Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

the last 3 photos are the individual rate schedules Refer to the individual rate schedules in Appendix C a. What are the tax liability, the

the last 3 photos are the individual rate schedules image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Refer to the individual rate schedules in Appendix C a. What are the tax liability, the marginal tax rate, and the average tax rate for a married individual filing separately with $42,500 taxable income? b. What are the tax liability, the marginal tax rate, and the average tax rate for a single individual with $150,500 taxable income? .What are the tax liability, the marginal tax rate, and the average tax rate for a head of household individual with $275,000 taxable income? d. What are the tax liability, the marginal tax rate, and the average tax rate for a married couple filing jointly with $620,000 taxable income? Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D What are the tax liability, the marginal tax rate, and the average tax rate for a married individual filing separately with $42,500 taxable income? (Round "Tax liability" to the nearest whole dollar and "Average tax rate" to 2 decimal places.) Tax liability Marginal tax rate Average tax rate Complete this question by entering your answers in the tabs below Required A Required BRequired CRequired D What are the tax liability, the marginal tax rate, and the average tax rate for a single individual with $150,500 taxable income? (Round "Tax liability" to the nearest whole dollar and "Average tax rate" to 2 decimal places) Tax liability Marginal tax rate Average tax rate Required A Required BRequired CRequired D What are the tax liability, the marginal tax rate, and the average tax rate for a head of household individual with $275,000 taxable income? (Round "Tax liability" to the nearest whole dollar and "Average tax rate" to 2 decimal places.) Tax liability Marginal tax rate Average tax rate Required A Required B Required C Required D What are the tax liability, the marginal tax rate, and the average tax rate for a married couple filing jointly with $620,000 taxable income? (Round "Tax liability" to the nearest whole dollar and "Average tax rate" to 2 decimal places.) Tax liability Marginal tax rate Average tax rate INDIVIDUAL TAX RATES Married Filing Jointly and Surviving Spouse If taxable income is: The tax is: Not over $19,050 Over $19,050 but not over $77,400 Over $77,400 but not over $165,000 Over $165,000 but not over $315,000 Over $315,000 but not over $400,000 Over $400,000 but not over $600,000 Over $600,000 10% of taxable income $ 1,905.00 1 2% of excess over $ 19,050 $8,907.00 + 22% of excess over $77,400 $28,179.00 24% of excess over $ 1 65,000 $64,1 79.00 + 32% of excess over $31 5,000 $91,379.00 + 35% of excess over $400,000 $1 6 1 ,379.00 37% of excess over $600,000 Married Filing Separately If taxable income is: The tax is: Not over $9,525 Over $9,525 but not over $38,700 Over $38,700 but not over $82,500 Over $82,500 but not over $157,500 Over $157,500 but not over $200,000 Over $200,000 but not over $300,000 Over $300,000 10% of taxable income $952.50 + 12% of excess over $9,525 4,453.50 + 22% of excess over $38,700 $1 4,089.50 + 24% of excess over $82,500 $32,089.50 + 32% of excess over $ 1 57,500 $45,689.50 + 35% of excess over $200,000 $80,689.50 + 37% of excess over $300,000 Heads of Household If taxable income is: Not over $13,600 Over $13,600 but not over $51,800 Over $51,800 but not over $82,500 Over $82,500 but not over $157,500 Over $157,500 but not over $200,000 Over $200,000 but not over $500,000 Over $500,000 The tax is: 10% of taxable income $1 , 360.00 + 1 2% of excess over $ 1 3,600 $5,944.00 + 22% of excess over $51,800 $1 2,698.00 + 24% of excess over $8 2,500 $30,698.00 + 32% of excess over $157,500 $44,298.00 + 35% of excess over $200,000 $149,298.00 + 37% of excess over $500,000 Single If taxable income is: Not over $9,525 Over $9,525 but not over $38,700 Over $38,700 but not over $82,500 Over $82,500 but not over $157,500 Over $157,500 but not over $200,000 Over $200,000 but not over $500,000 Over $500,000 The tax is: 10% of taxable income $952.50 + 12% of excess over $9,525 $4,453.50 + 22% of excess over $38,700 $1 4,089.50 + 24% of excess over $82,500 $32,089.50 + 32% of excess over $157,500 $45,689.50 + 35% of excess over $200,000 $ 1 50,689.50 + 37% of excess over $500,000 ESTATE AND TRUST TAX RATES If taxable income is: Not over $2,550 Over $2,550 not over $9,150 Over $9,150 not over $12,500 Over $12,500 The tax is: 10% of taxable income $255 + 24% of the excess over $2,550 $ 1,839 + 35% of the excess over $9,1 50 $301 1 .50 + 3 7% of the excess over $ 1 2 ,500

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

Auditing A Quality System For The Defense Industry

Authors: Charles B. Robinson

1st Edition

0873890787, 978-0873890786

More Books

Students also viewed these Accounting questions