Single-Schedule X If taxable 2023 Tax Rate Schedules Head of household-Schedule Z income is: Over- $ 0 But not over- $ 11,000 of the amount If taxable of the income is: But not The tax is: amount over- Over- over- The tax is: over- ......10% $ 0 $ 0 $ 15,700 .10% $ 0 11,000 44,725 44,725 95,375 $ 1,100.00+12% 11,000 15,700 59,850 $ 1,570.00+ 12% 15,700 5,147.00 +22% 44,725 59,850 95,350 6,868.00+22% 59,850 95,375 182,100 16,290.00 + 24% 95,375 95,350 182,100 14,678.00+24% 95,350 182,100 231,250 37,104.00+32% 182,100 182,100 231,250 35,498.00+32% 182,100 231,250 578,125 52,832.00 + 35% 231,250 231,250 578,100 51,226.00+ 35% 231,250 578,125 174,238.25 +37% 578,125 578,100 172,623.50+ 37% 578,100 Married filing jointly or Qualifying widow(er)- Married filing separately-Schedule Y-2 Schedule Y-1 If taxable income is: Over- But not over- $ 0 $ 22,000 The tax is: .......10% of the amount over- If taxable income is: Over- But not over- The tax is: of the amount over- $ 0 $ 0 $ 11,000 .10% $ 0 22,000 89,450 89,450 190,750 $ 2,200.00+12% 22,000 11,000 44,725 $ 1,100.00 12% 11,000 10,294.00 +22% 89,450 44,725 95,375 5,147.00+22% 44,725 190,750 364,200 32,580.00 24% 190,750 95,375 182,100 16,290.00+24% 95,375 364,200 462,500 74,208.00 32% 364,200 182,100 231,250 37,104.00 32% 182,100 462,500 693,750 105,664.00 35% 462,500 231,250 346,875 52,832.00 +35% 231,250 693,750 186,601.50 37% 693,750 346,875 93,300.75+37% 346,875 For 2023, Wilma has properly determined that her taxable income is $36,000, including $3,000 of unrecaptured § 1250 gain and $8,200 of 0%/15%/20% gain. Wilma qualifies for head-of-household filing status. Compute Wilma's tax liability and tax savings from the alternative tax on net capital gain. Click here to access the tax rate schedules to use for this problem. Round your answers to the nearest dollar. When computing Wilma's tax liability, what tax rate is used for: •The $3,000 of unrecaptured § 1250 gain? 12% •The $8,200 of 0%/15%/20% gain? 0% Wilma's tax liability is $ X and the tax saving from the alternative tax computation is $ 984 V
Single-Schedule X If taxable 2023 Tax Rate Schedules Head of household-Schedule Z income is: Over- $ 0 But not over- $ 11,000 of the amount If taxable of the income is: But not The tax is: amount over- Over- over- The tax is: over- ......10% $ 0 $ 0 $ 15,700 .10% $ 0 11,000 44,725 44,725 95,375 $ 1,100.00+12% 11,000 15,700 59,850 $ 1,570.00+ 12% 15,700 5,147.00 +22% 44,725 59,850 95,350 6,868.00+22% 59,850 95,375 182,100 16,290.00 + 24% 95,375 95,350 182,100 14,678.00+24% 95,350 182,100 231,250 37,104.00+32% 182,100 182,100 231,250 35,498.00+32% 182,100 231,250 578,125 52,832.00 + 35% 231,250 231,250 578,100 51,226.00+ 35% 231,250 578,125 174,238.25 +37% 578,125 578,100 172,623.50+ 37% 578,100 Married filing jointly or Qualifying widow(er)- Married filing separately-Schedule Y-2 Schedule Y-1 If taxable income is: Over- But not over- $ 0 $ 22,000 The tax is: .......10% of the amount over- If taxable income is: Over- But not over- The tax is: of the amount over- $ 0 $ 0 $ 11,000 .10% $ 0 22,000 89,450 89,450 190,750 $ 2,200.00+12% 22,000 11,000 44,725 $ 1,100.00 12% 11,000 10,294.00 +22% 89,450 44,725 95,375 5,147.00+22% 44,725 190,750 364,200 32,580.00 24% 190,750 95,375 182,100 16,290.00+24% 95,375 364,200 462,500 74,208.00 32% 364,200 182,100 231,250 37,104.00 32% 182,100 462,500 693,750 105,664.00 35% 462,500 231,250 346,875 52,832.00 +35% 231,250 693,750 186,601.50 37% 693,750 346,875 93,300.75+37% 346,875 For 2023, Wilma has properly determined that her taxable income is $36,000, including $3,000 of unrecaptured § 1250 gain and $8,200 of 0%/15%/20% gain. Wilma qualifies for head-of-household filing status. Compute Wilma's tax liability and tax savings from the alternative tax on net capital gain. Click here to access the tax rate schedules to use for this problem. Round your answers to the nearest dollar. When computing Wilma's tax liability, what tax rate is used for: •The $3,000 of unrecaptured § 1250 gain? 12% •The $8,200 of 0%/15%/20% gain? 0% Wilma's tax liability is $ X and the tax saving from the alternative tax computation is $ 984 V
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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