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Please solve this for me and fill the table. Show calculations 5. Use Tax Rate Schedules. Carson Wentz, of Phildelphia, determined the following tax information:
Please solve this for me and fill the table. Show calculations
5. Use Tax Rate Schedules. Carson Wentz, of Phildelphia, determined the following tax information: salary, $144,000; interest earned, $2,000; qualified retirement plan contribution, $6,000; itemized deductions, $10,000. Filing single, calculate Carson's taxable income and tax liability.
Wages, salaries, tips, etc. | |
Taxable interest (+) | |
Total income | |
Adjustments to income: IRA deduction (-) | |
Adjusted gross income | |
Standard deduction (2019) or itemized deductions (-) | |
Taxable income | |
Tax (use 2019 Tax Rate Schedules to calculate tax liability) |
The tax is: of the amount over- Schedule X-If your filing status is Single If your taxable income is: But not Over- over- $9,700 9,700 39,475 39,475 84,200 84,200 160,725 160,725 204,100 204,100 510,300 510,300 10% $970.00 + 12% 4,543.00 +22% 14,382.50 +24% 32,748.50 + 32% 46,628.50 + 35% 153,798.50 +37% 9,700 39,475 84,200 160,725 204,100 510,300 over Schedule Y-1-If your filing status is Married filing jointly or Qualifying widow(er) If your taxable The tax is: income is: of the But not amount Over- over- $0 $19,400 ........ 10% 19,400 78,950 $1,940.00 + 12% 19,400 78,950 168,400 9,086.00 + 22% 78,950 168,400 321,450 28,765.00 +24% 168,400 321,450 408,200 65,497.00 + 32% 321,450 408,200 612,350 93,257.00 + 35% 408,200 612,350 164,709.50 +37% 612,350 of the amount over- 10% Schedule Y-2-If your filing status is Married filing separately If your taxable The tax is: income is: But not Over- over- $9,700 9,700 39,475 $970.00 + 12% 39,475 84,200 4,543.00 + 22% 84,200 160,725 14,382.50 +24% 160,725 204,100 32,748.50 + 32% 204,100 306,175 46,628.50 + 35% 306,175 82,354.75 + 37% 9,700 39,475 84,200 160,725 204,100 306,175
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