Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Tax Rate Schedule 2022 Single: If Taxable income is: Not over $10,275 Over $10,275 but not over $41,775 Over $41,775 but not over $89,075 Over

image text in transcribed
image text in transcribed
Tax Rate Schedule 2022 Single: If Taxable income is: Not over $10,275 Over $10,275 but not over $41,775 Over $41,775 but not over $89,075 Over $89,075 but not over $170,050 Over $170,050 but not over $215,950 Over $215,950 but not over $539,900 Over $539,900 The Tax is: 10% of the taxable income $1,028 plus 12% of the excess over $10,275 $4,808 plus 22% of the excess over $41,775 $15.214 plus 24% of the excess over $89,075 $34,648 plus 32% of the excess over $170,050 $49,336 plus 35% of the excess over $215,950 $162,718 plus 37% of the excess over $539,900 Married Filing Jointly or Qualifying Widow(er): If Taxable Income is: Not over $20,550 Over $20,550 but not over $83,550 Over $83,550 but not over $178,150 Over $178,150 but not over $340,100 Over $340,100 but not over $431,900 Over $431,900 but not over $647,850 Over $647,850 The Tax Is: 10% of taxable income $2,055, plus 12% of the excess over $20,550 $9,615, plus 22% of the excess over $83,550 $30,427, plus 24% of the excess over $178,150 $69,295, plus 32% of the excess over $340,100 $98,671, plus 35% of the excess over $431,900 $174,253, plus 37% of the excess over $647,850 Standard Deduction Single $12,950 MFJ =$25.900 Additions for age and the blind Single $1,750 MFJ $1,400 Exemption Amount - $0 Individuals taxed at: Rate Single Taxable income MFJ Taxable income 0\% Up to $44,675 Up to $83,350 15%>$41,675 but $83,350 but

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Xbrl Financial Reporting In The 21st Century

Authors: Bryan Bergeron

1st Edition

0471220779, 978-0471220770

More Books

Students also viewed these Accounting questions