Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ms. Gleason, an unmarried taxpayer, had the following income items: Salary Net incone from a rental house $ 10,800 3,370 Ms. Gleason has a four-year

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Ms. Gleason, an unmarried taxpayer, had the following income items: Salary Net incone from a rental house $ 10,800 3,370 Ms. Gleason has a four-year old son who attends a day care center while she is at work. Ms. Gleason paid $4,150 to this center and has no itemized deductions, Required: Compute Child Credit, Dependent Credit, and her income tax after these two credits. Assume the taxable year is 2021. Use Individual Tax Rate Schedules and Standard. Deduction Table (Round your intermediate computations to the nearest whole dollar amount.) Amount Child credit Dependent credit Income tax SL Udd 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 S172,750 but not over $329,850 Over $329,850 but not over $418,850 Over S418,850 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 S172,750 S67 206.00 + 32% of excess over $329,850 $95,686.00+ 35% of excess over S418,850 $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 $84.496.75 +37% of excess over $314,150 Head of Household Ir taxable income is Not over $14,200 Over $14.200 but not over S54,200 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 S523,600 The tax is 10% of taxable income $1,420.00 + 12% of excess over $14.200 56,220,00 + 22% of excess over S54,200 $13.293.00 +24% of excess over $86,350 S32.145.00 + 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 586.375 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 S14,751.00 +24% of excess over $86,375 S33,603.00 +32% of excess over $164.925 S47,843.00 +35% of excess over $209,425 $157,804.25 +37% of excess over $523,600 Married filing jointly and surviving spouses Married filing separately Head of household Single S25.100 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

Robo Auditing Using Artificial Intelligence To Optimize Corporate Finance Processes

Authors: Patrick J.D. Taylor, Manish Singh, Nathanael J. L'Heureux

1st Edition

1544511442, 978-1544511443

More Books

Students also viewed these Accounting questions