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Please help me computing the tax liability Problem 2-40 (LO 2-5) Determine the amount of tax liability in each of the following instances: Use the
Please help me computing the tax liability
Problem 2-40 (LO 2-5) Determine the amount of tax liability in each of the following instances: Use the appropriate Tax Tables and Tax Rate Schedules. a. A married couple filing jointly with taxable income of $32,991. b. A married couple filing jointly with taxable income of $192,257 c. A married couple filing separately, one spouse with taxable income of $43,885 and the other with $56,218. d. A single person with taxable income of $79,436 e. A single person with taxable income of $297784 f. A head of household with taxable income of $96,592 g. A qualifying widow with taxable income of $14,019. h. A married couple filing jointly with taxable income of $11,216 (For all requirements, use the Tax Tables for taxpayers with texable income under $100,000 and the Tax Rate Schedules for those with toxable income above $100,000.) Complete this question by entering your answers in the tabs below Req a and b Req Req d to h a. A married couple filing jointly with taxable income of $32,991. b. A married couple filing jointly with taxable income of $192,257. (Round your intermediate computations to 2 decimal places and final answer to the nearest dollar amount.) Tax liabilit Problem 2-40 (LO 2-5) Determine the amount of tax liability in each of the following instances: Use the appropriate Tax Tables and Tax Rate Schedules. o. A married couple filing jointly with taxable income of $32,991. b. A married couple filing jointly with taxable income of $192,257 c. A married couple filing separately, one spouse with taxable income of $43,885 and the other with $56,218. d. A single person with taxable income of $79,436. e. A single person with taxable income of $297,784 f. A head of household with taxable income of $96,592 g. A qualifying widow with taxable income of $14,019. h. A married couple filing jointly with taxable income of $11,216. (For all requirements, use the Tax Tables for texpayers with texable income under $100,000 and the Tax Rate Schedules for those with taxable income above $100,000.) Complete this question by entering your answers in the tabs below Req a and b Req c Req d to h c. A married couple filing separately, one spouse with taxable income of $43,885 and the other with $56,218 Tax liability of spouse having taxable income of $43,885 Tax liability of spouse having taxable income of $56,218 KReq a and b Req d to h Determine the amount of tax liability in each of the following instances: Use the appropriate Tax Tables and Tax Rate Schedules a. A married couple filing jointly with taxable income of $32,991 b. A married couple filing jointly with taxable income of $192,257 c. A married couple filing separately, one spouse with taxable income of $43,885 and the other with $56,218. d. A single person with taxable income of $79,436. e. A single person with taxable income of $297,784 f. A head of household with taxable income of $96,592 g. A qualifying widow with taxable income of $14,019 h. A married couple filing jointly with taxable income of $11,216. (For all requirements, use the Tex Tables for taxpayers with taxable income under $100,000 and the Tax Rate Schedules for those with texable income above $100,000.) Complete this question by entering your answers in the tabs below Req a and b Req c Req d to h d. A single person with taxable income of $79,436. e. A single person with taxable income of $297,784. (Round your intermediate computations to 2 decimal places and final answer to the nearest dollar amount.) f. A head of household with taxable income of $96,592 g. A qualifying widow with taxable income of $14,019 h. A married couple filing jointly with taxable income of $11,216. Show less 2018 Tax Table Married But Less Married filing Head of At Least Than Single filing Jointly separetely Household YOUR TAX IS 11,200 11,250 1,157 14,00014,050 1,493 32,950 33,000 43,85043,9505,603 56,200 56,250 79,400 79,450 96,550 96,600 1,123 1,123 1,411 3,685 4,999 6,918 12,022 16,076 1,157 14031493 3,767 3,576 4,890 6,366 3,767 5,603 8,309 9,353 13,413 17,468 13,413 17,468 13,126 $100,000 or over use the Tax Computation worksheet 2018 Federal Income Tax Information 2018 Federal Tax Rate Schedules Schedule X If taxable income is over But not over: The tax is: $0 $9,525 $38,700 $82,500 $157,500 $200,000 $500,000 $9,525 $38,700 $82,500 $157,500 $200,000 $500,000 10% of taxable income $952.50 plus 1 2% of the