Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information (The following information applies to the questions displayed below) Lacy is a single taxpayer. In 2021, her taxable income is $44,600. What is

image text in transcribedimage text in transcribedimage text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Required information (The following information applies to the questions displayed below) Lacy is a single taxpayer. In 2021, her taxable income is $44,600. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.) c. Her $44,600 of taxable income includes $7,600 of qualified dividends. Tax liability 2021 Tax Rate Schedules Individuals Schedule X-Single Ir taxable income is over: But not over: The tax is: S 0 $ 9,950 10% of taxable income S 9.950 $ 40,525 $995 plus 12% of the excess over $9.950 S 40.525 S 86,375 S4.664 plus 22% of the excess over $40,525 $ 86,375 S 164.925 S14,751 plus 24% of the excess over $86,375 S 164,925 S 209,425 $33,603 plus 32% of the excess over $164.925 S 209.425 S 523,600 S47,843 plus 35% of the excess over $209,425 S 523.600 S157,804.25 plus 37% of the excess over S523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: S 0 S 19.900 10% of taxable income S 19.900 S 81,050 $1.990 plus 12% of the excess over $19.900 S 81.050 S 172.750 $9,328 plus 22% of the excess over $81,050 S 172.750 S 329,850 S29,502 plus 24% of the excess over $172,750 S 329.850 S 418,850 S67,206 plus 32% of the excess over $329,850 $ 418,850 S 628.300 S95,686 plus 35% of the excess over S418,850 S 628.300 S168,993.50 plus 37% of the excess over $628,300 Schedule Z Head of Household If taxable income is over: But not over: S 0 S 14,200 S 14,200 $ 54,200 S 54,200 $ 86,350 $ 86,350 $ 164,900 S 164.900 S 209,400 S 209,400 S 523,600 S 523,600 The tax is: 10% of taxable income $1,420 plus 12% of the excess over $14,200 S6.220 plus 22% of the excess over $54,200 S13,293 plus 24% of the excess over $86,350 $32,145 plus 32% of the excess over $164,900 $46,385 plus 35% of the excess over $209,400 $156,355 plus 37% of the excess over S523,600 Schedule Y 2 Married Filing Separately Ir taxable income is over:But not over: The tax is: S 0 $ 9,950 10% of taxable income $9.950 S 40.525 $995 plus 12% of the excess over $9.950 S40.525 S 86,375 $4.664 plus 22% of the excess over $40,525 $ 86,375 S 164,925 $14,751 plus 24% of the excess over $86,375 $164.925 S 209,425 S33,603 plus 32% of the excess over $164,925 S 209.425 S 314,150 S47,843 plus 35% of the excess over $209,425 $ 314,150 S84,496.75 plus 37% of the excess over $314,150 Capitalgains29 Tax Rates for Net Capital Gains and Qualified Dividends Taxable income Rate 0% 15% 20 Married Filing Jointly 50 - 580.800 $80,801 - 5501,600 5501,6011 Married Filing Separately 50 - 540,400 $40,401 - 5250.800 $250.801- Single SO - 540,400 540.401 - 5.145.850 $445,851+ Head of Household SO - 554.100 S54,101 - 5473,750 5473,751 Trusts and Estates 50 - 52.700 52.701 - 513.250 S13.251 *This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the roble (net capital gains and qualified dividends are

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_2

Step: 3

blur-text-image_3

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

Survey Of Accounting

Authors: Thomas Edmonds, Christopher Edmonds, Philip Olds

6th Edition

1260575292, 978-1260575293

More Books

Students also viewed these Accounting questions

Question

7. How can an interpreter influence the utterer (sender)?

Answered: 1 week ago

Question

8. How can an interpreter influence the message?

Answered: 1 week ago