Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Procedure and Analysis: 1. For taxable incomes of $100,000 or less, the 1040 Forms & Instructions booklet displays tax tables with the income tax
Procedure and Analysis: 1. For taxable incomes of $100,000 or less, the 1040 Forms & Instructions booklet displays tax tables with the income tax previously calculated for the applicable income level (up to $100,000) and the filing status. Locate a copy of the tax tables on the Internet with the search keywords "2009 1040 tax tables" or from the Forms and Publications link found at the website www.irs.gov. Using $100,000 as a taxable income, find the income tax for a couple (married and filing jointly) in the published tax tables. Record your results. a. Total Income Tax (based on 2009 IRS Tax Tables) = $ b. Now, calculate the income tax on the very same $100,000 taxable income using the computations described in unit 4-E. Use the framework below to aid in your calculations: Tax Rate 10% 15% 25% Married Filing Jointly up to 16,700 up to 67,900 up to 137,050 Tax Computation Total Income Tax: c. Should your answers for Parts (a) and (b) match exactly? Explain why or why not?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started