Problem 2-40 (LO 2-6)

Determine the amount of tax liability in each of the following instances: (Use the Tax Tables for taxpayers with taxable income under $100,000 and the Tax Rate Schedules for those with taxable income above $100,000. Round your intermediate computations to two decimal places and final answer to the nearest dollar amount.)

Use the included bold information from the Tax Tables or Tax Rate Schedules to answer the questions

Tax Table

If Taxable income is 32,950 - 33,000 your tax is 4,019 for married couple filing jointly

Tax Rate

Married filing jointly:

If income is over $151,900 but not over $231,450 the tax is $29,517.50 plus 28% of the excess over $151,900

a. A married couple filing jointly with taxable income of $32,991.

b. A married couple filing jointly with taxable income of $192,257.

	Tax liability
a.
b.

c. A married couple filing separately, one spouse with taxable income of $43,885 and the other with $56,218.

If taxable income is 43,850 - 43,900 your tax is 6,740 for married filing separately

If taxable income is 56,200 - 56,250 your tax is 9,828 for married filing separately

Tax liability of spouse having taxable income of $43,885 _________
Tax liability of spouse having taxable income of $56,218 __________

d. A single person with taxable income of $79,436. If Taxable income is 79,400 - 79,450 your tax is 15,628 for single

e. A single person with taxable income of $297,784. If taxable income is over $190,150 but not over $413,350 the tax is $46,278.75 plus 33% of the excess over $190,150 for single.

f. A head of household with taxable income of $96,592. If Taxable income is 96,550 - 96,600 your tax is 18,441 for head of household

g. A qualifying widow with taxable income of $14,019. If taxable income is over: $0 But not over: $18,550The tax is: 10% of taxable income for qualifying window

h. A married couple filing jointly with taxable income of $11,216. If taxable income is 11,200 - 11,250 your tax is 1,123 for married filing jointly

	Tax liability
d.
e.
f.
g.
h.