Required: Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases. Use the appropriate Tax Tables and Tax Rate Schedules a. Married taxpayers, who file a joint return, have taxable income of $39,821 b. Married taxpayers, who file a joint return, have taxable income of $63,790. (For all requirements, use the tax tables to compute tax liability. Round "Average tax rate" to 2 decimal places.) Average tax rate Tax liability Marginal tax rate % es % b. Required: Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases. Use the appropriate Tax Tables and Tax Rate Schedules a. Married taxpayers, who file a joint return, have taxable income of $39,821 b. Married taxpayers, who file a joint return, have taxable income of $63,790. (For all requirements, use the tax tables to compute tax liability. Round "Average tax rate" to 2 decimal places.) Average tax rate Tax liability Marginal tax rate % es % b. The tax is: de If taxable Income is over: $0 $13,850 $52,850 $84.200 $160,700 $204,100 $510,300 But not over: $13,850 $52,850 $84,200 $160,700 $204,100 $510,300 10% of taxable income $1,385.00 plus 12% of the excess over $13,850 $6,065,00 plus 22% of the excess over $52,850 $12,962.00 plus 24% of the excess over $84,200 $31,322.00 plus 32% of the excess over $160,700 $45,210,00 plus 35% of the excess over $204,100 $152,380.00 plus 37% of the excess over $510,300 F-1 F-2 Appendix F 2019 Federal Income Tax Information Standard Mileage Rates Business miles Charity miles Medical miles Moving miles $0.58 $0.14 $0.20 $0.20 Child Tax Credit Qualified Dividends & Capital Gains Tax Rates Collectible gain 28% Section 1202 gain 28% Unrecaptured Section 1250 gain 25% Other capital gains and qualified dividends based on taxable income: Zero tax rate: Single & Married filing separately: taxable income of $0-$39,375 Married filing jointly taxable income of $0-$78,750 Head of household taxable income of $0-$52,750 15% tax rate: Single & Married filing separately: taxable income of $39,376-$434,550 Married filing jointly, taxable income of $78,751-5488,850 Head of household taxable income of $52,751-$461,700 20% tax rate: Single and Married filing separately: taxable income of over $434,550 Married filing jointly, taxable income of over $488,850 Head of household: taxable income of over $461,700 Short-term capital gains held 1 year or less) are taxed at ordinary tax rates Amount per child under 17 $2.000 Credit reduction-$50 per $1,000 over AG threshold Married filing Jointly $400,000 All other taxpayers $200.000 Coverdell Educational Savings Accounts Contributions limit-$2,000 per year per beneficiary, must be in cash and must be made before the beneficiary turns 18. Phase-out Thresholds Married filing jointly-AGI $190,000-$220,000 Single-AGI $95,000-$110.000 Traditional IRA Contribution Deduction IRA contributions-Lower of $6,000 or the amount of compensation Individuals who are age 50 or older-Lower of $7,000 or mnon Standard Deduction Basic Standard Deduction $12,200 Filing Status Single
