Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

lan, who is single, has $55,000 of salary income, $2,350 in dividends, and $6,800 in interest income. He has $13,200 of itemized deductions. Determine his

image text in transcribed
lan, who is single, has $55,000 of salary income, $2,350 in dividends, and $6,800 in interest income. He has $13,200 of itemized deductions. Determine his taxable income and tax liability for 2019. Click here to use the calculator It will open in a new window Schedule X Single Individuals (Unmarried other than surviving spouse or head of household) If taxable income is: The tax is: Not over $9,700.00 10% of taxable income Over $9,700.00 but not over $39,475,00 $970.00 plus 12% of the excess over $9,700.00 Over $39,475.00 but not over $84,200.00 $4,543.00 plus 22% of the excess over $39,475.00 Over $84,200.00 but not over $160,725.00 $14,382.50 plus 24% of the excess over $84,200.00 Over $160,725.00 but not over $204,100.00 $32,748.50 plus 32% of the excess over $160,725,00 Over $204,100.00 but not over $510,300.00 $46,628.50 plus 35% of the excess over $204,100.00 Over $510,300.00 $153,798.50 plus 37% of the excess over $610,300.00 Schedule Y-1 Married Individuals Filing Joint Return (and Surviving Spouses) If taxable income is: The tax is: Not over $19,400.00 10% of taxable income Over $19,400.00 but not over $78,950.00 $1,940,00 plus 12% of the excess over $19,400,00 Over $78,950.00 but not over $168,400.00 $9,086.00 plus 22% of the excess over $78,950.00 Over $168,400.00 but not over $321,450,00 $28,765,00 plus 24% of the excess over $168,400.00 Over $321,450.00 but not over $408,200.00 $65,497.00 plus 32% of the excess over $321,450.00 Over $408,200.00 but not over $612,350.00 $93,257.00 plus 35% of the excess over $408,200.00 Over $612,350.00 $164,709.50 plus 37% of the excess over $612,350.00

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

Students also viewed these Accounting questions

Question

2. Describe why we form relationships

Answered: 1 week ago

Question

5. Outline the predictable stages of most relationships

Answered: 1 week ago