,

of the amount Over- $ 0 ......... 10% 14,100 53,700 2020 Tax Rate Schedules Single-Schedule X Head of householdSchedule z If taxable of the If taxable income is: But not amount income is: But not Over- over- The tax is: over- Over- over- The tax is: $ 0 $ 9,875 10% $ 0 $ 0 $ 14,100 9,875 40,125 $ 987.50 + 12% 9,875 14,100 53,700 $ 1,410.00 + 12% 40,125 85,525 4,617.50 + 22% 40,125 53,700 85,500 6,162.00 + 22% 85,525 163,300 14,605.50 + 24% 85,525 85,500 163,300 13,158.00 + 24% 163,300 207,350 33,271.50 + 32% 163,300 163,300 207,350 31,830.00 + 32% 207,350 518,400 47,367.50 + 35% 207,350 207,350 518,400 45,926.00 + 35% 518,400 156,235.00+ 37% 518,400 518,400 154,793.50 + 37% Married filing jointly or Qualifying widow(er) Married filing separatelySchedule Y-2 Schedule Y-1 If taxable of the If taxable income is: But not amount income is: But not Over- over- The tax is: over Over- over The tax is: $ 0 $ 19,750 $ 0 $ 0 $ 9,875 19,750 80,250 $ 1,975.00 + 12% 19,750 9,875 40,125 $ 987.50 + 12% 80,250 171,050 9,235.00 + 22% 80,250 40,125 85,525 4,617.50 + 22% 171,050 326,600 29,211.00 + 24% 171,050 85,525 163,300 14,605.50 +24% 326,600 414,700 66,543.00 + 32% 326,600 163,300 207,350 33,271.50 + 32% 414,700 622,050 94,735.00 + 35% 414,700 207,350 311,025 47,367.50 + 35% 622,050 167,307.50+ 37% 622,050 311,025 83,653.75 + 37% 85,500 163,300 207,350 518,400 ......... 10% ......... 10% of the amount over- $ 0 9,875 40,125 85,525 163,300 207,350 311,025 Problem 15-26 (LO. 3, 4) Scott and Laura are married and will file a joint tax return. Laura has a sole proprietorship (not a "specified services" business) that generates qualified business income of $300,000. The proprietorship pays W-2 wages of $40,000 and holds property with an unadjusted basis of $10,000. Scott is employed by a local school district. Their taxable income before the QBI deduction is $386,600 (this is also their modified taxable income). Click here to access the 2020 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. a. taxable income is and tax Scott and Laura's QBI deduction is $ liability is $ for 2020. b. After providing you the original information in the problem, Scott finds out that he will be receiving a $6,000 bonus in December 2020 (increasing their taxable income before the QBI deduction by this amount). Redetermine Scott and Laura's QBI deduction, taxable income, and tax liability for 2020. taxable income is and tax Scott and Laura's QBI deduction is s liability is $ for 2020. c. What is the marginal tax rate on Scott's bonus? Round your answer to one decimal place. %