Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You were single and had taxable income of $117850 in 2019. What is your marginal tax rate? Schedule X. 2019 Tax Rate Schedule for Single

You were single and had taxable income of $117850 in 2019. What is your marginal tax rate?

Schedule X. 2019 Tax Rate Schedule for Single Filers

If your taxable income is:

Over:

But not more than:

You will owe:

Taxable income over:

$ 0 $ 9,700 10% of $ 0
$ 9,700 $ 39,475 $ 970 + 12% of $ 9,700
$ 39,475 $ 84,200 $ 4,543 + 22% of $ 39,475
$ 84,200 $ 160,725 $ 14,383 + 24% of $ 84,200
$ 160,725 $ 204,100 $ 32,749 + 32% of $ 160,725
$ 204,100 $ 510,300 $ 46,629 + 35% of $ 204,100
$ 510,300 + $ 153,799 + 37% of $ 510,300

Schedule Y-1. 2019 Tax Rate Schedule for Married Filing Jointly

If your taxable income is:

Over:

But not more than:

You will owe:

Taxable income over:

$ 0 $ 19,400 10% of $ 0
$ 19,400 $ 78,950 $ 1,940 + 12% of $ 19,400
$ 78,950 $ 168,400 $ 9,086 + 22% of $ 78,950
$ 168,400 $ 321,450 $ 28,765 + 24% of $ 168,400
$ 321,450 $ 408,200 $ 65,497 + 32% of $ 321,450
$ 408,200 $ 612,350 $ 93,257 + 35% of $ 408,200
$ 612,350 + $ 164,710 + 37% of $ 612,350

24

12

22

10

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

Corporate Finance

Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe

6th International Edition

0071229035, 978-0071229036

More Books

Students also viewed these Finance questions

Question

research one aspect/topic of occupational health and safety law

Answered: 1 week ago