Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

- X Reference Rea Beg for 0 $ 25.100 Sall 18,800 Min STANDARD DEDUCTION Filing Status Married individuals filling Joint returns and surviving spouses Heads

image text in transcribed
image text in transcribed
image text in transcribed
- X Reference Rea Beg for "0" $ 25.100 Sall 18,800 Min STANDARD DEDUCTION Filing Status Married individuals filling Joint returns and surviving spouses Heads of households Unmarried individuals (other than surviving spouses and heads of households) Married individuals filing separate returns Additional standard deduction for the aged and the blind, Individual who is married and surviving spouses Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse Taxpayer claimed as dependent on another taxpayer's return: Greater of (1) earned income plus $350 or (2) 1,100. $ 12,550 Adid Mind $ 12,550 1 12 $1,350 Taxd 40 $1,700 1/1 (1/ bry 011) Print Done Reference Enter a ca int S Iter Married, Filing Joint and Surviving Spouse If taxable income is: The tax is: Not over $19,900 . 10% of taxable income. Over $19,900 but not over $81,050 ..$1,990.00 + 12% of the excess over $19,900, Over $81,050 but not over $172,750 . $9,328.00 - 22% of the excess over $81,050, Over $172,750 but not over $329,850 $29,502,00 24% of the excess over $172,750, Over $329,850 but not over $418,850 $67,206,00 + 32% of the excess over $329,850, Over $418,850 but not over $628,300 $95,686,00 35% of the excess over $418,850 Over $628,300 $168,993,50 + 37% of the excess over $628,300 ledd Sul ple in Print Done Daniel and Ella are married, fl jointly, and have three dependents (qualifying children ages 13, 16, and 18). They have salaries of $150,000, a ILL aff capital loss of $7,500, and tax-exempt interest income of $1,100. They paid home mortgage interest of $4,000, state income taxes of $4,000, property taxes of $3,400, medical expenses of $9,000, and charitable contributions of $10,000. Federal income taxes of $10,900 wore withheld from their paychecks. (The tax year is 2021.) (Click the icon to view the standard deduction amounts) Click the icon to view the 2021 tax rate schedule for the Married filing jointly filing status.) Read the requirement 062 PO Sche Begin by computing their taxable income. (If a box is not used in the table leave the box empty, do not select a label or enter a zero Enter a O" for amounts with a zero balance. Une parentheses or a minus sign to enter a loss.) Salaries 150000 Minus: temized deductions 2000 Correct 1 Adjusted gross income tatic) (1/1 Minus: Standard deduction static/ to) (040 Taxable income her SI static) (1/1 static) (1/ cated it

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

Financial & Managerial Accounting, 1, 2 Terms (12 Months)

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

14th Edition

133727075X, 9781337270755

More Books

Students also viewed these Accounting questions

Question

your ultimate goal upon graduation (i.e., career goals).

Answered: 1 week ago