nego w 2021 wie 2001 or the comments in our and not manipulate the my and you in the field the west conte the tax rate schedule for many They organized the business as a C corporation, KT, Inc. During 2021, the corporation was successful and generated revenues of $1.6 million. KT had operating expenses of $835,000 before any payments to Kyle or Toby. During 2021, KT paid dividends to Kyle and Toby in the amount of $180,000 each. Assume that Kyle's wife earned $170,000 from her job, they file a joint return, ha itemized deductions of $39,000, and have no children. Married, Filing Joint and Surviving Spouse Y taxable income is: The tax is: Not over $19,900 10% of taxable income Over $19,900 but not over $81,050 I...$1,990.00 + 12% of the excess over $19,900. Over $81,050 but not over $172,750 $9,328.00 +22% of the excess over $81,050. Over $172,750 but not over $329,850 $29,502.00 +24% of the excess over $172750 Over $329,850 but not over $418,850 $67,206.00 +32% of the excess over $329,850, Over $418,850 but not over $628,300 595,686,00 + 35% of the excess over $418,850. CACA 002 27th Ann abil Over $19,900 but not over $81,050 $1,990.00 + 12% of the excess over $19,900 Over $81,050 but not over $172,750 $9,328.00 + 22% of the excess over $81,050. Over $172,750 but not over $329,850 $29,502.00 +24% of the excess over $172,750. Over $329,850 but not over $418,850 $67 206.00 + 32% of the excess over $329,850. 1 Over $418,850 but not over $628,300 $95,686,00 + 35% of the excess over $418,850. Over $628,300 $ 168,993,50 + 37% of the excess over $628,300 Personal and Dependency Exemptions Suspended: In conjunction with the increased standard deduction amount, the Tax Cuts and Jobs Act reduces the personal exemption amount to $0 for tax years from 2018 through 2025, effectively suspending the exemptions for these years. A corporation's taxable income is subject to a flat tax rate of 21%. 1 Reference $ 25.100 $ 18.800 12.550 $ 5 12,550 Married individuals filing joint returns and surviving spouses Heads of households Unmarried individuals (other than surviving spouses and heads of household) Married individuals ing separate returns Additional standard deduction for the aged and the blind Individual who is married and surviving spouses Additional standard deduction for the aged and the blind Individual who Twumaid and not a surviving spouse Taxpayer claimed as dependent on another taxpayers turn router (1) earned income plus 350 or (2) $1,100. * These amounts $2.700 and $3.400 paxtayer who bom god and bind $1,350 $1.700 route
