Now let's do a problem where we know the person's taxes and want to find their taxable income, and their AGI You may find the functions you determined in the question above hept 6. Suppose someone paid $17,500 in taxes What could thin person's adjusted gross income be? 1040 inels) 1 and Sb Description Amount Wagen, salaries and Ups Adjusted gross income (AG) Standard deduction and exemption (nhngie, nondependent) Subtract ine 5 trom lne 4 Taxable Income 11a $12 200 11b Total Tax (hom schedule) $17.500 Efective tax tate.(tax an entage of all income). 2019 Tax Schedule (NOT ued for HWseparate Tax Schedules previed m w Single Taxable Income Tax Brackets and Rates, 2019 If taxable income is over-but not over the tax i $0.700 $30,475 $64.200 $160,725 $204,100 $0.700 $30,475 $84.200 $160,725 $204 100 $610,300 10% of the amount over S0 SU70 plus 12 of the anount over $0,700 $4,643 $14.302 plus $32.740 ps 2% of the $40.62 pl35% of the anmount over $204,100 22% of the amount over $39 475 of the anount over 04200 Tount over $160 725
Now let's do a problem where we know the person's taxes and want to find their taxable income, and their AGI You may find the functions you determined in the question above hept 6. Suppose someone paid $17,500 in taxes What could thin person's adjusted gross income be? 1040 inels) 1 and Sb Description Amount Wagen, salaries and Ups Adjusted gross income (AG) Standard deduction and exemption (nhngie, nondependent) Subtract ine 5 trom lne 4 Taxable Income 11a $12 200 11b Total Tax (hom schedule) $17.500 Efective tax tate.(tax an entage of all income). 2019 Tax Schedule (NOT ued for HWseparate Tax Schedules previed m w Single Taxable Income Tax Brackets and Rates, 2019 If taxable income is over-but not over the tax i $0.700 $30,475 $64.200 $160,725 $204,100 $0.700 $30,475 $84.200 $160,725 $204 100 $610,300 10% of the amount over S0 SU70 plus 12 of the anount over $0,700 $4,643 $14.302 plus $32.740 ps 2% of the $40.62 pl35% of the anmount over $204,100 22% of the amount over $39 475 of the anount over 04200 Tount over $160 725
Chapter14: Property Transactions: Determination Of Gain Or Loss And Basis Considerations
Section: Chapter Questions
Problem 4RP
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