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Problem 3-46 (LO. 1, 3, 7) Paige, age 17, is a dependent of her parents. Her parents report taxable income of $120,000 on their joint return (no qualified dividends or capital gains). During 2023, Paige earned $3,900 pet sitting and $4,500 in interest on a savings account. Click here to access the 2023 tax rate schedule. What are Paige's taxable income and tax liability for 2023? a. Paige's total taxable income is $ b. Paige's tax liability is $ 7,560

Problem 3-46 (LO. 1, 3, 7) Paige, age 17, is a dependent of her parents. Her parents report taxable income of $120,000 on their joint return (no qualified dividends or capital gains). During 2023, Paige earned $3,900 pet sitting and $4,500 in interest on a savings account. Click here to access the 2023 tax rate schedule. What are Paige's taxable income and tax liability for 2023? a. Paige's total taxable income is $ b. Paige's tax liability is $ 7,560

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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Problem 3-46 (LO. 1, 3, 7) Paige, age 17, is a dependent of her parents. Her parents report taxable income of $120,000 on their joint return (no qualified dividends or capital gains). During 2023, Paige earned $3,900 pet sitting and $4,500 in interest on a savings account. Click here to access the 2023 tax rate schedule. What are Paige's taxable income and tax liability for 2023? a. Paige's total taxable income is $ b. Paige's tax liability is $ 7,560
Transcribed Image Text:Problem 3-46 (LO. 1, 3, 7) Paige, age 17, is a dependent of her parents. Her parents report taxable income of $120,000 on their joint return (no qualified dividends or capital gains). During 2023, Paige earned $3,900 pet sitting and $4,500 in interest on a savings account. Click here to access the 2023 tax rate schedule. What are Paige's taxable income and tax liability for 2023? a. Paige's total taxable income is $ b. Paige's tax liability is $ 7,560
Single-Schedule X If taxable income is: Over- $ 0 income is: Over- $ 0 But not over- 22,000 89,450 190,750 364,200 462,500 693,750 $ 11,000 44,725 95,375 182,100 231,250 578,125 .10% 11,000 $ 1,100.00 + 12% 44,725 5,147.00 +22% 95,375 16,290.00 + 24% 182,100 37,104.00 + 32% 231,250 52,832.00 + 35% 578,125 174,238.25 + 37% Married filing jointly or Qualifying widow(er)- Schedule Y-1 If taxable But not over- The tax is: $ 22,000 89,450 190,750 364,200 462,500 693,750 The tax is: .........10% 2023 Tax Rate Schedules $ 2,200.00+ 12% 10,294.00 +22% 32,580.00 + 24% 74,208.00 + 32% 105,664.00 + 35% 186,601.50 + 37% of the amount over- $ 0 11,000 44,725 95,375 182,100 231,250 578,125 of the amount over- $ 0 22,000 89,450 190,750 364,200 462,500 693,750 Head of household-Schedule Z If taxable income is: Over- $ 0 If taxable income is: Over- $ 0 But not over- 10% 15,700 $ 1,570.00 + 12% 59,850 6,868.00 +22% 95,350 14,678.00 +24% 182,100 35,498.00 + 32% 231,250 51,226.00 +35% 578,100 172,623.50 + 37% Married filing separately-Schedule Y-2 11,000 44,725 95,375 182,100 231,250 346,875 $ 15,700 59,850 95,350 182,100 231,250 578,100 But not over- The tax is: $ 11,000 44,725 95,375 182,100 231,250 346,875 ...... The tax is: .........10% $ 1,100.00 + 12% 5,147.00 +22% 16,290.00 +24% 37,104.00 + 32% 52,832.00 + 35% 93,300.75 + 37% of the amount over- $ 0 15,700 59,850 95,350 182,100 231,250 578,100 of the amount over- $ 0 11,000 44,725 95,375 182,100 231,250 346,875
Transcribed Image Text:Single-Schedule X If taxable income is: Over- $ 0 income is: Over- $ 0 But not over- 22,000 89,450 190,750 364,200 462,500 693,750 $ 11,000 44,725 95,375 182,100 231,250 578,125 .10% 11,000 $ 1,100.00 + 12% 44,725 5,147.00 +22% 95,375 16,290.00 + 24% 182,100 37,104.00 + 32% 231,250 52,832.00 + 35% 578,125 174,238.25 + 37% Married filing jointly or Qualifying widow(er)- Schedule Y-1 If taxable But not over- The tax is: $ 22,000 89,450 190,750 364,200 462,500 693,750 The tax is: .........10% 2023 Tax Rate Schedules $ 2,200.00+ 12% 10,294.00 +22% 32,580.00 + 24% 74,208.00 + 32% 105,664.00 + 35% 186,601.50 + 37% of the amount over- $ 0 11,000 44,725 95,375 182,100 231,250 578,125 of the amount over- $ 0 22,000 89,450 190,750 364,200 462,500 693,750 Head of household-Schedule Z If taxable income is: Over- $ 0 If taxable income is: Over- $ 0 But not over- 10% 15,700 $ 1,570.00 + 12% 59,850 6,868.00 +22% 95,350 14,678.00 +24% 182,100 35,498.00 + 32% 231,250 51,226.00 +35% 578,100 172,623.50 + 37% Married filing separately-Schedule Y-2 11,000 44,725 95,375 182,100 231,250 346,875 $ 15,700 59,850 95,350 182,100 231,250 578,100 But not over- The tax is: $ 11,000 44,725 95,375 182,100 231,250 346,875 ...... The tax is: .........10% $ 1,100.00 + 12% 5,147.00 +22% 16,290.00 +24% 37,104.00 + 32% 52,832.00 + 35% 93,300.75 + 37% of the amount over- $ 0 15,700 59,850 95,350 182,100 231,250 578,100 of the amount over- $ 0 11,000 44,725 95,375 182,100 231,250 346,875
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