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Name Filing Status Villiams single Taxable Income $65,400 $ Tax Liability

Name Filing Status Villiams single Taxable Income $65,400 $ Tax Liability

FINANCIAL ACCOUNTING
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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Use the Tax Rate Tables, Exhibit 18-3, to calculate the tax liability (in $) for the taxpayer. Name Filing Status Taxable Income Williams single $65,400 $ Tax Liability
Transcribed Image Text:Use the Tax Rate Tables, Exhibit 18-3, to calculate the tax liability (in $) for the taxpayer. Name Filing Status Taxable Income Williams single $65,400 $ Tax Liability
Exhibit 18-3 Income Tax Rate Tables Filing status: Single Taxable income At least $0 but not over $9,525 Over $9,525 but not over $38,700 Over $38,700 but not over $82,500 Over $82,500 but not over $157,500 Over $157,500 but not over $200,000 Over $200,000 but not over $500,000 Over $500,000 Filing status: Married filing jointly or Qualifying widow(er) Taxable income At least $0 but not over $19,050 Over $19,050 but not over $77,400 Over $77,400 but not over $165,000 Over $165,000 but not over $315,000 Over $315,000 but not over $400,00 Over $400,00 but not over $600,000 Over $600,000 Filing status: Married filing separately Taxable income At least $0 but not over $9,525 Over $9,525 but not over $38,700 Over $38,700 but not over $82,500 Over $82,500 but not over $157,500 Over $157,500 but not over $200,000 Over $200,000 but not over $300,000 Over $300,000 Filing status: Head of household Taxable income Tax 10% of the amount over $0 $952.50 +12% of the amount over $9,525 $4,453.50 +22% of the amount over $38,700 $14,089.50 +24% of the amount over $82,500 $32,089.50 + 32% of the amount over $157,500 $45,689.50 +35% of the amount over $200,000 $150,689.50 +37% of the amount over $500,000 At least $0 but not over $13,600 Over $13,600 but not over $51,800 Over $51,800 but not over $82,500 Over $82,500 but not over $157,500 Over $157,500 but not over $200,000 Over $200,000 but not over $500,000 Over $500,000 Tax 10% of the amount over $0 $1,905 + 12% of the amount over $19,050 $8,907 + 22% of the amount over $77,400 $28,179 + 24% of the amount over $165,000 $64,179 + 32% of the amount over $315,000 $91,379 +35% of the amount over $400,000 $161,379 +37% of the amount over $600,000 Tax 10% of the amount over $0 $952.50 + 12% of the amount over $9,525 $4,453.50 +22% of the amount over $38,700 $14,089.50 + 24% of the amount over $82,500 $32,089.50 +32% of the amount over $157,500 $45,689.50 + 35% of the amount over $200,000 $80,689.50 +37% of the amount over $300,000 Tax 10% of the amount over $0 $1,360 + 12% of the amount over $13,600 $5,944 + 22% of the amount over $51,800 $12,698 +24% of the amount over $82,500 $30,698 + 32% of the amount over $157,500 $44,298 + 35% of the amount over $200,000 $149,298 + 37% of the amount over $500,000
Transcribed Image Text:Exhibit 18-3 Income Tax Rate Tables Filing status: Single Taxable income At least $0 but not over $9,525 Over $9,525 but not over $38,700 Over $38,700 but not over $82,500 Over $82,500 but not over $157,500 Over $157,500 but not over $200,000 Over $200,000 but not over $500,000 Over $500,000 Filing status: Married filing jointly or Qualifying widow(er) Taxable income At least $0 but not over $19,050 Over $19,050 but not over $77,400 Over $77,400 but not over $165,000 Over $165,000 but not over $315,000 Over $315,000 but not over $400,00 Over $400,00 but not over $600,000 Over $600,000 Filing status: Married filing separately Taxable income At least $0 but not over $9,525 Over $9,525 but not over $38,700 Over $38,700 but not over $82,500 Over $82,500 but not over $157,500 Over $157,500 but not over $200,000 Over $200,000 but not over $300,000 Over $300,000 Filing status: Head of household Taxable income Tax 10% of the amount over $0 $952.50 +12% of the amount over $9,525 $4,453.50 +22% of the amount over $38,700 $14,089.50 +24% of the amount over $82,500 $32,089.50 + 32% of the amount over $157,500 $45,689.50 +35% of the amount over $200,000 $150,689.50 +37% of the amount over $500,000 At least $0 but not over $13,600 Over $13,600 but not over $51,800 Over $51,800 but not over $82,500 Over $82,500 but not over $157,500 Over $157,500 but not over $200,000 Over $200,000 but not over $500,000 Over $500,000 Tax 10% of the amount over $0 $1,905 + 12% of the amount over $19,050 $8,907 + 22% of the amount over $77,400 $28,179 + 24% of the amount over $165,000 $64,179 + 32% of the amount over $315,000 $91,379 +35% of the amount over $400,000 $161,379 +37% of the amount over $600,000 Tax 10% of the amount over $0 $952.50 + 12% of the amount over $9,525 $4,453.50 +22% of the amount over $38,700 $14,089.50 + 24% of the amount over $82,500 $32,089.50 +32% of the amount over $157,500 $45,689.50 + 35% of the amount over $200,000 $80,689.50 +37% of the amount over $300,000 Tax 10% of the amount over $0 $1,360 + 12% of the amount over $13,600 $5,944 + 22% of the amount over $51,800 $12,698 +24% of the amount over $82,500 $30,698 + 32% of the amount over $157,500 $44,298 + 35% of the amount over $200,000 $149,298 + 37% of the amount over $500,000
Expert Solution
Step 1: Introduction

The amount of tax owing to the government authorities, whether it be income tax, property tax, sales tax, or any other type of tax, is referred to as tax obligation. It is often computed using relevant tax rates, taxable income, or the value of taxable assets, and it indicates the amount that must be submitted to the government in order for the taxpayer to satisfy his or her legal obligation. 

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