Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the tax chart below for numbers 6-10. IRS Federal Income Tax for Tax Year 2020 (Due in April 2021) Unmarried Individuals (other than Surviving

Use the tax chart below for numbers 6-10. IRS Federal Income Tax for Tax Year 2020 (Due in April 2021) Unmarried Individuals (other than Surviving Spouses and Heads of Households) If Taxable Income Is Not over $9,875 Over $9,875 but not over $40,125 Over $40,125 but not over $85,525 Over $85,525 but not over $163,300 Over $163,300 but not over $207,350 Over $207,350 but not over $518,400 Over $518,400 The Tax Is 10% of the taxable income $987.50 plus 12% of the excess over $9,875 $4,617.50 plus 22% of the excess over $40,125 $14,605.50 plus 24% of the excess over $85,525 $33,271.50 plus 32% of the excess over $163,300 $47,367.50 plus 35% of the excess over $207,350 $156,235 plus 37% of the excess over $518,400 6. Chris earns $160,000 per year. He is single man. What will his taxes be in 2020? 7. Brooke is a single woman making $54,000/year. What will her taxes be in 2020? 8. If Brooke ad Chris were married but filed as singles, then what would their total taxes be? 9. Chris got a 5% raise in 2020. What is his new salary? 10. With the 5% raise, what is Chris's new tax amount?
image text in transcribed
6. Chris earns $160,000 per year. He is single man. What will his taxes be in 2020 ? 7. Brooke is a single woman making $54,000/ year. What will her taxes be in 2020 ? 8. If Brooke ad Chris were married but filed as singles, then what would their total taxes be? 9. Chris got a 5% raise in 2020 . What is his new salary? 10. With the 5% raise, what is Chris's new tax amount

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

Modern Accounting And Auditing Forms

Authors: Wendell

1st Edition

0882621769, 978-0882621760

More Books

Students also viewed these Accounting questions

Question

Under what circumstances would you use a routed backbone?

Answered: 1 week ago