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STANDARD DEDUCTION Filing Status Married individuals filing joint returns and surviving spouses Heads of households Unmarried individuals (other than surviving spouses and heads of
STANDARD DEDUCTION Filing Status Married individuals filing joint returns and surviving spouses Heads of households Unmarried individuals (other than surviving spouses and heads of households) Married individuals filing separate returns Additional standard deduction for the aged and the blind; Individual who is married and surviving spouses Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse Taxpayer claimed as dependent on another taxpayer's return: Greater of (1) earned income plus $350 or (2) $1,100. *These amounts are $2,700 and $3,400, respectively, for a taxpayer who is both aged and blind. Shop the business corporation recting lay from the corporation of $15 300. The corporation ditribute to fere income dividend $ 25,100 $ 18,800 $ 12.550 $ 12,550 Now enter the income that would be paid by Ga and the corporation under the 2021 for a count your th $1,350 Corporat $1,700 If taxable income is: Not over $19,900 Married, Filing Joint and Surviving Spouse Over $19,900 but not over $81,050 Over $81,050 but not over $172,750 Over $172,750 but not over $329,850 Over $329,850 but not over $418,850 Over $418,850 but not over $628,300 Over $628,300 The tax is: 10% of taxable income. $1,990.00+12% of the excess over $19,900. ....$9,328.00 +22% of the excess over $81,050. ... $29,502.00 +24% of the excess over $172,750. ...$67,206.00 + 32% of the excess over $329,850. ..$95,686.00 + 35% of the excess over $418,850. . $168,993.50 + 37% of the excess over $628,300. Gina cparates a business that produces $105.000 of income before any amounts are paid to her. She is maried, and her spouse receives $85.000 of salary from an unrelated employer. They joindy have $31,500 of embeddeductions, and have no dependents (The tax year is 2021) Click the loan to view the standard deduction amounts) Click then to view the 2021 taxi che for the Marled joints) Read the a. in operates the business as an S corporation calving a salary from the corporation of $75,000. The corporation distributes all of its remaining income to the shareholders Begin by calculating taxable income for Gins under this scenario. Salaries Scorporation income Adjusted gross income Minus temized deductions Trincom Now at the income tax that would be paid by a and the corporation under this scenario, and compute the total income tax (Use the 2021 tax rate schedules for a cautions an tax is due. Do not round any intermediary calculations Round your final tax fably to the nearest whole dolar Income tax paid by Amount of la Corporation Tatal income tax old the tale change inch of the Brit the pardon made no payment to the other than they? Let's begin by calculating any change in tax under the set of forcing that the operation made no payments to the other than the art fo
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