Robin is single. Her taxable income is $74,811. Find the tax liability using the Tax Table (Exhibit 18-3) Filing status: Single Taxable income Tax At least $0 but not over $9,525 10% of the amount over $0 Over $9,525 but not over $38,700 $952.50 + 12% of the amount over $9,525 Over $38,700 but not over $82,500 $4,453.50 + 22% of the amount over $38,700 Over $82,500 but not over $157,500 $14,089.50 + 24% of the amount over $82,500 Over $157,500 but not over $200,000 $32,089.50 + 32% of the amount over $157,500 Over $200,000 but not over $500,000 $45,689.50 + 35% of the amount over $200,000 Over $500,000 $150,689.50 + 37% of the amount over $500,000 Filing status: Married filing jointly or Qualifying widow(er) Taxable income Tax At least $0 but not over $19,050 10% of the amount over $0 Over $19,050 but not over $77,400 $1,905 + 12% of the amount over $19,050 Over $77,400 but not over $165,000 $8,907 + 22% of the amount over $77,400 Over $165,000 but not over $315,000 $28,179 + 24% of the amount over $165,000 Over $315,000 but not over $400,000 $64,179 + 32% of the amount over $315,000 Over $400,00 but not over $600,000 $91,379 + 35% of the amount over $400,000 Over $600,000 $161,379 + 37% of the amount over $600,000 Filing status: Married filing separately Taxable income Tax At least $0 but not over $9,525 10% of the amount over $0 Over $9,525 but not over $38,700 $952.50 + 12% of the amount over $9,525 Over $38,700 but not over $82,500 $4,453.50 + 22% of the amount over $38,700 Over $82,500 but not over $157,500 $14,089.50 + 24% of the amount over $82,500 Over $157,500 but not over $200,000 $32,089.50 + 32% of the amount over $157,500 Over $200,000 but not over $300,000 $45,689.50 + 35% of the amount over $200,000 Over $300,000 $80,689.50 + 37% of the amount over $300,000 Filing status: Head of household Taxable income Tax At least $0 but not over $13,600 10% of the amount over $0 Over $13,600 but not over $51,800 $1,360 + 12% of the amount over $13,600 Over $51,800 but not over $82,500 $5,944 + 22% of the amount over $51,800 Over $82,500 but not over $157,500 $12,698 + 24% of the amount over $82,500 Over $157,500 but not over $200,000 $30,698 + 32% of the amount over $157,500 Over $200,000 but not over $500,000 $44,298 + 35% of the amount over $200,000 Over $500,000 $149,298 + 37% of the amount over $500,000

Robin is single. Her taxable income is $74,811. Find the tax liability using the Tax Table (Exhibit 18-3) Filing status: Single Taxable income Tax At least $0 but not over $9,525 10% of the amount over $0 Over $9,525 but not over $38,700 $952.50 + 12% of the amount over $9,525 Over $38,700 but not over $82,500 $4,453.50 + 22% of the amount over $38,700 Over $82,500 but not over $157,500 $14,089.50 + 24% of the amount over $82,500 Over $157,500 but not over $200,000 $32,089.50 + 32% of the amount over $157,500 Over $200,000 but not over $500,000 $45,689.50 + 35% of the amount over $200,000 Over $500,000 $150,689.50 + 37% of the amount over $500,000 Filing status: Married filing jointly or Qualifying widow(er) Taxable income Tax At least $0 but not over $19,050 10% of the amount over $0 Over $19,050 but not over $77,400 $1,905 + 12% of the amount over $19,050 Over $77,400 but not over $165,000 $8,907 + 22% of the amount over $77,400 Over $165,000 but not over $315,000 $28,179 + 24% of the amount over $165,000 Over $315,000 but not over $400,000 $64,179 + 32% of the amount over $315,000 Over $400,00 but not over $600,000 $91,379 + 35% of the amount over $400,000 Over $600,000 $161,379 + 37% of the amount over $600,000 Filing status: Married filing separately Taxable income Tax At least $0 but not over $9,525 10% of the amount over $0 Over $9,525 but not over $38,700 $952.50 + 12% of the amount over $9,525 Over $38,700 but not over $82,500 $4,453.50 + 22% of the amount over $38,700 Over $82,500 but not over $157,500 $14,089.50 + 24% of the amount over $82,500 Over $157,500 but not over $200,000 $32,089.50 + 32% of the amount over $157,500 Over $200,000 but not over $300,000 $45,689.50 + 35% of the amount over $200,000 Over $300,000 $80,689.50 + 37% of the amount over $300,000 Filing status: Head of household Taxable income Tax At least $0 but not over $13,600 10% of the amount over $0 Over $13,600 but not over $51,800 $1,360 + 12% of the amount over $13,600 Over $51,800 but not over $82,500 $5,944 + 22% of the amount over $51,800 Over $82,500 but not over $157,500 $12,698 + 24% of the amount over $82,500 Over $157,500 but not over $200,000 $30,698 + 32% of the amount over $157,500 Over $200,000 but not over $500,000 $44,298 + 35% of the amount over $200,000 Over $500,000 $149,298 + 37% of the amount over $500,000

