Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Miley, a single taxpayer, plans on reporting $31,925 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 $31,925 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 $10,800 of taxable income. By how much will the income from the second job increase her tax liability? (Use the tax rate schedules.) 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,875 10% of taxable income $ 9,875 $ 40,125 $987.50 plus 12% of the excess over $9.875 $ 40,125 $ 85,525 $4.617.50 plus 22% of the excess over $40.125 $ 85,525 $163,300 $14,605.50 plus 24% of the excess over $85,525 $163,300 $207,350 $33,271.50 plus 32% of the excess over $163,300 $207,350 $518,400 547,367.50 plus 35% of the excess over $207,350 $518,400 $156,235 plus 37% of the excess over $518,400 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,750 10% of taxable income $ 19,750 $ 80,250 $1,975 plus 12% of the excess over $19,750 $ 80,250 $171,050 $9,235 plus 22% of the excess over $80.250 $171,050 $326,600 $29.211 plus 24% of the excess over $171,050 $326,600 $414,700 566,543 plus 32% of the excess over $326,600 $414,700 $622,050 $94.735 plus 35% of the excess over $414,700 $622,050 $167,307.50 plus 37% of the excess over $622,050 Schedule Z-Head of Household If taxable income is over:But not over: The tax is: $ 0 $ 14,100 10% of taxable income $ 14,100 $ 53,700 51.410 plus 12% of the excess over $14.100 $ 53,700 $ 85,500 56.162 plus 22% of the excess over $53,700 $ 85,500 $163,300 $13.158 plus 24% of the excess over $85,500 $163,300 $207,350 $31.830 plus 32% of the excess over $163.300 $207,350 $518,400 S45,926 plus 35% of the excess over $207,350 $518,400 $154.793.50 plus 37% of the excess over $518,400 Schedule Y-2-Married Filing Separately If taxable income is over:But not over: The tax is: $ 0 $ 9,875 10% of taxable income $ 9,875 $ 40,125 $987.50 plus 12% of the excess over $9.875 $ 40,125 $ 85,525 $4.617.50 plus 22% of the excess over $40.125 $ 85,525 $163,300 $14.605.50 plus 24% of the excess over $85,525 $163,300 $207,350 $33,271.50 plus 32% of the excess over $163,300 $207,350 $311,025 S47,367.50 plus 35% of the excess over $207,350
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started