Note: The 2020 standard deduction for a single tax filer is $12,400.
Olivia is single, and her taxable income for 2020 is $23,983. A total of $2,951.83 was withheld from her paychecks in 2020 for federal income taxes. Which of the following best describes her situation?
Use the following tax rate chart:
| If Taxable Income Is: | The Tax Is: |
|
Not over $9,875 |
10% of the taxable income |
|
Over $9,875 but not over $40,125 |
$987.50 plus 12% of the excess over $9,875 |
|
Over $40,125 but not over $85,525 |
$4,617.50 plus 22% of the excess over $40,125 |
|
Over $85,525 but not over $163,300 |
$14,605.50 plus 24% of the excess over $85,525 |
|
Over $163,300 but not over $207,350 |
$33,271.50 plus 32% of the excess over $163,300 |
|
Over $207,350 but not over $518,400 |
$47,367.50 plus 35% of the excess over $207,350 |
|
Over $518,400 |
$156,235 plus 37% of the excess over $518,400 |
Sam and Sue are married, and their joint taxable income for 2020 was $53,585. A total of $1,732.00 was withheld from Sam's paychecks in 2020 for federal income taxes. A total of $5,201.25 was withheld from Sue's paychecks in 2020 for federal income taxes. Which of the following best describes their situation?
Use the following tax rate chart:
| If Taxable Income Is: | The Tax Is: |
|
Not over $19,750 |
10% of the taxable income |
|
Over $19,750 but not over $80,250 |
$1,975 plus 12% of the excess over $19,750 |
|
Over $80,250 but not over $171,050 |
$9,235 plus 22% of the excess over $80,250 |
|
Over $171,050 but not over $326,600 |
$29,211 plus 24% of the excess over $171,050 |
|
Over $326,600 but not over $414,700 |
$66,543 plus 32% of the excess over $326,600 |
|
Over $414,700 but not over $622,050 |
$94,735 plus 35% of the excess over $414,700 |
|
Over $622,050 |
$167,307.50 plus 37% of the excess over $622,050 |
Mike's annual salary after deductions for benefits is $77,997. Calculate his total annual FICA taxes.
Note: FICA taxes include 6.2% for Social Security and 1.45% for Medicare
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Francisco is single, and he earned $76,380 in 2020. He paid a total of $8,838 in 2020 for benefits, including his health insurance premiums and 401(k) contributions. He paid $4,064 in state and local taxes, paid $3,528 in property taxes, paid $7,284 in mortgage interest, and donated $1,800 to charity in 2020. Assume that there are no other tax-deductible expenses or special adjustments to his taxable income. Find Francisco's taxable income for 2020.
Note: The 2020 standard deduction for a single tax filer is $12,400.
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