Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Miley, a single taxpayer, plans on reporting $31,525 of taxable income this year (all of her income is from a part-time job). She is considering

Miley, a single taxpayer, plans on reporting $31,525 of taxable income this year (all of her income is from a part-time job). She is considering applying for a second part-time job that would give her an additional $10,000 of taxable income. By how much will the income from the second job increase her tax liability?


image text in transcribed
2021 Tax Rate Schedules Individuals Schedule X-Single Ir taxable income is over: But not over: The tax is: S 0 S 9,950 10% of taxable income $9.950 S 40,525 995 plus 12% of the excess over $9.950 $ 40.525 $ 86,375 S4,664 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 $ 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 S157,804.25 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 S1.990 plus 12% of the excess over $19.900 $ 81,050 S 172,750 59.328 plus 22% of the excess over $81,050 $ 172.750 S 329,850 529,502 plus 24% of the excess over $172,750 $ 329,850 $ 418,850 567,206 plus 32% of the excess over $329,850 $ 418,850 S 628,300 595,686 plus 35% of the excess over S418,850 $ 628,300 $168.993.50 plus 37% of the excess over $628,300 Schedule Z-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 $ $4,200 $ 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 $ 209,400 532,145 plus 32% of the excess over $164,900 $ 209,400 S 523.600 $46,385 plus 35% of the excess over $209,400 S 523,600 5156,355 plus 37% of the excess over S523,600 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 $9.950 10% of taxable income S 9,950 $ 40,525 995 plus 12% of the excess over $ 9.950 $ 40,525 $ 86,375 $4,664 plus 22% of the excess over $40.525 S 86,375 $164.925 $14,751 plus 24% of the excess over $86,375 $164.925 $ 209,425 $33.603 plus 32% of the excess over $164.925 $ 209,425 $ 314,150 $47,843 plus 35% of the excess over $209.425 $ 314,150 $84.496.75 plus 37% of the excess over $314,150

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_2

Step: 3

blur-text-image_3

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

Management Accounting And Control Systems An Organizational And Sociological Approach

Authors: Norman B. Macintosh, Paolo Quattrone

2nd Edition

0470714476, 978-0470714478

More Books

Students also viewed these Accounting questions

Question

What is the content-level meaning?

Answered: 1 week ago