Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed 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 ESTATE AND TRUST TAX RATES If taxable income is Not over $2,750 Over $2,750 but not over $9,850 Over $9,850 but not over $13,450 Over $13.450 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 $162,718 +37% of excess over $539,900 The tax is 10% of taxable income $275.00 +24% of excess over $2,750 $1,979.00 + 35% of excess over $9,850 $3.239.00+37% of excess over $13.450 Refer to the individual rate schedules in Appendix C Required: a. What are the tax liability, the marginal tax rate, and the average tax rate for a married couple filing jointly with $64,900 taxable income? b. What are the tax liability, the marginal tax rate, and the average tax rate for a single individual with $193,300 taxable income? c. What are the tax liability, the marginal tax rate, and the average tax rate for a head of household with $459,300 taxable income? Complete this question by entering your answers in the tabs below. Required A Required B Required C What are the tax liability, the marginal tax rate, and the average tax rate for a married couple filing jointly with $64,900 taxable income? Note: Round "Average tax rate" to 2 decimal places. Tax liability Marginal tax rate Average tax rate 12% % Refer to the individual rate schedules in Appendix C. Required: a. What are the tax liability, the marginal tax rate, and the average tax rate for a married couple filing jointly with $64,900 taxable income? b. What are the tax liability, the marginal tax rate, and the average tax rate for a single individual with $193,300 taxable income? c. What are the tax liability, the marginal tax rate, and the average tax rate for a head of household with $459,300 taxable income? Complete this question by entering your answers in the tabs below. Required A Required B Required C What are the tax liability, the marginal tax rate, and the average tax rate for a single individual with $193,300 taxable income? Note: Do not round your intermediate computations. Round final "Tax liability" to the nearest whole dollar and "Average tax rate" to 2 decimal places. Tax liability Marginal tax rate Average tax rate 32% % Show less Refer to the individual rate schedules in Appendix C. Required: a. What are the tax liability, the marginal tax rate, and the average tax rate for a married couple filing jointly with $64,900 taxable income? b. What are the tax liability, the marginal tax rate, and the average tax rate for a single individual with $193,300 taxable income? c. What are the tax liability, the marginal tax rate, and the average tax rate for a head of household with $459,300 taxable income? Complete this question by entering your answers in the tabs below. Required A Required B Required C What are the tax liability, the marginal tax rate, and the average tax rate for a head of household with $459,300 taxable income? Note: Do not round your intermediate computations. Round final "Tax liability" to the nearest whole dollar and "Average tax rate" to 2 decimal places. Tax liability Marginal tax rate Average tax rate 35% % Show less

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: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupni

13th edition

1259444953, 978-1259444951

More Books

Students also viewed these Accounting questions

Question

Explain the computation and importance of gross profit. LO3

Answered: 1 week ago