Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Me and Mrs. Brown report taxable income of $130.000 in 2021. In addition, they report the following Excess Social Security Withholding Credit Estimate tax payments

image text in transcribed
image text in transcribed
image text in transcribed
Me and Mrs. Brown report taxable income of $130.000 in 2021. In addition, they report the following Excess Social Security Withholding Credit Estimate tax payments withholding $ 2,200 4.000 14,200 Required: Compute the amount due or refund claimed when Mr. and Mrs. Brown Jointly file their 2021 Federal Income Tax Return. Use Individual Tax Rate Schedules Answer is complete but not entirely correct. Refund 21.478 Individual Tax Rate Schedules Married Filing Jointly and Surviving Spouse If taxable income is Not over $19.900 Over $19.900 but not over $81,050 Over $81,050 but not over $172,750 Over $172.750 but not over $329,850 Over $329,850 but not over S418,850 Over $418.850 but not over $628,300 Over $628,300 The tax is 10% of taxable income $1,990.00 + 12% of excess over $19,900 $9,328.00 +22% of excess over $81,050 $29,502.00 +24% of excess over $172.750 $67,206,00 + 32% of excess over $329,850 $95,686.00+ 35% of excess over $418,850 $168.993.50+ 37% of excess over $628,300 Married Filing Separately If taxable income is Not over $9.950 Over $9.950 but not over $40,525 Over $40,525 but not over $86,375 Over $86,375 but not over $164,925 Over $164,925 but not over $209,425 Over $209,425 but not over $314,150 Over $314,150 The tax is 10% of taxable income $995.00+ 12% of excess over $9.950 $4,664.00 + 22% of excess over $40,525 $14,751.00 +24% of excess over $86,375 $33,603.00 + 32% of excess over $164.925 S47,843.00 + 35% of excess over $209,425 S84,496,75 + 37% of excess over $314.150 Head of Household If taxable income is Not over $14,200 Over $14,200 but not over $54,200 Over $54,200 but not over $86,350 Over $86,350 but not over $164,900 Over $164.900 but not over $209,400 Over $209,400 but not over S523,600 Over $523,600 The tax is 10% of taxable income $1.420.00 + 12% of excess over $14.200 $6,220.00 + 22% of excess over $54,200 $13,293.00 +24% of excess over $86,350 $32.145.00+ 32% of excess over $164.900 $46,385.00 + 35% of excess over $209,400 $156,355.00+ 37% of excess over S523,600 Single If taxable income is Not over $9.950 Over $9.950 but not over $40,525 Over $40,525 but not over $86,375 Over $86,375 but not over $164,925 Over $164.925 but not over $209,450 Over S209.450 but not over S523,600 Over S523,600 The tax is 10% of taxable income $995.00+ 12% of excess over $9.950 $4,664,00 + 22% of excess over $40,525 $14.751.00 +24% of excess over $86,375 $33,603.00 + 32% of excess over $164.925 S47,843.00 + 35% of excess over $209,425 S157.804.25 +37% of 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

Rethinking Clinical Audit Psychotherapy Services In The NHS

Authors: Rachael Davenhill, Matthew Patrick

1st Edition

0415162084, 978-0415162081

More Books

Students also viewed these Accounting questions