Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Whitney received $71,100 of taxable income in 2019. All of the income was salary from her employer. What is her income tax liability in each

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Whitney received $71,100 of taxable income in 2019. All of the income was salary from her employer. What is her income tax liability in each of the following alternative situations? Use Tax Rate Schedule for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.) c. She is married but files a separate tax return. Her taxable income is $71,100. Income tax liability Whitney received $71,100 of taxable income in 2019. All of the income was salary from her employer. What is her income tax liability in each of the following alternative situations? Use Tax Rate Schedule for reference (Do not round intermediate calculations. Round your answer to 2 decimal places.) d. She files as a head of household. Income tax liability 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $970 plus 12% of the excess $ 39,475 over $9,700 $ 39,475 $ 84,200 $160,725 $ 84,200 $4,543 plus 22% of the excess over $39,475 $14,382.50 plus 24% of the $160,725 excess over $84,200 $32,748.50 plus 32% of the $204,100 excess over $160,725 $46,628.50 plus 35% of the $510,300 excess over $204,100 $153,798.50 plus 37% of the excess over $510,300 $204,100 $510,300 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) But not If taxable income is over: The tax is: over: $ 0 $ 19,400 10% of taxable income $1,940 plus 12% of the excess $ 19,400 $ 78,950 over $19,400 $ 78,950 $9,086 plus 22% of the excess $168,400 over $78,950 $28,765 plus 24% of the excess $168,400 $321,450 over $168,400 $65,497 plus 32% of the excess $321,450 $408,200 over $321,450 $93,257 plus 35% of the excess $408,200 $612,350 over $408,200 $164,709.50 plus 37% of the $612,350 excess over $612,350 Schedule Z-Head of Household But not If taxable income is over: The tax is: over: $ 0 $ 13,850 10% of taxable income $ 13,850 $ 52,850 $ 84,200 $1,385 plus 12% of the excess $ 52,850 over $13,850 $ 84,200 $6,065 plus 22% of the excess over $52,850 $12,962 plus 24% of the $160,700 excess over $84,200 $31,322 plus 32% of the $204,100 excess over $160,700 $45,210 plus 35% of the $510,300 excess over $204,100 $152,380 plus 37% of the excess over $510,300 $160,700 $204,100 $510,300 Schedule Y-2-Married Filing Separately But not If taxable income is over: The tax is: over: $ 0 $ 9,700 10% of taxable income $ 9,700 $970 plus 12% of the excess $ 39,475 over $9,700 $ 39,475 $ 84,200 $160,725 $ 84,200 $4,543 plus 22% of the excess over $39,475 $14,382.50 plus 24% of the $160,725 excess over $84,200 $204,100 $32,748.50 plus 32% of the excess over $160,725 $46,628.50 plus 35% of the $306,175 excess over $204,100 $82,354.75 plus 37% of the excess over $306,175 $204,100 $306,175

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

Using QuickBooks Online For Accounting 2021

Authors: Glenn Owen

4th Edition

0357442164, 9780357442166

More Books

Students also viewed these Accounting questions

Question

Explain the factors that influence peoples values.

Answered: 1 week ago