please help with these two questons. ive also uploaded 2019 tax rates if needed
Part1: 1. Mark is unmarried and aged 66. He fully supports his 92 year old mother who resides in an assisted living facility. His mother has no income of her own. Mark's gross income from all sources is $180,000. He makes a contribution to his retirement account of $11,000. His itemized deductions are state tax $14,000; property tax $16,000; mortgage interest $8,000; charitable contributions $1,000. Compute Mark's taxable income. 2. Susan is unmarried and fully supports the daughter of a deceased friend. This young lady is 17 years old and has lived in Susan's home for the entire year. What is Susan's filing status? Can Susan get a Federal tax credit for the young lady? If so how much? 2019 Tax Rate Tables. The following are the tax rate tables under $1 for 2019 (Rev Proc 2018-57). Practice Alert! The 3.8% tax on "net investment income" and the.9% Additional Medicare Tax on earned income are not reflected in these $1 rate tables. TABLE 1 - Section 10) - Married Individuals Filing Joint Returns and Surviving Spouses If Taxable income is: Then Income Tax Equals: Not over $19,400 10% of the taxable income Over $19,400 but not over $78,950 $1,940 plus 12% of the excess over $19,400 Over $78,950 but not over $168,400 $9,086 plus 22% of the excess over $78,950 Over $168,400 but not over $321,450 $28,765 plus 24% of the excess over $168,400 Over $321,450 but not over $408,200 $65,497 plus 32% of the excess over $321,450 Over $408,200 but not over $612,350 $93,257 plus 35% of the excess over $408,200 Over $612,350 $164,709.50 plus 37% of the excess over $612,350 TABLE 2 - Section 10) - Heads of Households If Taxable income is: Not over $13,850 Over $13,850 but not over $52,850 Over $52,850 but not over $84.200 Over $84.200 but not over $160,700. Over $160,700 but not over $204,100 Over $204,100 but not over $510,300 Over $510,300 Then Income Tax Equals: 10% of the taxable income $1,385 plus 12% of the excess over $13,850 $6,065 plus 22% of the excess over $52,850 $12,962 plus 24% of the excess over $84,200 $31,322 plus 32% of the excess over $160,700 $45,210 plus 35% of the excess over $204,100 $152,380 plus 37% of the excess over $510,300 TABLE 3 . Section 10) Unmarried Individuals (other than Surviving Spouses and Heads of Households) If Taxable income is: Then Income Tax Equals: Not over $9,700 10% of age taxable income Over $9,700 but not over $39,475 $970 plus 12% of the excess over $9,700 Over $39,475 but not over $84,200 $4,543 plus 22% of the excess over $39,475 Over $84,200 but not over $160,725 $14,382.50 plus 24% of the excess over $84,200 Over $160,725 but not over $204,100 $32,748.50 plus 32% of the excess over $160,725 Over $204,100 but not over $510,300 $46,628.50 plus 35% of the excess over $204,100 Over $510,300 $153,798.50 plus 37% of the excess over $510,300 Standard Deduction Amounts 2018 2019 2020 $ 24,000 $ 18,000 $ 24,400 $ 18,350 Filing Status Married Individuals Filing Joint Returns and Surviving Spouses Heads of Households Unmarried Individuals (other than surviving spouses and Heads of Households) $ 24,800 $ 18,650 $ 12,000 $ 12,200 $ 12,400 $ 12,000 $ 12,200 $ 12,400 Married Individuals Filing a Separate Return Additional Standard If Age 65 or Blind Single Married $ 1,600 $ 1,300 $ 1,650 $ 1,300 $ 1,650 $ 1,300 Standard Deduction Limitation If Claimed As Dependent $ 1,050 or sum of $350 and earned income $ 1,100 or sum of $350 and earned income $ 1,100 or sum of $350 and earned income Part1: 1. Mark is unmarried and aged 66. He fully supports his 92 year old mother who resides in an assisted living facility. His mother has no income of her own. Mark's gross income from all sources is $180,000. He makes a contribution to his retirement account of $11,000. His itemized deductions are state tax $14,000; property tax $16,000; mortgage interest $8,000; charitable contributions $1,000. Compute Mark's taxable income. 2. Susan is unmarried and fully supports the daughter of a deceased friend. This young lady is 17 years old and has lived in Susan's home for the entire year. What is Susan's filing status? Can Susan get a Federal tax credit for the young lady? If so how much? 2019 Tax Rate Tables. The following are the tax rate tables under $1 for 2019 (Rev Proc 2018-57). Practice Alert! The 3.8% tax on "net investment income" and the.9% Additional Medicare Tax on earned income are not reflected in these $1 rate tables. TABLE 1 - Section 10) - Married Individuals Filing Joint Returns and Surviving Spouses If Taxable income is: Then Income Tax Equals: Not over $19,400 10% of the taxable income Over $19,400 but not over $78,950 $1,940 plus 12% of the excess over $19,400 Over $78,950 but not over $168,400 $9,086 plus 22% of the excess over $78,950 Over $168,400 but not over $321,450 $28,765 plus 24% of the excess over $168,400 Over $321,450 but not over $408,200 $65,497 plus 32% of the excess over $321,450 Over $408,200 but not over $612,350 $93,257 plus 35% of the excess over $408,200 Over $612,350 $164,709.50 plus 37% of the excess over $612,350 TABLE 2 - Section 10) - Heads of Households If Taxable income is: Not over $13,850 Over $13,850 but not over $52,850 Over $52,850 but not over $84.200 Over $84.200 but not over $160,700. Over $160,700 but not over $204,100 Over $204,100 but not over $510,300 Over $510,300 Then Income Tax Equals: 10% of the taxable income $1,385 plus 12% of the excess over $13,850 $6,065 plus 22% of the excess over $52,850 $12,962 plus 24% of the excess over $84,200 $31,322 plus 32% of the excess over $160,700 $45,210 plus 35% of the excess over $204,100 $152,380 plus 37% of the excess over $510,300 TABLE 3 . Section 10) Unmarried Individuals (other than Surviving Spouses and Heads of Households) If Taxable income is: Then Income Tax Equals: Not over $9,700 10% of age taxable income Over $9,700 but not over $39,475 $970 plus 12% of the excess over $9,700 Over $39,475 but not over $84,200 $4,543 plus 22% of the excess over $39,475 Over $84,200 but not over $160,725 $14,382.50 plus 24% of the excess over $84,200 Over $160,725 but not over $204,100 $32,748.50 plus 32% of the excess over $160,725 Over $204,100 but not over $510,300 $46,628.50 plus 35% of the excess over $204,100 Over $510,300 $153,798.50 plus 37% of the excess over $510,300 Standard Deduction Amounts 2018 2019 2020 $ 24,000 $ 18,000 $ 24,400 $ 18,350 Filing Status Married Individuals Filing Joint Returns and Surviving Spouses Heads of Households Unmarried Individuals (other than surviving spouses and Heads of Households) $ 24,800 $ 18,650 $ 12,000 $ 12,200 $ 12,400 $ 12,000 $ 12,200 $ 12,400 Married Individuals Filing a Separate Return Additional Standard If Age 65 or Blind Single Married $ 1,600 $ 1,300 $ 1,650 $ 1,300 $ 1,650 $ 1,300 Standard Deduction Limitation If Claimed As Dependent $ 1,050 or sum of $350 and earned income $ 1,100 or sum of $350 and earned income $ 1,100 or sum of $350 and earned income