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Mr. and Mrs. Ludwig had the following income items: Dividend eligible for 0% preferential rate Capital gain eligible for 0% preferential rate Mrs. Ludwig's salary
Mr. and Mrs. Ludwig had the following income items: Dividend eligible for 0% preferential rate Capital gain eligible for 0% preferential rate Mrs. Ludwig's salary $ 3,400 2,900 24,325 Mr. L is age 66, and Mrs. L is age 68. Their itemized deductions totaled $6,390, and they have no dependents. Compute their income tax on a joint return. Assume the taxable year is 2018. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) AGI Taxable income Income tax $ $ 30,625 4,025 INDIVIDUAL TAX RATES Married Filing Jointly and Surviving Spouse If taxable income is: The tax is Not Over $19.050 107 of taxable income Over $19.050 but not over $77.400 $1,905.00 +12% of excess over $19,050 Over $77.400 but not over $165.000 $8.907.00 +22% of excess over $77.400 Over $165,000 but not over $315.000 $28.179.00 +24% of excess over $165.000 Over $315,000 but not over $400,000 $64,179.00 + 329 of excess over $315.000 Over $400,000 but not over $500,000 $91,379.00 + 35% of excess over $400,000 Over $600,000 $161.379.00 + 37% of excess over $600,000 Married Filing Separately The taxis I taxable income is Not Over $9.525 Over $9,525 but not over $38.700 Over $38.700 but not over $82.500 Over $82,500 but not over $157,500 Over $157.500 but not over $200,000 Over $200,000 but not over $300,000 Over $300,000 10% of taxable income $952.50 +12% of excess over $9.525 4,453.50 +22% of excess over $38.700 $14,089.50 +24% of excess over $82,500 $32,089.50 + 32% of excess over $157,500 $45,689.50 + 35% of excess over $200,000 $80,689.50 + 37% of excess over $300,000 Heads of Household The tax is: If taxable income is: Not over $13,600 Over $13.600 but not over $51,800 Over $51.800 but not over $82,500 Over $82.500 but not over $157,500 Over $157,500 but not over $200,000 Over $200,000 but not over $500,000 Over $500,000 10% of taxable income $1,360.00 + 12% of excess over $13,600 $5,944.00 + 22% of excess over $51,800 $12.698.00 +24% of excess over $82,500 $30,698.00 + 32% of excess over $157,500 $44.298.00 + 35% of excess over $200,000 $149,298.00 + 37% of excess over $500,000 Single The tax is: If taxable income is: Not over $9,525 Over 59,525 but not over $38,700 Over $38,700 but not over $82,500 Over $82,500 but not over $157.500 Over $157,500 but not over $200,000 Over $200,000 but not over $500,000 Over $500,000 10% of taxable income $952.50 + 1256 of excess over $9.525 $4453.50 + 22% of excess over $38,700 $14,089.50 +24% of excess over $82,500 $32,089 50 + 32% of excess over $157,500 $45,689.50 +35% of excess over $200,000 $150.689.50 +37% of excess Over $500.000 ESTATE AND TRUST TAX RATES If taxable income is: Not Over $2.550 Over $2.550 not over $9.150 Over $9,150 not over $12.500 Over $12.500 The taxis 10% of taxable income $255 +24% of the excess over $2.550 $1,839 + 35% of the excess over $9,150 $3.011.50 + 37% of the excess over $12.500 Married filing jointly and surviving spouses Married filing separately Head of household Single $24,000 12,000 18,000 12,000
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