Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the 2 0 2 1 marginal tax rates to compute the tax owed by the person with the given filing status, taxable income, and

Use the 2021 marginal tax rates to compute the tax owed by the person with the given filing status, taxable income, and tax credit.
single with a taxable income of $19,000 and a $3000 tax credit
(i) Click the icon to view the 2021 marginal tax rates.
The tax owed is dollars.
(Type an integer or a decimal. Round to the nearest cent as needed.)
2021 Marginal Tax Rates
\table[[2021 Marginal Tax Rates and Standard Deductions],[,\table[[Unmarried,],[divorced, or],[legally separated]],\table[[Married and each],[partner files a],[separate tax return]],\table[[Married and both],[partners file a],[single tax return]],\table[[Unmarried and paying more],[than half the cost of],[supporting a child or parent]],,],[Tax Rate,Single,\table[[Married Filing],[Separately],[Filing Jointly]],\table[[Head of],[Household]],,,],[10%,up to $9950,up to $9950,up to $19,900,up to $14,200,,],[12%,$9951 to $40,525,$9951 to $40,525,$19,901 to $81,050,$14,201 to $54,200,,],[22%,$40,526 to $$86,375,$40,526 to $86,375,$81,051 to $172,750,$54,201 to $86,350,,],[24%,$86,376 to $164,925,$86,376 to $164,925,$172,751 to $329,850,$86,351 to $164,900,,],[32%,$164,926 to $209,425,$164,926 to $209,425,$329,851 to $418,850,$164,901 to $209,400,,],[35%,$209,426 to $523,600,$209,426 to $314,150,$418,851 to $628,300,$209,401 to $523,600,,],[37%,more than $523,600,more than $314,150,more than $628,300,more than $523,600,,],[\table[[Standard],[Deduction]],$12,550,$12,550,$25,100,$18,800,,]]
Use the 2021 marginal tax rates to compute the tax owed by the person with the given filing status, taxable income, and tax credit.
single with a taxable income of $24,000 and a $3000 tax credit
Click the icon to view the 2021 marginal tax rates.
The tax owed is dollars.
(Type an integer or a decimal. Round to the nearest cent as needed.)
2021 Marginal Tax Rates
\table[[2021 Marginal Tax Rates and Standard Deductions],[,\table[[Unmarried,],[divorced, or],[legally separated]],\table[[Married and each],[partner files a],[separate tax return]],\table[[Married and both],[partners file a],[single tax return]],\table[[Unmarried and paying more],[than half the cost of],[supporting a child or parent]],,],[Tax Rate,Single,\table[[Married Filing],[Separately]],\table[[Married],[Filing Jointly]],\table[[Head of],[Household]],,],[10%,up to $9950,up to $9950,up to $19,900,up to $14,200,,],[12%,$9951 to $40,525,$9951 to $40,525,$19,901 to $81,050,$14,201 to $54,200,,],[22%,$40,526 to $$86,375,$40,526 to
image text in transcribed

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

Financial Accounting

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

6th Edition

9780470128848

More Books

Students also viewed these Accounting questions

Question

Understand some techniques for evaluating the HRM function

Answered: 1 week ago