In 2021, Lisa and Fred, a married couple, had taxable income of $300,000. If they were to file separate tax returns, Lisa would have reported taxable income of $125,000 and Fred would have reported taxable income of $175,000. Use Tax Rate Schedule for reference. What is the couple's marriage penalty or benefit? (Do not round intermediate calculations.) Required information [The following information applies to the questions displayed below) Whitney received $75,000 of taxable income in 2021 All of the income was salary from her employer. What is her income tax liability in each of the following alternative situations? Use Tax Rate Schedule for reference. (Do not round intermediate calculations.) a. She files under the single filing status, (Round your answer to 2 decimal places.) Income tax liability b. She files a joint tax return with her spouse. Together their taxable income is $75,000. Income tax liability c. She is married but files a separate tax return. Her taxable income is $75,000. (Round your answer to 2 decimal places.) Income tax liability d. She files as a head of household. Income tax liability Individuals Schedule X Single taxable income over: But not ever The taxi 5 0 $9.950 Nos of the income $9.950 S40335 3935 plus 125 of the excess over w 5 40 525 586.375 54464 225 of the excesso S40.525 5 16375 $ 166,925 514.751 pils of the S635 $164.925 24 33360 plus 25 of the 164923 5299425 $ 523 57793 plus 35% of the excess 309:43 $523.00 515730423 pik 378 the sewer 55230 Schedalke Z-Head of Heusch the were not SO 5 14.20 $ 14200 $ 54,20 $ 86,350 $35.950 S164.900 $100 $ 209,400 400 5523100 $320.00 The tax is 10% of taxable increme 51.420 plus 12% of the excess over $14,200 S6.220 ples 22% of the excess over $50.200 513.293 plus 20% of the excess over $86,350 $32.145 plus 32% of the excess over $164.900 546383 ples of the excess over $209,400 $156,355 plus 37% of the excess over $23.500 Schedule Y-1. Married Filing Joint Oualifying Widower) 1 tasabile in oreriut motorer: The fasi $ 0 $19.900 $ 1990 $31.00 119 120 of the ER 519.900 SIDO 5172,250 59.32% 226 the SEO 5 172.750 $329,850 529.S02 ples 24% of the exces ever5172.750 $329 RSD 54IRASO 567 206 plus 329 of the excewar 5399 250 $IKKI SAK00 Super of the SIKO $628100 5168923 pln 75 the RSS 2.300 Schedule Y- Mariling Separately er over The tax is: SO 59.950 10% of tablete S9900 540335 5995 plus 123 of the Ness over 59950 $40.505 S86375 58.66 plus 224 of the Green Over $40.525 S35 $164.935 514351 plus 245 of the excess over $86375 $164.925 $ 209,425 533.03 ples 32% of the ces over $164.925 5209415 $314.150 547 843 plus 35% of the excess over $209.425 5314.150 584.286.75 plus 37% of the Acess over 5314,150
