LUEPUTUYis3-10 eBook Video Calculator Problem 3-36 (LO. 1, 2, 3, 4, 5, 6) Charlotte (age 40) is a surviving spouse and provides all of the spport 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 bf $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". 1. Compute Charlotte's taxable income. 57,200 . Using the Tax Rate Schedules (click here), tax liability (before any allowable credits) for Charlotte is $ X for 2020. . 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 s may be refundable. of the amount over s 0 14,100 53,700 85,500 163,300 2020 Tax Rate Schedules Single-Schedule X Head of household-Schedule z If taxable of the If taxable income is: But not amount income is: But not Over- over- The tax is: Over Over- over- The tax is: S 0 $ 9.875 ... 10% $ 0 $ 0 $ 14,100 ......... 10% 9,875 40,125 $ 987.50 +12% 9,875 14,100 53,700 $ 1,410.00 + 12% 40,125 85,525 4,617.50 + 22% 40,125 53,700 85,500 6,162.00 + 22% 85,525 163,300 14,605.50 + 24% 85,525 85,500 163,300 13,158.00 + 24% 163,300 207,350 33,271.50 + 32% 163,300 163,300 207,350 31,830.00 + 32% 207,350 518,400 47,367.50 + 35% 207,350 207,350 518,400 45,926.00 + 35% 518,400 156,235.00 + 37% 518,400 518,400 154,793.50 + 37% Married filing jointly or Qualifying widow(er) Married filing separately-Schedule Y-2 Schedule Y-1 If taxable . of the If taxable income is: amount income is: But not Over- over The tax is: over Over- over- The tax is: $ 0 $ 19.750 $ 0 $ 0 $ 9,875 ......... 10% 19,750 80,250 $ 1,975.00 + 12% 19,750 9,875 40,125 $ 987.50 + 12% 80,250 171,050 9,235.00 + 22% 80,250 40,125 85,525 4,617.50 + 22% 171,050 326,600 29,211.00 + 24% 171,050 85,525 163,300 14,605.50 + 24% 326,600 414,700 66,543.00 + 32% 326,600 163,300 207,350 33,271.50 + 32% 414,700 622,050 94,735.00 + 35% 414,700 207,350 311,025 47,367.50 + 35% 622,050 167,307.50 + 37% 622,050 311,025 83,653.75 + 37% 207,350 518,400 *** ***** But not of the amount over ........10% $ 0 9,875 40,125 85,525 163,300 207,350 311,025 ********* LUEPUTUYis3-10 eBook Video Calculator Problem 3-36 (LO. 1, 2, 3, 4, 5, 6) Charlotte (age 40) is a surviving spouse and provides all of the spport 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 bf $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". 1. Compute Charlotte's taxable income. 57,200 . Using the Tax Rate Schedules (click here), tax liability (before any allowable credits) for Charlotte is $ X for 2020. . 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 s may be refundable. of the amount over s 0 14,100 53,700 85,500 163,300 2020 Tax Rate Schedules Single-Schedule X Head of household-Schedule z If taxable of the If taxable income is: But not amount income is: But not Over- over- The tax is: Over Over- over- The tax is: S 0 $ 9.875 ... 10% $ 0 $ 0 $ 14,100 ......... 10% 9,875 40,125 $ 987.50 +12% 9,875 14,100 53,700 $ 1,410.00 + 12% 40,125 85,525 4,617.50 + 22% 40,125 53,700 85,500 6,162.00 + 22% 85,525 163,300 14,605.50 + 24% 85,525 85,500 163,300 13,158.00 + 24% 163,300 207,350 33,271.50 + 32% 163,300 163,300 207,350 31,830.00 + 32% 207,350 518,400 47,367.50 + 35% 207,350 207,350 518,400 45,926.00 + 35% 518,400 156,235.00 + 37% 518,400 518,400 154,793.50 + 37% Married filing jointly or Qualifying widow(er) Married filing separately-Schedule Y-2 Schedule Y-1 If taxable . of the If taxable income is: amount income is: But not Over- over The tax is: over Over- over- The tax is: $ 0 $ 19.750 $ 0 $ 0 $ 9,875 ......... 10% 19,750 80,250 $ 1,975.00 + 12% 19,750 9,875 40,125 $ 987.50 + 12% 80,250 171,050 9,235.00 + 22% 80,250 40,125 85,525 4,617.50 + 22% 171,050 326,600 29,211.00 + 24% 171,050 85,525 163,300 14,605.50 + 24% 326,600 414,700 66,543.00 + 32% 326,600 163,300 207,350 33,271.50 + 32% 414,700 622,050 94,735.00 + 35% 414,700 207,350 311,025 47,367.50 + 35% 622,050 167,307.50 + 37% 622,050 311,025 83,653.75 + 37% 207,350 518,400 *** ***** But not of the amount over ........10% $ 0 9,875 40,125 85,525 163,300 207,350 311,025 *********