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My answer is not correct, and I dont know why.. (484900-12750)*37% + 3011.50 = 177771 + 6000 = 183771 Income Tax RatesEstates and Trusts Tax

image text in transcribedimage text in transcribed

My answer is not correct, and I dont know why..

(484900-12750)*37% + 3011.50 = 177771

+ 6000

= 183771

Income Tax RatesEstates and Trusts Tax Year 2019 Taxable income The Tax Is: But not Over- Of the Amount Over- Over- $ 0 2,600 9,300 12,750 $ 2,600 9,300 12,750 10% $ 260.00 + 24% 1,868.00+ 35% 3,075.50 + 37% $ 0 2,600 9,300 12,750 Tax Year 2018 Taxable income The Tax Is: But not Over- Of the Amount Over- Over- $ 0 2,550 9,150 12,500 $ 2,550 9,150 12,500 10% $ 255.00+ 24% 1,839.00 + 35% 3,011.50 +37% $ 0 2,550 9,150 12,500 The entity reports the following transactions for the 2019 tax year. The trustee accumulates all accounting income for the year. $500,000 Dividend income, all from U.S. corporations Interest income, City of San Antonio bonds Fiduciary fees, deductible portion Net rental losses, passive activity 30,000 40,000 (15,000) (100,000) Click here to access tax table for this problem. Carryout the tax computations to two decimal places. Compute the Federal income tax liability for the Valerio Trust by providing the following amounts: . The amount of the fiduciary's gross income taxed at 20% for the Valerio Trust is $ 30,000 The fiduciary taxable income taxed at ordinary rates for the Valerio Trust is $ 484,900 . The Federal income tax liability for the Valerio Trust is $ 183,771 x

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