Refer to the individual rate schedules in Appendix C Required: A. What are the tax liability, the marginal tax rate, and the average tax rate for a married couple filing jointly with $58,900 taxable income? Appendix C 2021 Income Tax Rates INDIVIDUAL TAX RATES Married Filing Jointly and Surviving Spouse If taxable income is The tax is Not over $19,900 10% of taxable income Over $19,900 but not over $81,050 $1,990.00 + 12% of excess over $19,900 Over $81,050 but not over $172,750 $9,328.00 + 22% of excess over $81,050 Over $172,750 but not over $329,850 $29,502.00 + 24% of excess over $172,750 Over $329,850 but not over $418,850 $67,206.00 + 32% of excess over $329,850 Over $418,850 but not over $628,300 $95,686.00 + 35% of excess over $418,850 Over $628,300 $168,993.50 + 37% of excess over $628,300 Married Filing Separately If taxable income is The tax is Not over $9,950 10% of taxable income Over $9,950 but not over $40,525 $995.00 + 12% of excess over $9,950 Over $40,525 but not over $86,375 $4,664.00 + 22% of excess over $40,525 Over $86,375 but not over $164,925 $14,751.00 + 24% of excess over $86,375 Over $164,925 but not over $209,425 $33,603.00 + 32% of excess over $164,925 Over $209,425 but not over $314,150 $47,843.00 + 35% of excess over $209,425 Over $314,150 $84,496.75 + 37% of excess over $314,150 Head of Household If taxable income is The tax is Not over $14,200 10% of taxable income Over $14,200 but not over $54,200 $1,420.00 + 12% of excess over $14,200 Over $54,200 but not over $86,350 $6,220.00 + 22% of excess over $54,200 Over $86,350 but not over $164,900 $13,293.00 + 24% of excess over $86,350 Over $164,900 but not over $209,400 $32,145.00 + 32% of excess over $164,900 Over $209,400 but not over $523,600 $46,385.00 + 35% of excess over $209,400 Over $523,600 $156,355.00 + 37% of excess over $523,600 Single If taxable income is The tax is Not over $9,950 10% of taxable income Over $9,950 but not over $40,525 $995.00 + 12% of excess over $9,950 Over $40,525 but not over $86,375 $4,664.00 + 22% of excess over $40,525 Over $86,375 but not over $164,925 $14,751.00 + 24% of excess over $86,375 Over $164,925 but not over $209,450 $33,603.00 + 32% of excess over $164,925 Over $209,450 but not over $523,600 $47,843.00 + 35% of excess over $209,425 Over $523,600 $157,804.25 + 37% of excess over $523,600 ESTATE AND TRUST TAX RATES If taxable income is The tax is Not over $2,650 10% of taxable income Over $2,650 but not over $9,550 $265.00 + 24% of excess over $2,650 Over $9,550 but not over $13,050 $1,921.00 + 35% of excess over $9,550 Over $13,050 $3,146.00 + 37% of excess over $13,050
Refer to the individual rate schedules in Appendix C
Required:
A. What are the tax liability, the marginal tax rate, and the average tax rate for a married couple filing jointly with $58,900 taxable income?
Appendix C 2021 Income Tax Rates INDIVIDUAL TAX RATES
Married Filing Jointly and Surviving Spouse
|
If taxable income is |
The tax is |
|
Not over $19,900 |
10% of taxable income |
|
Over $19,900 but not over $81,050 |
$1,990.00 + 12% of excess over $19,900 |
|
Over $81,050 but not over $172,750 |
$9,328.00 + 22% of excess over $81,050 |
|
Over $172,750 but not over $329,850 |
$29,502.00 + 24% of excess over $172,750 |
|
Over $329,850 but not over $418,850 |
$67,206.00 + 32% of excess over $329,850 |
|
Over $418,850 but not over $628,300 |
$95,686.00 + 35% of excess over $418,850 |
|
Over $628,300 |
$168,993.50 + 37% of excess over $628,300 |
Married Filing Separately
|
If taxable income is |
The tax is |
|
Not over $9,950 |
10% of taxable income |
|
Over $9,950 but not over $40,525 |
$995.00 + 12% of excess over $9,950 |
|
Over $40,525 but not over $86,375 |
$4,664.00 + 22% of excess over $40,525 |
|
Over $86,375 but not over $164,925 |
$14,751.00 + 24% of excess over $86,375 |
|
Over $164,925 but not over $209,425 |
$33,603.00 + 32% of excess over $164,925 |
|
Over $209,425 but not over $314,150 |
$47,843.00 + 35% of excess over $209,425 |
|
Over $314,150 |
$84,496.75 + 37% of excess over $314,150 |
Head of Household
|
If taxable income is |
The tax is |
|
Not over $14,200 |
10% of taxable income |
|
Over $14,200 but not over $54,200 |
$1,420.00 + 12% of excess over $14,200 |
|
Over $54,200 but not over $86,350 |
$6,220.00 + 22% of excess over $54,200 |
|
Over $86,350 but not over $164,900 |
$13,293.00 + 24% of excess over $86,350 |
|
Over $164,900 but not over $209,400 |
$32,145.00 + 32% of excess over $164,900 |
|
Over $209,400 but not over $523,600 |
$46,385.00 + 35% of excess over $209,400 |
|
Over $523,600 |
$156,355.00 + 37% of excess over $523,600 |
Single
|
If taxable income is |
The tax is |
|
Not over $9,950 |
10% of taxable income |
|
Over $9,950 but not over $40,525 |
$995.00 + 12% of excess over $9,950 |
|
Over $40,525 but not over $86,375 |
$4,664.00 + 22% of excess over $40,525 |
|
Over $86,375 but not over $164,925 |
$14,751.00 + 24% of excess over $86,375 |
|
Over $164,925 but not over $209,450 |
$33,603.00 + 32% of excess over $164,925 |
|
Over $209,450 but not over $523,600 |
$47,843.00 + 35% of excess over $209,425 |
|
Over $523,600 |
$157,804.25 + 37% of excess over $523,600 |
ESTATE AND TRUST TAX RATES
|
If taxable income is |
The tax is |
|
Not over $2,650 |
10% of taxable income |
|
Over $2,650 but not over $9,550 |
$265.00 + 24% of excess over $2,650 |
|
Over $9,550 but not over $13,050 |
$1,921.00 + 35% of excess over $9,550 |
|
Over $13,050 |
$3,146.00 + 37% of excess over $13,050 |
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