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Married filing jointly and surviving spouses Married filing separately Head of household Single Show Transcribed 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 $25,900 12,950 19,400 12,950 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

Married filing jointly and surviving spouses Married filing separately Head of household Single Show Transcribed 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 $25,900 12,950 19,400 12,950 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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Problem 1Q
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Married filing jointly and surviving spouses Married filing separately Head of household. Single Show Transcribed 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 $25,900 12,950 19,400 12,950 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:Married filing jointly and surviving spouses Married filing separately Head of household. Single Show Transcribed 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 $25,900 12,950 19,400 12,950 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
Mr. and Ms. Sumara have the following income items: Mr. Sumara's Schedule C net profit Ms. Sumara's Schedule C net loss Ms. Sumara's taxable pension Interest income Mr. Sumara's self-employment tax was $12,903. The couple has $26,050 itemized deductions. Ms. Sumara's Schedule C net business profit is qualified business income (non-service). $ 91,320 (7,480) 32,300 21,200 Required: Compute the couple's 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. AGI Taxable Income Income Tax Amount
Transcribed Image Text:Mr. and Ms. Sumara have the following income items: Mr. Sumara's Schedule C net profit Ms. Sumara's Schedule C net loss Ms. Sumara's taxable pension Interest income Mr. Sumara's self-employment tax was $12,903. The couple has $26,050 itemized deductions. Ms. Sumara's Schedule C net business profit is qualified business income (non-service). $ 91,320 (7,480) 32,300 21,200 Required: Compute the couple's 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. AGI Taxable Income Income Tax Amount
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