excess over $9,525 $4,453.50 plus 22% ofthe excess over $38,700 $14,089.50 plus 24% of the excess over $82.500 $32,089.50 plus 32% of the excess over $ 157,500 $45,689.50 plus 35% of the excess over $200,000 $150,689 50 plus 37% of the excess over $500,000 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over But not over: The tax is: $0 $19.050 $77.400 $165,000 $315,000 $400,000 $600,000 $19,050 $77.400 $165,000 $315,000 $400,000 10% of taxable income $ 1 .905 00 plus 1 2% of the excess over $19,050 $8,907.00 plus 22% of the excess over $77,400 $28,1 79.00 plus 24% of the excess over $ 1 65,000 $64.1 79.00 plus 32% of the excess over $31 5,000 $91,379.00 plus 35% of the excess over $400,000 $1 6 1 .37900 plus 37% of the excess over $600,000 Schedule Y-2-Married Filing Separately If taxable income is over But not over: The tax is: 50 $9,525 $38,700 $82,500 $157,500 $200,000 $300,000 $9,525 $38,700 $82,500 $157,500 $200,000 $300,000 10% of taxable income $952.50 plus 1 2% of the excess over $9,525 $4,453.50 plus 22% of the excess over $38,700 $ 1 4,089.50 plus 24% of the excess over $82,500 $32,089.50 plus 32% of the excess over $157,500 $45,689.50 plus 35% of the excess over $200,000 $80,689.50 plus 37% of the excess over $300,000 Schedule Z-Head of Household If taxable income is over But not over: The tax is: 50 $13,600 $51,800 $82,500 $157,500 $200,000 $500,000 $13,600 $51,800 $82,500 $157,500 $200,000 $500,000 10% of taxable income $1 ,360.00 plus 1 2% of the excess over $ 1 3,600 $5.944.00 plus 22% of the excess over $51,800 $12,698.00 plus 24% of the excess over $82,500 $30,698.00 plus 32% of the excess over $157,500 $44,298.00 plus 35% of the excess over $200,000 $1 49,298.00 plus 37% ofthe excess over $500,000 Qualified Dividends & Capital Gains Tax Rates Standard Mileage Rates Collectible gain Section 1202 gain Unrecaptured Section 1250 gain Other copital gains and qualified dividends based on taxable Business miles $0.545 Charity miles0 14 Medical miles S0.18 28% 25% Moving miles 0.18 income Zero tax rate: Child Tax Credit Single & Married fling separately taxable income of Amount per child under 17 Credit reduction-$50 per $1,000 over AGI threshold Married filing jointly All other taxpayers $0-$38,600 Married filing jointly taxable income of $0-$77,200 Head of household: taxable income of $0-$51,700 15% tax rate: $200,000 Single & Married filing separately taxable income of $38,601-$425,800 Married fling jointly taxable income of $77,201-$479,000 Head of household: taxable income of $51,700-$452,400 Coverdell Educational Savings Accounts 20% tax rate Contributions limit-$2,000 per year per beneficiary, must be Single and Married filing separately taxable income of in cash, and must be made before the beneficiary turns 18 $425,801 or more Phase-out Thresholds Married filing jointly taxable income of $479,001 or more Head of household: taxable income of $452,401 or more Married Single-AG filing jointly-AGI $190,000-$220,000 $95,000-$110.000 Short-term capital gains (held 1 year or less) are taxed at rdinary tax rates Traditional IRA Contribution Deduction IRA contributions-Lower of $5,500 or the amount of Standard Deduction Basic Standard Deduction Filing Status Single Married filing jointly Married filing separately Head of household Qualitying widowler) Additional over 65 or blind Individuals who are age 50 or older-Lower of $6,500 or $12.000 $24,000 $12.000 $18,000 $24,000 Phase-outs if the individual is a participant in another retirement plan: Married $101,000-$121,000 Phase-out range Greater than $121,000-no deduction Single $63,000-$73,000 Phase-out range Greater than $73.000-no deduction Married, qual, widowjer) $1,300 $1,600 Roth IRA Contribution Social Security, Medicare, & Self-Employment Taxes Employee Roth contribution$5,500 or compensation 50 or older Al Roth contributions are not tax deductible Joint Returns- $189,000-$199,000 phase-out range Rate 6.2% 1.45% 7.65% Rate 12.4% 2.9% 15.3% Income Limit $128,400 $6,500 or compensation Social Security Medicare . Total Single or head of household-$120,000-$135.000 Income Limit $128.400 Unlimted Self-employed Social Security - Medicare Health Savings Account Contribution . Total $3.450 An additional Medicare tax of 0.9% is assessed on wages and self-employment income in excess of $250,000 married filing jointly) $125,000 (married filing separately)Taxpayers who are age 55 or ol or $200,000 (all others). Family $6.900 der may contribute an additional $1,000 ($4.450 individual or $7.900 family Step by Step Solution
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