Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mr. Rogers, an unmarried individual, had the following income items: Salary $ 512, 100 Interest income 19,200 Dividend eligible for 20% rate 31,000 Mr. Rogers

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Mr. Rogers, an unmarried individual, had the following income items: Salary $ 512, 100 Interest income 19,200 Dividend eligible for 20% rate 31,000 Mr. Rogers had $34,000 itemized deductions and four dependent children (ages 5 through 15). Required: Compute his income tax (before credits). Assume the taxable year is 2021. Use Individual Tax Rate Schedules and Standard Deduction Table (Round your intermediate colculations and final answers to the nearest whole dollar amount.) Answer is complete but not entirely correct. AGI Taxable income Income Tax Amount 5 502,800 $ 528,800 $ 154 205 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 $418,850 Over S418,850 but not over S628,300 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 S29,502.00 +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 S33,603.00 + 32% of excess over $164.925 $47,843.00 + 35% of excess over $209,425 $84.496.75 + 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 S6,220.00 +22% of excess over $54,200 S13,293.00 + 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 $523,600 Single 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 $209,450 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 S33,603.00 + 32% of excess over $164.925 $47,843.00 + 35% of excess over $209,425 $157,804.25 + 37% of excess over S523,600 Married filing jointly and surviving spouses Married filing separately Head of household Single $25,100 12,550 18,800 12,550

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

The Management System Auditors Handbook

Authors: Joe Kausek

1st Edition

087389670X, 978-0873896702

More Books

Students also viewed these Accounting questions