 + 24% of the excess over $85,500. ... $31,830.00 + 32% of the excess over $163,300. .. $45,926.00 + 35% of the excess over $207,350. . $154,793.50 +37% of the excess over $518,400. Gail and her husband have a son when her husband dies unexpectedly on January 1, 2020. Gail asks you, her tax professional, how her husband's death affects her taxes. 2 (Click the icon to view the standard deduction amounts.) (Click the icon to view the 2020 tax rate schedules.) Read the requirements Requirement a. Determine Gail's income tax each year from 2020 through 2024, assuming her only income is her $150,000 annual salary, her itemized deductions are $24,000 annually, and she has not remarried. Assume also that the tax rate schedules and standard deduction amounts for 2020 also apply in subsequent years. The son was born on April 15, 2007, is Gail's dependent each year, and lives with Gail for all of each year. (Use the 2020 tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest whole dollar.) 2020 2021 2022 2023 2024 Gross tax Net tax Single If taxable income is: The tax is: Not over $9,875 . 10% of taxable income. Over $9,875 but not over $40,125 .... $987.50 + 12% of the excess over $9,875. Over $40,125 but not over $85,525 .. $4,617.50 + 22% of the excess over $40,125. Over $85,525 but not over $163,300 .. $14,605.50 + 24% of the excess over $85,525. Over $163,300 but not over $207,350 ... $33,271.50 + 32% of the excess over $163,300. Over $207,350 but not over $518,400 ... $47,367.50 + 35% of the excess over $207,350. Over $518,400 $156,235.00 + 37% of the excess over $518,400. Married, Filing Joint and Surviving Spouse If taxable income is: The tax is: Not over $19,750 . 10% of taxable income. Over $19,750 but not over $80,250 $1,975.00 + 12% of the excess over $19,750. Over $80,250 but not over $171,050 .... $9,235.00 + 22% of the excess over $80,250. Over $171,050 but not over $326,600 ... $29,211.00 + 24% of the excess over $171,050. Over $326,600 but not over $414,700 ... $66,543.00 + 32% of the excess over $326,600. Over $414,700 but not over $622,050 .$94,735.00 + 35% of the excess over $414,700. Over $622,050 $167,307.50 +37% of the excess over $622,050. If taxable income is: Not over $14,100 Over $14,100 but not over $53,700 Over $53,700 but not over $85,500 Over $85,500 but not over $163,300 Over $163,300 but not over $207,350 Over $207,350 but not over $518,400 Over $518,400 Head of Household The tax is: . 10% of taxable income. ..$1,410.00 + 12% of the excess over $14,100. ..... $6,162.00 + 22% of the excess over $53,700 .. $13,158.00 + 24% of the excess over $85,500. ... $31,830.00 + 32% of the excess over $163,300. .. $45,926.00 + 35% of the excess over $207,350. . $154,793.50 +37% of the excess over $518,400
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