Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Leonardo, who is married but files separately, carns $80,000 of taxatile income. He also has $15.000 in city of Tulsa bonds. His wife, Theresa, carns

image text in transcribed
image text in transcribed
Leonardo, who is married but files separately, carns $80,000 of taxatile income. He also has $15.000 in city of Tulsa bonds. His wife, Theresa, carns $50,000 of taxable income Leonardo camed an additional $30.000 ot taxable income this year what would be the marginal tax rate on the extra income for 2027 Use the (Round your final answer to two decimal places) 22 2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: S 0 S 9.950 10% of taxable income S 9,950 $ 40,525 $995 plus 12% of the excess over $9.950 S 40.525 S 86,375 $4,664 plus 22% of the excess over $40,525 $ 86,375 S 164,925 $14.751 plus 24% of the excess over $86,375 S 164,925 S 209,425 $33,603 plus 32% of the excess over $164,925 S 209,425 S 523,600 47,843 plus 35% of the excess over $209,425 S 523,600 $157,804.25 plus 37% of the excess over S523,600 Schedule Y 1 Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: S 0 $ 19.900 10% of taxable income $ 19.900 $ 81,050 $1.990 plus 12% of the excess over $19.900 S 81,050 $ 172.750 $9,328 plus 22% of the excess over $81,050 S 172.750 $ 329,850 $29,502 plus 24% of the excess over $172,750 S 329,850 S 418.850 567,206 plus 32% of the excess over $329,850 S 418,850 S 628,300 595,686 plus 35% of the excess over $418,850 S628,300 $168.993.50 plus 37% of the excess over $628,300 Schedule 2 Head of Household If taxable income is over: But not over: The tax is: S 0 S 14.200 10% of taxable income S 14.200 S 54,200 $1.420 plus 12% of the excess over $14,200 S 54,200 S 86,350 S6.220 plus 22% of the excess over $54,200 S 86,350 S 164,900 $13.293 plus 24% of the excess over $86,350 S 164.900 S 209,400 $32.145 plus 32% of the excess over $164.900 S 209.400 S 523,600 $46,385 plus 35% of the excess over S209.400 S 523.600 SI56,355 plus 37 of the excess over S523.600

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

Recommended Textbook for

Advanced Accounting

Authors: Susan Hamlen

5th Edition

1618534246, 9781618534248

More Books

Students also viewed these Accounting questions

Question

9.4 Explain the roles in career development.

Answered: 1 week ago

Question

8.6 Discusstwo techniques used for assessing training needs.

Answered: 1 week ago