Please help me brake down the problem. the percentage is correct but i need help setting up the problem. 2020 Tax Rate SchedulesSingle-Schedule XHead of household-Schedule ZIf taxableof theIf taxableof theincome is:But notатоuntincome is:But notamountOver-over-The tax is:over-Over-over-The tax is:over-$ 9,87510%$$ 14,10010%9,87540,125$987.50 + 12%9,87514,10053,700$ 1,410.00 + 12%14,10040,12585,5254,617.50 + 22%40,12553,70085,5006,162.00 + 22%53,70085,525163,30014,605.50 + 24%85,52585,500163,30013,158.00 + 24%85,500163,300207,35033,271.50 + 32%163,300163,300207,35031,830.00 + 32%163,300207,350518,40047,367.50 + 35%207,350207,350518,40045,926.00 + 35%207,350518,400156,235.00 + 37%518,400518,400154,793.50 + 37%518,400..................Married filing jointly or Qualifying widow(er)–Schedule Y-1Married filing separately-Schedule Y-2If taxableof theIf taxableof theincome is:But notатоuntincome is:But notamountOver-over-The tax is:over-Over-over-The tax is:over-$ 19,750.........10%$$ 9,875.........10%2$19,75080,250$ 1,975.00 + 12%19,7509,87540,125987,50 + 12%9,87580,250171,0509,235.00 + 22%80,25040,12585,5254,617.50 + 22%40,125171,050326,60029,211.00 + 24%171,05085,525163,30014,605.50 + 24%85,525326,600414,70066,543.00 + 32%326,600163,300207,35033,271.50 + 32%163,300414,700622,05094,735.00 + 35%414,700207,350311,02547,367.50 + 35%207,350622,050167,307.50 + 37%622,050311,02583,653.75 + 37%311,025................. Exercise 3-20 (Algorithmic) (LO. 6)Compute the 2020 tax liability and the marginal and average tax rates for the following taxpayers.Click here to access the 2020 tax rate schedule. If required, round the tax liability to the nearest dollar. When required,round the average rates to four decimal places before converting to a percentage (i.e. .67073 would be rounded to .6707 andentered as 67.07%).a. Chandler, who files as a single taxpayer, has taxable income of $101,000.Tax liability:20,000 xMarginal rate:24 V %Average rate:18.52 x %b. Lazare, who files as a head of household, has taxable income of $78,600.Tax liability:10,432 xMarginal rate:22 v %Average rate:14.21 x %FeedbackV Check My WorkThe computation of income tax due (or refund) involves applying the proper set of tax rates to taxable income and then adjusting for availablecredits. The basic tax rate structure is progressive, with current rates ranging from 10 percent to 37 percent.

The marginal tax rate is the tax rate you pay on an additional dollar of income. Average tax rate…

Compute the 2020 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2020 tax rate schedule. If required, round the tax liability to the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (i.e. .67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable income of $101,000. Tax liability: 20,000 x Marginal rate: 24 V % Average rate: 18.52 x % b. Lazare, who files as a head of household, has taxable income of $78,600. Tax liability: 10,432 x Marginal rate: 22 v % Average rate: 14.21 x %

Compute the 2020 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2020 tax rate schedule. If required, round the tax liability to the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (i.e. .67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable income of $101,000. Tax liability: 20,000 x Marginal rate: 24 V % Average rate: 18.52 x % b. Lazare, who files as a head of household, has taxable income of $78,600. Tax liability: 10,432 x Marginal rate: 22 v % Average rate: 14.21 x %

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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