A married man filing separately with a taxable income of $160,000. i Click the icon to view the 2016 marginal tax rates.
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A: MFS - Married Filing Separately MFJ - Married Filing Jointly HOH - Head of Household
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- 2019 TAX TABLE Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases.Use the appropriate Tax Tables and Tax Rate Schedules. Married taxpayers, who file a joint return, have taxable income of $38,030. Married taxpayers, who file a joint return, have taxable income of $61,697. (For all requirements, use the tax tables to compute tax liability. Round "Average tax rate" to 2 decimal places.)2. Taxes paid for a given income level Deborah is getting ready to do her taxes. She is single and lives in Miami. Deborah earned $250,000 in taxable income in 2015. She reviews the following table, which shows the IRS tax rates for a single taxpayer in 2015. On Annual Taxable Income... Up to $9,225 From $9,225 to $37,450 From $37,450 to $90,750 From $90,750 to $189,300 From $189,300 to $411,500 From $411,500 to $413,200 Over $413,200 The Tax Rate Is... (Percent) 10.0 15.0 Deborah calculates that she owes 25.0 28.0 33.0 35.0 39.6 Based on the IRS table, Deborah calculates that her marginal tax rate is 33% when her annual taxable income is $250,000. Deborah then calculates that her average tax rate is in income taxes for 2015. , based on the annual income level and the amount of taxes she owes for 2015.Determine from the tax table provided the amount of the income tax (before any credits) for each of the following taxpayers for 2021: Тахраyer(s) Filing Status Taxable Income Income Taх Allen Single $21,000 Boyd MFS 24,545 Caldwell MFJ 35,784 Dell H of H 27,450 Evans Single 44,999
- Use the marginal tax rates in the table below to compute the tax owed in the following situation. The tax owed is S (Simplify your answer. Round to the nearest dollar as needed.) Marco is married filing separately with a taxable income of $67,900. Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption (per person) Married Filing Separately up to $9325 up to $37,950 up to $76,550 up to $116,675 up to $208,350 up to $235,350 above $235,350 $6350 $4050Calculate the total 2017 tax liability for a surviving spouse with one dependent child with a gross income of $40,680, no salary reductions for employer-provided benefits, and no itemized deductions. Assuming the single parent taxpayer's filing status is Married Filing Jointly or Surviving Spouse, the taxpayer's standard deduction for the 2017 tax year is $ (Round to the nearest dollar.) Click the following link for a standard deduction table. E1. The original Social Security tax rate was _____ of taxable earnings. Answer: A. 10% B. 1% C. 5% D. 7% 2. The 2021 Social Security wage base is _____. Answer: A. $100,000 B. $113,700 C. $125,000 D. $142,800 3. What is the earnings threshold over which an employee whose filing status is Married Filing Separately will be subject to the additional Medicare tax? Answer: A. $117,000 B. $125,000 C. $200,000 D. $250,000
- Sara is filing as head of household and has 2021 taxable income of $59,000, which includes $3,000 of net long-term capital gain. The net long-term capital gain is made up of $1,000 25% gain and $2,000 0%/15%/20% gain. What is the tax on her taxable income using the alternative tax method? Note: Use the tax rate schedule rather than the tax table. a.$7,276. b.$7,066. c.$0 d.$7,136.If Jose had a filing status of Head of Household and a taxable income of $111,597 in the year 2015, how much did he owe for federal income tax? Do not round any intermediate computations. Round your answer to the nearest dollar. $Calculate Melissa Allen’s tax liability for taxable income of $59,580. She files single and claims 3 exemptions. (Use Table 7.3) (Round your final answer to the nearest cent.)
- Compute the gross income, adjusted gross income, and taxable income in the following situation. Use the exemptions and deductions in the table to the right. Explain how it was decided whether to itemize deductions or use the standard deduction. A man is single and earned wages of $63,600. He received $390 in interest from a savings account. He contributed $510 to a tax-deferred retirement plan. He had $1650 in itemized deductions from charitable contributions. Solve His gross income is $ Tax Rate Single 10% up to $9325 15% up to $37,950 25% up to $91,900 28% up to $191,650 33% up to $416,700 35% up to $418,400 39.6% above $418,400 Standard deduction $6350 Exemption (per person) $4050Geronimo files his tax return as a head of household for year 2021. If his taxable income is $76,600, what is his average tax rate? (Use tax rate schedule.) (Round your final answer to two decimal places) Multiple Choice O O 14:55 percent 16.56 percent 1102 percent 22.00 percent None of the choices are correctIn tax year 2023, a married taxpayer with AGI of $300,000 had gross investment income of $6,150 (which included a long-term capital gain of $3,500 and interest income of $2,650), brokerage commissions of $75, and tax preparation fees of $210. Calculate the amount of net investment income tax the taxpayer is required to pay? Please explain what would need be deducted.