Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Must must must fill the table format and show solution and calculation as well if u r answering please. 4. Use Tax Rate Schedules. Jared

Must must must fill the table format and show solution and calculation as well if u r answering please.

image text in transcribed

4. Use Tax Rate Schedules. Jared Goff, of Los Angeles, determined the following tax information: gross salary, $160,000; interest earned, $2,000; IRA contribution, $5,000; and itemized deductions, $8,000. Calculate Jared's taxable income and tax liability filing single.

Wages, salaries, tips, etc.
Taxable interest (+)
Total income
Adjustments to income: IRA deduction (-)
Adjusted gross income
Standard deduction (2019) or itemized deductions (-)
Taxable income
Tax (use 2019 Tax Rate Schedules to calculate tax liability)

The tax is: of the amount over- Schedule X-If your filing status is Single If your taxable income is: But not Over- over- $9,700 9,700 39,475 39,475 84,200 84,200 160,725 160,725 204,100 204,100 510,300 510,300 10% $970.00 + 12% 4,543.00 +22% 14,382.50 +24% 32,748.50 + 32% 46,628.50 + 35% 153,798.50 +37% 9,700 39,475 84,200 160,725 204,100 510,300 over Schedule Y-1-If your filing status is Married filing jointly or Qualifying widow(er) If your taxable The tax is: income is: of the But not amount Over- over- $0 $19,400 ........ 10% 19,400 78,950 $1,940.00 + 12% 19,400 78,950 168,400 9,086.00 + 22% 78,950 168,400 321,450 28,765.00 +24% 168,400 321,450 408,200 65,497.00 + 32% 321,450 408,200 612,350 93,257.00 + 35% 408,200 612,350 164,709.50 +37% 612,350 of the amount over- 10% Schedule Y-2-If your filing status is Married filing separately If your taxable The tax is: income is: But not Over- over- $9,700 9,700 39,475 $970.00 + 12% 39,475 84,200 4,543.00 + 22% 84,200 160,725 14,382.50 +24% 160,725 204,100 32,748.50 + 32% 204,100 306,175 46,628.50 + 35% 306,175 82,354.75 + 37% 9,700 39,475 84,200 160,725 204,100 306,175

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

Step: 3

blur-text-image

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

QFinance The Ultimate Resource

Authors: Various Authors

1st Edition

1849300003, 978-1849300001

More Books

Students also viewed these Finance questions

Question

Differentiate Personnel Management and Human Resource Management

Answered: 1 week ago

Question

Describe the functions of Human resource management

Answered: 1 week ago

Question

What are the objectives of Human resource planning ?

Answered: 1 week ago

Question

Explain the process of Human Resource Planning.

Answered: 1 week ago

Question

Identify how culture affects appropriate leadership behavior

Answered: 1 week ago