income is: Over- But not over- amount over- IT taxa income is: Over- But not over- amount over- The tax is: The tax is: $ 0 10% $ 0 $ 0 $ 9,875 40,125 9,875 $ 987.50 + 12% 9,875 14,100 40,125 85,525 4,617.50 + 22% 40,125 53,700 85,525 163,300 85,500 85,525 163,300 $ 0 $ 14,100 ......... 10% 14,100 53,700 $ 1,410.00 + 12% 53,700 85,500 6,162.00 + 22% 85,500 163,300 13,158.00 + 24% 163,300 207,350 31,830.00 + 32% 207,350 518,400 45,926.00 + 35% 518,400 154,793.50 + 37% Married filing separatelySchedule Y-2 14,605.50 + 24% 33,271.50 + 32% 47,367.50 + 35% 163,300 207,350 518,400 163,300 207,350 207,350 207,350 518,400 156,235.00 + 37% 518,400 518,400 Married filing jointly or Qualifying widow(er)- Schedule Y-1 If taxable income is: Over- But not over- of the amount over If taxable income is: Over- But not over- of the amount over- The tax is: The tax is: $ 0 $ 19,750 10% $ 0 $ 0 .10% $ 0 19,750 80,250 $ 987.50 + 12% 9,875 171,050 326,600 $ 1,975.00 + 12% 9,235.00 + 22% 29,211.00 + 24% 66,543.00 + 32% 19,750 80,250 171,050 9,875 40,125 85,525 80,250 171,050 326,600 414,700 $ 9,875 40,125 85,525 163,300 207,350 311,025 40,125 85,525 4,617.50 + 22% 14,605.50 + 24% 33,271.50 + 32% 47,367.50 + 35% 32a 16 414,700 622,050 163,300 94,735.00 + 35% 414,700 207,350 207,350 622050 167 307 50 + 370% 622050 311025 83 653 75 + 370% 311025 Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children who live with her (all are under age 16). She also maintains the household in which her parents live and furnished 60% of their support. Besides interest on City of Miami bonds in the amount of $5,500, Charlotte's father received $2,400 from a part-time job. Charlotte has a salary of $80,000, a short-term capital loss of $2,000, a cash prize of $4,000 from a church raffle, and itemized deductions of $10,500. Click here to access the standard deduction table to use, if required. If an amount is zero, enter "$0". a. Compute Charlotte's taxable income. 57,200 b. Using the Tax Rate Schedules (click here), tax liability (before any allowable credits) for Charlotte is $ 5,749 X for 2020. c. Compute Charlotte's child and dependent tax credit. Charlotte's child tax credit is $ of which may be refundable and her dependent tax credit is $ of which $ may be refundable