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Please show work possible. Thank you very much. 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0
Please show work possible. Thank you very much.
2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 9,875 $ 9,875 $ 40,125 $ 40,125 $ 85,525 $ 85,525 $163,300 $163,300 $207,350 $207,350 $518,400 $518,400 The tax is: 10% of taxable income $987.50 plus 12% of the excess over $9,875 $4,617.50 plus 22% of the excess over $40,125 $14,605.50 plus 24% of the excess over $85,525 $33,271.50 plus 32% of the excess over $163,300 $47,367.50 plus 35% of the excess over $207,350 $156,235 plus 37% of the excess over $518,400 Tax Rates for Net Capital Gains and Qualified Dividends Taxable Income Rate* Head of Household 0% Married Filing Jointly $0 - $80,000 $80,001 - $496,600 $496,601+ Married Filing Separately $0 - $40,000 $40,001 - $248,300 $248,301+ Single $0 - $40,000 $40,001 - $441,450 $441,451+ Trusts and Estates $0 - $2,650 $2,651 - $13,150 $13,151+ $0 - $53,600 $53,601 - $469,050 $469,051+ 15% 20% *This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table (net capital gains and qualified dividends are included in taxable income last for this purpose). Estates and Trusts If taxable income is over: But not over: The tax is: $ 0 $ 2,600 10% of taxable income $ 2,600 $ 9,450 $260 plus 24% of the excess over $2,600 $ 9,450 $12,950 $1,904 plus 35% of the excess over $ 9,450 $12,950 $3,129 plus 37% of the excess over $12,950 Lacy is a single taxpayer. In 2020, her taxable income is $45,800. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Do not round intermediate calculations.) a. All of her income is salary from her employer. Tax liability b. Her $45,800 of taxable income includes $4,800 of qualified dividends. Tax liability c. Her $45,800 of taxable income includes $8,800 of qualified dividends. (Round your answers to 2 decimal places.) Tax liabilityStep by Step Solution
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