Tax+Tables+Worksheet

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Sacramento City College *

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300

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Economics

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Feb 20, 2024

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Uploaded by DukeGuineaPigPerson1026

Tax Tables Worksheet This week we will be discussing taxes as part of your personal financial plan. Please complete the following questions. Individual Taxpayers (Single) Tax Rates 2023 If Taxable Income Is The Tax Due Is 0 - $11,000 10% of taxable income $11,000 - $44,725 $1,100 + 12% of the amount over $11,000 $44,725 - $95,375 $5,147 + 22% of the amount over $44,725 $95,375 - $182,100 $16,290 + 24% of the amount over $95,375 $182,100 - $231,250 $37,104 + 32% of the amount over $182,100 $231,250 - $578,125 $52,832 + 35% of the amount over $231,250 over $578,125 $174,238.25 + 37% of the amount over $578,125 This is the tax table used by the Federal Government to calculate tax due for single filers. As you can see from above, if your taxable income is between zero and 11,000 the tax is 10%. Questions 1 and 2 1. Please describe three reasons why studying taxes is important in this class. 2. Calculate the tax due for $11,000 of taxable income by taking a look at the tax table for individual (above).

Married Individuals Filing Joint Returns and Surviving Spouses (Joint) Tax Rates 2023 If Taxable Income Is The Tax Due Is 0 - $22,000 10% of taxable income $22,000 - $89,450 $2,200 + 12% of the amount over $22,000 $89,450 - $190,750 $10,294 + 22% of the amount over $89,450 $190,750 - $364,200 $32,580 + 24% of the amount over $190,750 $364,200 - $462,500 $74,208 + 32% of the amount over $364,200 $462,500 - $693,750 $105,664 + 35% of the amount over $462,500 over $693,750 $186,601.50 + 37% of the amount over $693,750 Questions 3-6 3. Follow the same steps from above to calculate the tax due for Jose and Mary who are married and will file a joint return. Their taxable income is $125,000. 4. We have a progressive tax structure in the US. Please tell me how this structure relates to the tax tables above. 5. Since Joe Biden is married, does he still pay 10% on the first $19,750 of taxable income? Why or why not? 6. Please define 4 taxes that come out of your paycheck.

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