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Alex and Addison are married and have the following income items: Alex's salary $ 59,750 44,700 Addison's Schedule C net profit Interest income 1,950 Addison's self-employment tax was $6,316. Addison's Schedule C net business profit is qualified business Income (non- service). The couple have $9,370 itemized deductions and no children or other dependents.

Alex and Addison are married and have the following income items: Alex's salary $ 59,750 44,700 Addison's Schedule C net profit Interest income 1,950 Addison's self-employment tax was $6,316. Addison's Schedule C net business profit is qualified business Income (non- service). The couple have $9,370 itemized deductions and no children or other dependents.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Married filing jointly and surviving spouses $25,900
Married filing separately 12,950
Head of household 19,400
Single 12,950
Individual Tax Rate Schedules Married Filing Jointly and Surviving Spouse If taxable income is Not over $20,550 Over $20,550 but not over $83,550 Over $83,550 but not over $178,150 Over $178,150 but not over $340,100 Over $340,100 but not over $431,900 Over $431,900 but not over $647,850 Over $647,850 Married Filing Separately If taxable income is Not over $10,275 Over $10,275 but not over $41,775 Over $41,775 but not over $89,075 Over $89,075 but not over $170,050 Over $170,050 but not over $215,950 Over $215,950 but not over $323,925 Over $323,925 Head of Household If taxable income is Not over $14,650 Over $14,650 but not over $55,900 Over $55,900 but not over $89,050 Over $89,050 but not over $170,050 Over $170,050 but not over $215,950 Over $215,950 but not over $539,900 Over $539,900 Single If taxable income is Not over $10,275 Over $10,275 but not over $41,775 Over $41,775 but not over $89,075 Over $89,075 but not over $170,050 Over $170,050 but not over $215,950 Over $215,950 but not over $539,900 Over $539,900 The tax is 10% of taxable income $2,055.00 +12% of excess over $20,550 $9,615.00 +22% of excess over $83,550 $30,427.00 +24% of excess over $178,150 $69,295.00 + 32% of excess over $340,100 $98,671.00 + 35% of excess over $431,900 $174.253.50 +37% of excess over $647,850 The tax is 10% of taxable income $1,027.50 +12% of excess over $10,275 $4,807.50 +22% of excess over $41,775 $15,213.50 +24% of excess over $89,075 $34,647.50+32% of excess over $170,050 $49,335.50 +35% of excess over $215,950 $87,126.75 +37% of excess over $323,925 The tax is 10% of taxable income $1,465.00+ 12% of excess over $14,650 $6,415.00 +22% of excess over $55,900 $13,708.00 +24% of excess over $89,050 $33,148.00 + 32% of excess over $170,050 $47,836.00 + 35% of excess over $215,950 $161,218.50 +37% of excess over $539,900 The tax is 10% of taxable income $1,027.50 +12% of excess over $10,275 $4,807.50 +22% of excess over $41,775 $15,213.50 +24% of excess over $89,075 $34,647.50+32% of excess over $170,050 $49,335.50 +35% of excess over $215,950 $162,718 +37% of excess over $539,900
Transcribed Image Text:Individual Tax Rate Schedules Married Filing Jointly and Surviving Spouse If taxable income is Not over $20,550 Over $20,550 but not over $83,550 Over $83,550 but not over $178,150 Over $178,150 but not over $340,100 Over $340,100 but not over $431,900 Over $431,900 but not over $647,850 Over $647,850 Married Filing Separately If taxable income is Not over $10,275 Over $10,275 but not over $41,775 Over $41,775 but not over $89,075 Over $89,075 but not over $170,050 Over $170,050 but not over $215,950 Over $215,950 but not over $323,925 Over $323,925 Head of Household If taxable income is Not over $14,650 Over $14,650 but not over $55,900 Over $55,900 but not over $89,050 Over $89,050 but not over $170,050 Over $170,050 but not over $215,950 Over $215,950 but not over $539,900 Over $539,900 Single If taxable income is Not over $10,275 Over $10,275 but not over $41,775 Over $41,775 but not over $89,075 Over $89,075 but not over $170,050 Over $170,050 but not over $215,950 Over $215,950 but not over $539,900 Over $539,900 The tax is 10% of taxable income $2,055.00 +12% of excess over $20,550 $9,615.00 +22% of excess over $83,550 $30,427.00 +24% of excess over $178,150 $69,295.00 + 32% of excess over $340,100 $98,671.00 + 35% of excess over $431,900 $174.253.50 +37% of excess over $647,850 The tax is 10% of taxable income $1,027.50 +12% of excess over $10,275 $4,807.50 +22% of excess over $41,775 $15,213.50 +24% of excess over $89,075 $34,647.50+32% of excess over $170,050 $49,335.50 +35% of excess over $215,950 $87,126.75 +37% of excess over $323,925 The tax is 10% of taxable income $1,465.00+ 12% of excess over $14,650 $6,415.00 +22% of excess over $55,900 $13,708.00 +24% of excess over $89,050 $33,148.00 + 32% of excess over $170,050 $47,836.00 + 35% of excess over $215,950 $161,218.50 +37% of excess over $539,900 The tax is 10% of taxable income $1,027.50 +12% of excess over $10,275 $4,807.50 +22% of excess over $41,775 $15,213.50 +24% of excess over $89,075 $34,647.50+32% of excess over $170,050 $49,335.50 +35% of excess over $215,950 $162,718 +37% of excess over $539,900
Alex and Addison are married and have the following income Items: Alex's salary $ 59,750 44,700 Addison's Schedule C net profit Interest income 1,950 Addison's self-employment tax was $6,316. Addison's Schedule C net business profit is qualified business Income (non- service). The couple have $9,370 Itemized deductions and no children or other dependents. Required: Compute their income tax on a joint return. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Answer is complete but not entirely correct. Amount S 103,242 S $ AGI Taxable Income Income Tax 77,342 x 8,870 X
Transcribed Image Text:Alex and Addison are married and have the following income Items: Alex's salary $ 59,750 44,700 Addison's Schedule C net profit Interest income 1,950 Addison's self-employment tax was $6,316. Addison's Schedule C net business profit is qualified business Income (non- service). The couple have $9,370 Itemized deductions and no children or other dependents. Required: Compute their income tax on a joint return. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Answer is complete but not entirely correct. Amount S 103,242 S $ AGI Taxable Income Income Tax 77,342 x 8,870 X
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