Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Whitney received $75,000 of taxable income in 2023. All of the income was salary from her employer. What is her income tax liability in each
Whitney received $75,000 of taxable income in 2023. All of the income was salary from her employer. What is her income tax liability in each of the following alternative situations?
Note: Do not round intermediate calculations.
A) She files under the single filing status.
B) She files a joint tax return with her spouse. Together their taxable income is $75,000.
C) She is married but files a separate tax return. Her taxable income is $75,000.
D) She files as a head of household.
Please show your work, thank you.
Schedule Z-Head of Household \begin{tabular}{|c|c|c|} \hline If taxable income is over: & But not over: & \multicolumn{1}{|c|}{ The tax is: } \\ \hline$0 & $15,700 & 10% of taxable income \\ \hline$15,700 & $59,850 & $1,570 plus 12% of the excess over $15,700 \\ \hline$59,850 & $95,350 & $6,868 plus 22% of the excess over $59,850 \\ \hline$95,350 & $182,100 & $14,678 plus 24% of the excess over $95,350 \\ \hline$182,100 & $231,250 & $35,498 plus 32% of the excess over $182,100 \\ \hline$231,250 & $578,100 & $51,226 plus 35% of the excess over $231,250 \\ \hline$578,100 & - & $172,623.5 plus 37% of the excess over $578,100 \\ \hline \end{tabular} Individuals Schedule X-Single \begin{tabular}{|c|c|l|} \hline If taxable income is over: & But not over: & The tax is: \\ \hline$10 & $11,000 & 10% of taxable income \\ \hline$11,000 & $44,725 & $1,100 plus 12% of the excess over $11,000 \\ \hline$44,725 & $95,375 & $5,147 plus 22% of the excess over $44,725 \\ \hline$95,375 & $182,100 & $16,290 plus 24% of the excess over $95,375 \\ \hline$182,100 & $231,250 & $37,104 plus 32% of the excess over $182,100 \\ \hline$231,250 & $578,125 & $52,832 plus 35% of the excess over $231,250 \\ \hline$578,125 & - & $174,238.25 plus 37% of the excess over $578,125 \\ \hline \end{tabular} Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse \begin{tabular}{|c|c|l|} \hline If taxable income is over: & But not over: & \multicolumn{1}{|c|}{ The tax is: } \\ \hline$0 & $22,000 & 10% of taxable income \\ \hline$22,000 & $89,450 & $2,200 plus 12% of the excess over $22,000 \\ \hline$89,450 & $190,750 & $10,294 plus 22% of the excess over $89,450 \\ \hline$190,750 & $364,200 & $32,580 plus 24% of the excess over $190,750 \\ \hline$364,200 & $462,500 & $74,208 plus 32% of the excess over $364,200 \\ \hline$462,500 & $693,750 & $105,664 plus 35% of the excess over $462,500 \\ \hline$693,750 & - & $186,601.5 plus 37% of the excess over $693,750 \\ \hline \end{tabular} Schedule Y-2-Married Filing Separately \begin{tabular}{|c|c|c|c|} \hline If taxable income is over: & But not over: & \multicolumn{1}{|c|}{ The tax is: } \\ \hline$0 & $11,000 & 10% of taxable income \\ \hline$11,000 & $44,725 & $1,100 plus 12% of the excess over $11,000 \\ \hline$44,725 & $95,375 & $5,147 plus 22% of the excess over $44,725 \\ \hline$95,375 & $182,100 & $16,290 plus 24% of the excess over $95,375 \\ \hline$182,100 & $231,250 & $37,104 plus 32% of the excess over $182,100 \\ \hline$231,250 & $346,875 & $52,832 plus 35% of the excess over $231,250 \\ \hline$346,875 & - & $93,300.75 plus 37% of the excess over $346,875 \\ \hline \end{tabular}Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started