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Lara, a single individual, has $180,000 taxable income. Assume the taxable year is 2022. Use Individual Tax Rate Schedules. Required: Compute income tax assuming that:
Lara, a single individual, has $180,000 taxable income. Assume the taxable year is 2022. Use Individual Tax Rate Schedules. Required: Compute income tax assuming that: a. Taxable income includes no capital gain. b. Taxable income includes $23,700 capital gain eligible for the 15 percent preferential rate. Note: For all requirements, round your intermediate calculations and final answers to the nearest whole dollar amount. Answer is complete but not entirely correct. Case Income Tax a. Includes no capital gain $ 37,832 b. Includes capital gain $ 41,387 Individual Tax Rate Schedules Married Filing Jointly and Surviving Spouse If taxable income is Not over $20,550 Over $20,550 but not over $83,550 Over $83,550 but not over $178,150 Over $178,150 but not over $340,100 Over $340,100 but not over $431,900 Over $431,900 but not over $647,850 Over $647,850 Married Filing Separately If taxable income is Not over $10,275 Over $10,275 but not over $41,775 Over $41,775 but not over $89,075 Over $89,075 but not over $170,050 Over $170,050 but not over $215,950 Over $215,950 but not over $323,925 Over $323,925 Head of Household If taxable income is Not over $14,650 Over $14,650 but not over $55,900 Over $55,900 but not over $89,050 Over $89,050 but not over $170,050 Over $170,050 but not over $215,950 Over $215,950 but not over $539,900 Over $539,900 Single If taxable income is Not over $10,275 Over $10,275 but not over $41,775 Over $41,775 but not over $89,075 Over $89,075 but not over $170,050 Over $170,050 but not over $215,950 Over $215,950 but not over $539,900 Over $539,900 The tax is 10% of taxable income $2,055.00+12% of excess over $20,550 $9,615.00 +22% of excess over $83,550 $30,427.00 +24% of excess over $178,150 $69,295.00 + 32% of excess over $340,100 $98,671.00 + 35% of excess over $431,900 $174,253.50 + 37% of excess over $647,850 The tax is 10% of taxable income $1,027.50 + 12% of excess over $10,275 $4,807.50 + 22% of excess over $41,775 $15,213.50 +24% of excess over $89,075 $34,647.50 + 32% of excess over $170,050 $49,335.50+35% of excess over $215,950 $87,126.75 + 37% of excess over $323,925 The tax is 10% of taxable income $1,465.00 + 12% of excess over $14,650 $6,415.00 +22% of excess over $55,900 $13,708.00 +24% of excess over $89,050 $33,148.00 + 32% of excess over $170,050 $47,836.00 + 35% of excess over $215,950 $161,218.50 + 37% of excess over $539,900 The tax is 10% of taxable income $1,027.50+12% of excess over $10,275 $4,807.50 +22% of excess over $41,775 $15,213.50 +24% of excess over $89,075 $34,647.50 + 32% of excess over $170,050 $49,335.50 + 35% of excess over $215,950 $162,71837% of excess over $539,900
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