Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Whitney received $76,300 of taxable income in 2022. All of the Income was salary from her employer. What is her income tax liability in each

image text in transcribedimage text in transcribed Whitney received $76,300 of taxable income in 2022. 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. Note: Do not round intermediate calculations. Required: a. She files under the single filing status. b. She files a joint tax return with her spouse. Together their taxable income is $76.300 c. She is married but files a separate tax return. Her taxable income is $76,300. d. She files as a head of household. Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 0 $ 20,550 $ 83,550 $ 178,150 $ 340,100 $ 431,900 $ 647,850 $ 20,550 $ 83,550 $178,150 $ 340,100 $ 431,900 $647,850 The tax is: 10% of taxable income $2,055 plus 12% of the excess over $20,550 $9,615 plus 22% of the excess over $83,550 $30,427 plus 24% of the excess over $178,150 $69,295 plus 32% of the excess over $340,100 $98,671 plus 35% of the excess over $431,900 $174,253.50 plus 37% of the excess over $647,850 Schedule Z-Head of Household If taxable income is over: But not over: S 0 $ 14,650 $ 14,650 $ 55,900 $ 55,900 $ 89,050 $ 170,050 $ 215,950 $539,900 $ 89,050 $ 170,050 $ 215,950 $ 539,900 The tax is: 10% of taxable income $1,465 plus 12% of the excess over $14,650 $6,415 plus 22% of the excess over $55,900 $13,708 plus 24% of the excess over $89,050 $33.148 plus 32% of the excess over $170,050 $47,836 plus 35% of the excess over $215,950 $161.218.50 plus 37% of the excess over $539,900 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: S 0 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $323,925 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $ 323,925 The tax is: 10% of taxable income $1,027.50 plus 12% of the excess over $10,275 $4,807.50 plus 22% of the excess over $41,775 $15,213.50 plus 24% of the excess over $89,075 $34,647.50 plus 32% of the excess over $170,050 $49,335.50 plus 35% of the excess over $215,950 $87,126.75 plus 37% of the excess over $323,925

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 and Managerial Accounting

Authors: Belverd E. Needles, Marian Powers, Susan V. Crosson

10th edition

978-1285441979, 1285441974, 978-1133626992, 1133626998, 978-1133940593

More Books

Students also viewed these Accounting questions

Question

What is a variable, and what is a constant?

Answered: 1 week ago

Question

If the Properties window is closed, how can you reopen it?

Answered: 1 week ago

Question

How do you create an executable program?

Answered: 1 week ago