Homework - Aug. 23 no ONUWV Online teaching and learning resource fro... My Overview Chegg.com eBook Appendix D Calculator Tax Liability Calculation, Marginal and Average Tax Rates for Various Filing Status (LO. 1) A taxpayer has $93,580 of taxable income for 2020. Determine the total tax, the marginal tax rate, and the average tax rate if the taxpayer is a a. Single individual b. Married couple filing jointly c. Corporation Do not round intermediate computations. Use the 2020 tax rate schedule (Appendix D). Do not round your intermediate calculations. Round your final answers to two decimal places. Taxpayer Total Tax Marginal Tax Rate Average Tax Rate Single individual 16,748.70 X 24 % 17.89 X % b. Married couple 12,466.6 X 22 % 13.32 X % Corporation 19,651.8 21 % 21 % Feedback Check My Work The total tax is based on the marginal tax rate while the average rate of tax is the tax on each dollar of taxable income. 2020 Tax Rate Schedules Single Taxpayers Married Taxpayers Filing Jointly and Surviving Spouse of the Amount Over If Taxable income Is Over But Not Over of the Amount Over The Tax Is The Tax is $ If Taxable income Is Over But Not Over $ 0 9,875 9,875 40,125 40,125 85,525 85,525 163,300 163,300 207,350 207,350 518,400 518,400 10% $ 987.50 + 12% 4,617.50 + 22% 14,605.50 + 24% 33,271.50 + 32% 47,367.50 + 35% 156,235.00 + 37% 0 9,875 40,125 85,525 163,300 207,350 518,400 $ 0 19,750 80,250 171,050 326,600 414,700 622,050 19,750 80,250 171,050 326,600 414,700 622,050 10% $ 1,975.00 + 12% 9,235.00 + 22% 29,211.00 +24% 66,543.00 + 32% 94,735.00 + 35% $167,307.50 + 37% $ 0 19,750 80,250 171,050 326,600 414,700 622,050 Head of Household Married Taxpayers, Filing Separately If Taxable income Is Over But Not Over of the Amount Over of the Amount Over if Taxable income Is Over But Not Over The Tax Is The Tax is $ 0 14,100 53,700 85,500 163,300 207,350 518,400 14,100 53,700 85,500 163,300 207,350 518,400 10% $ 1,410.00 + 12% 6,162.00 +22% 13,158.00 +24% 31,830.00 + 32% 45,926.00 + 35% 154,793.50 +37% $ 0 14,100 53,700 85,500 163,300 207,350 518,400 $ 0 9,875 40,125 85,525 163,300 207,350 311,025 9,875 40,125 85,525 163,300 207,350 311,025 10% $ 987.50 + 12% 4,617.50 + 22% 14,605.50 + 24% 33,271.50 + 32% 47,367.50 + 35% 83,653.75 + 37% $ 0 9,875 40,125 85,525 163,300 207,350 311,025 Corporate Tax Rate Schedule Social Security Tax Rates All corporate taxable income is taxed at a flat 21% rate. OASDI-6.20% on up to $137,700 of salaries and wages MHI - 1.45% on all salaries and wages
