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What is the 2021 tax owed for the following taxpayer for each situation? For each problem, how much did the taxpayer save in taxes due
- What is the 2021 tax owed for the following taxpayer for each situation?
- For each problem, how much did the taxpayer save in taxes due to making the charitable contribution?
- For each situation, what is the tax rate based on?
- Taxable income (tax owed over tax able income)
- Marginal rate (marginal rate)
X | Y | |
Status, No Children | Single | Single |
Wage Income | 48,000 | 195,000 |
Medical Cost Paid | 5,100 | 5,100 |
State Income Taxes Paid | 2,040 | 8,288 |
Property Taxes Paid | 0 | 7,900 |
Mortgage Interest | 0 | 11,300 |
Charitable Contributions | 810 | 230 |
2021 Tax rate schedule- Single
Taxable Income over | But not over: | Tax is: |
$0 | $ 9,950 | 10% of taxable Income |
$9,950 | $ 40,525 | $ 995 plus 12% of the excess over $9,950 |
$40,525 | $ 86,375 | $ 4,664 plus 22% of the excess over $ 40,525 |
$86,375 | $ 164,925 | $ 14,751 plus 24% of the excess over $86,375 |
$164,925 | $ 209,425 | $ 33,603 plus 32% of the excess over $164,925 |
$209,425 | $ 525,600 | $ 47,843 plus 35% of the excess over $209,425 |
$523,600 | - | $ 157,804.25 plus 37% of the excess over $523,600 |
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