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Please show all work In 2020, Venus reported $41,500 of taxable income. Of this, $34,500 came from her work at the local library and the
Please show all work
In 2020, Venus reported $41,500 of taxable income. Of this, $34,500 came from her work at the local library and the remaining $6,000 was from capital gains to be taxed at preferential rates. Compute her tax liability for 2020 as a single taxpayer. Schedule X - Single If taxable income is over: But not over The tax is: SO $9.875 10% of taxable income $9,875 $40.125 $987.50 plus 12% of the amount over $9.875 $40.125 $85,525 $4.617.50 plus 22% of the amount over $40,125 $85.525 $163,300 $14.605.50 plus 24% of the amount over $885,525 $163,300 $207,350 $33,271.50 plus 32% of the amount over $163,300 $207,350 $518,400 $47.367.50 plus 35 of the amount over $207,350 $518.400 No limit $156,235 plus 37% of the amount over $518,400 Rate Tax Rates for Net Capital Gains and Qualified Dividends Taxable Income Married Filing Married Filing Single Head of Jointly Separately Household SO - $80,000 $0-$40,000 SO - $40.000 $0-$53,600 $80,001 - $40,001 - $40,001 $53,601 - $496.600 $248,300 -$441,450 $469,050 $496,601 + $248,301 + $441,451 + $469,051 + 0% 15% Trusts & Estates $0-$2,650 $2,651 $13,150 $13,151 + 20%Step by Step Solution
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