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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Robin is single. Her taxable income is $74,811. Find the tax liability using the Tax Table (Exhibit 18-3) Filing status: Single
Taxable income Tax
At least $0 but not over $9,525 10% of the amount over $0
Over $9,525 but not over $38,700 $952.50 + 12% of the amount over $9,525
Over $38,700 but not over $82,500 $4,453.50 + 22% of the amount over $38,700
Over $82,500 but not over $157,500 $14,089.50 + 24% of the amount over $82,500
Over $157,500 but not over $200,000 $32,089.50 + 32% of the amount over $157,500
Over $200,000 but not over $500,000 $45,689.50 + 35% of the amount over $200,000
Over $500,000 $150,689.50 + 37% of the amount over $500,000
Filing status: Married filing jointly or Qualifying widow(er)
Taxable income Tax
At least $0 but not over $19,050 10% of the amount over $0
Over $19,050 but not over $77,400 $1,905 + 12% of the amount over $19,050
Over $77,400 but not over $165,000 $8,907 + 22% of the amount over $77,400
Over $165,000 but not over $315,000 $28,179 + 24% of the amount over $165,000
Over $315,000 but not over $400,000 $64,179 + 32% of the amount over $315,000
Over $400,00 but not over $600,000 $91,379 + 35% of the amount over $400,000
Over $600,000 $161,379 + 37% of the amount over $600,000
Filing status: Married filing separately
Taxable income Tax
At least $0 but not over $9,525 10% of the amount over $0
Over $9,525 but not over $38,700 $952.50 + 12% of the amount over $9,525
Over $38,700 but not over $82,500 $4,453.50 + 22% of the amount over $38,700
Over $82,500 but not over $157,500 $14,089.50 + 24% of the amount over $82,500
Over $157,500 but not over $200,000 $32,089.50 + 32% of the amount over $157,500
Over $200,000 but not over $300,000 $45,689.50 + 35% of the amount over $200,000
Over $300,000 $80,689.50 + 37% of the amount over $300,000
Filing status: Head of household
Taxable income Tax
At least $0 but not over $13,600 10% of the amount over $0
Over $13,600 but not over $51,800 $1,360 + 12% of the amount over $13,600
Over $51,800 but not over $82,500 $5,944 + 22% of the amount over $51,800
Over $82,500 but not over $157,500 $12,698 + 24% of the amount over $82,500
Over $157,500 but not over $200,000 $30,698 + 32% of the amount over $157,500
Over $200,000 but not over $500,000 $44,298 + 35% of the amount over $200,000
Over $500,000 $149,298 + 37% of the amount over $500,000

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