X Reference STANDARD DEDUCTION Filing Status Married individuals filing joint returns and surviving spouses $ 24,400 Heads of households $ 18,350 $ 12,200 12,200 $ $1,300* 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. * These amounts are $2,600 and $3,300, respectively, for a taxpayer who is both aged and blind. $1,650* Personal and Dependency Exemptions Suspended: In conjunction with the increased standard deduction amount, the Tax Cuts and Jobs Act reduces the personal exemption amount to $0 for tax years from 2018 through 2025, effectively suspending the exemptions for these years. Print Done i Reference Single If taxable income is: The tax is: Not over $9,700 10% of taxable income. $970.00 + 12% of the excess over $9,700. Over $9,700 but not over $39,475 Over $39,475 but not over $84,200 Over $84,200 but not over $160,725 Over $160,725 but not over $204,100 Over $204,100 but not over $510,300 Over $510,300 $4,543.00 + 22% of the excess over $39,475. . $14,382.50 + 24% of the excess over $84,200. $32,748.50 + 32% of the excess over $160,725. $46,628.50 + 35% of the excess over $204,100. $153,798.50 + 37% of the excess over $510,300. Print Done Laurie, a single taxpayer, is a practicing accountant. She obtains permission to change her tax year from the calendar year to a year ending June 30. Her practice income for the six months ending June 30 is $35,000. In addition, Laurie has $2,800 of interest income and $7,800 of itemized deductions. (Click the icon to view the 2019 tax rate schedule for the single filing status.) (Click the icon to view the standard deduction.) Requirement What is her tax for the short period? (Assume the current year is 2019.) Begin by computing the modified taxable income. (Do not round intermediary calculations. Only round the amount you enter in the input fields to the nearest dollar. If an input field is not used in the table, leave the input field empty; do not select a label or enter a zero.) Modified taxable income Amount Gross income 37,800 Minus: Deductions from AGI: Itemized deductions 7,800 Standard deduction Modified taxable income The annualized taxable income is (Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dollar.) The tax on annualized taxable income is (Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dollar.) The gross tax is X Reference STANDARD DEDUCTION Filing Status Married individuals filing joint returns and surviving spouses $ 24,400 Heads of households $ 18,350 $ 12,200 12,200 $ $1,300* 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. * These amounts are $2,600 and $3,300, respectively, for a taxpayer who is both aged and blind. $1,650* Personal and Dependency Exemptions Suspended: In conjunction with the increased standard deduction amount, the Tax Cuts and Jobs Act reduces the personal exemption amount to $0 for tax years from 2018 through 2025, effectively suspending the exemptions for these years. Print Done i Reference Single If taxable income is: The tax is: Not over $9,700 10% of taxable income. $970.00 + 12% of the excess over $9,700. Over $9,700 but not over $39,475 Over $39,475 but not over $84,200 Over $84,200 but not over $160,725 Over $160,725 but not over $204,100 Over $204,100 but not over $510,300 Over $510,300 $4,543.00 + 22% of the excess over $39,475. . $14,382.50 + 24% of the excess over $84,200. $32,748.50 + 32% of the excess over $160,725. $46,628.50 + 35% of the excess over $204,100. $153,798.50 + 37% of the excess over $510,300. Print Done Laurie, a single taxpayer, is a practicing accountant. She obtains permission to change her tax year from the calendar year to a year ending June 30. Her practice income for the six months ending June 30 is $35,000. In addition, Laurie has $2,800 of interest income and $7,800 of itemized deductions. (Click the icon to view the 2019 tax rate schedule for the single filing status.) (Click the icon to view the standard deduction.) Requirement What is her tax for the short period? (Assume the current year is 2019.) Begin by computing the modified taxable income. (Do not round intermediary calculations. Only round the amount you enter in the input fields to the nearest dollar. If an input field is not used in the table, leave the input field empty; do not select a label or enter a zero.) Modified taxable income Amount Gross income 37,800 Minus: Deductions from AGI: Itemized deductions 7,800 Standard deduction Modified taxable income The annualized taxable income is (Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dollar.) The tax on annualized taxable income is (Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dollar.) The gross tax is