Married Filing Jointly-Schedule Y-1 2017 If Taxable Income Is Over But Not Over The Tax Is Plus Of the Amount Over $0 $18,650 $0 $0 10% $18,650 $75,900 $1,865.00 15% $18,650 $75,900 $153,100 $10,452.50 25% $75,900 $153,100 $233,350 $29,752.50 28% $153,100 $233,350 $416,700 $52,222.50 33% $233,350 $416,700 $470,700 $112,728.00 35% $416,700 $470,700 $131,628.00 39.6% $470,700 * ... Suppose a married couple won the Mega Millions jackpot and took it as a lump sum of $385,000,000. What is the federal income tax on their winnings?
Married Filing Jointly-Schedule Y-1 2017 If Taxable Income Is Over But Not Over The Tax Is Plus Of the Amount Over $0 $18,650 $0 $0 10% $18,650 $75,900 $1,865.00 15% $18,650 $75,900 $153,100 $10,452.50 25% $75,900 $153,100 $233,350 $29,752.50 28% $153,100 $233,350 $416,700 $52,222.50 33% $233,350 $416,700 $470,700 $112,728.00 35% $416,700 $470,700 $131,628.00 39.6% $470,700 * ... Suppose a married couple won the Mega Millions jackpot and took it as a lump sum of $385,000,000. What is the federal income tax on their winnings?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Kerer w ure U17 Teuerai ILOme tax tauies ueiow.
Unmarried Individuals-Schedule X 2017
If Taxable Income Is Over
But Not Over
Of the Amount Over
The Tax Is
Plus
$0
$9,325
$0
10%
$0
$9,325
$37,950
$932.50
15%
$9,325
$37,950
$91,900
$5,226.25
25%
$37,950
$91,900
$191,650
$18,713.75
28%
$91,900
$191,650
$416,700
$46,643.75
33%
$191,650
$416,700
$418,400
$120,910.25
35%
$416,700
$418,400
$121,500.25 39.6%
$418,400
Married Filing Jointly-Schedule Y-1 2017
If Taxable Income Is Over
The Tax Is
Of the Amount Over
But Not Over
Plus
$0
$18,650
$0
10%
$0
$18,650
$75,900
$1,865.00
15%
$18,650
$75,900
$153,100
$10,452.50
25%
$75,900
$153,100
$233,350
$29,752.50
28%
$153,100
$233,350
$416,700
$52,222.50
33%
$233,350
$416,700
$470,700
$112,728.00
35%
$416,700
$470,700
$131,628.00
39.6%
$470,700
Suppose a married couple won the Mega Millions jackpot and took it as a lump sum of $385,000,000. What is the federal income tax on their
winnings?
Expert Solution
Step 1
Basic Details:
1. Jackpot Amount received = $385000000
2. Federal Income tax = $131628 + 39.60% over and above 470700
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