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Need some Help with this Problem Find the amount of taxable income and the tax owed for the following person. Use the tax rate schedule.
Need some Help with this Problem
Find the amount of taxable income and the tax owed for the following person. Use the tax rate schedule. Name Number of Adjusted Total Exemptions Gross Income Deductions The Pacas, married - filing 2 $72,420 $6120 jointly Click here to view Tax Rate Schedule - Single. Click here to view Tax Rate Schedule - Married filing.jointly. Click here to view Tax Rate Schedule - Married filing separately. Click here to view Tax Rate Schedule - Head of household. Click here to view the Standard Deductions Amounts. Click here to view the Personal Exemption Amounts. The amount of taxable income is s (Type a whole number or a decimal.) The amount of tax owed is $0 (Round to the nearest cent as needed.) Taxable income $0 - $18,550 $18,551 - $75,300 $75,301 - $ 151,900 $151,901 - $231,450 $231,451 - $413,350 $413,351 - $466,950 $466,951 or more MARRIED FILING JOINTLY Find the Tax 10% $1,855 plus 15% of the amount over $18,550 $10,367.50 plus 25% of the amount over $75,300 $29,517.50 plus 28% of the amount over $151,900 $51,791.50 plus 33% of the amount over $231,450 $111,818.50 plus 35% of the amount over $413,350 $130,578.50 plus 39.6% of the amount over $466,950 Finding Standard Deductions $6,300 for single taxpayers $12,600 for married taxpayers filing jointly $6,300 for married taxpayers filing separately $9,300 for head of household Filing status and exemptions Single individual (1 exemption) Married with 3 children (5 exemptions) Single, head of household, 2 children (3 exemptions) Total Deduction 1 x $4050 = $4050 5x $4050 = $20,250 3 x $4050 = $12,150Step by Step Solution
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