Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 0 $ 20,550 $ 83,550 $ 178,150 $ 340,100 $ 431,900 $ 647,850 $ 20,550 $ 83,550 $ 178,150 $340,100 $431,900 $647,850 The tax is: 10% of taxable income $2,055 plus 12% of the excess over $20,550 $9,615 plus 22% of the excess over $83,550 $30,427 plus 24% of the excess over $178,150 $69,295 plus 32% of the excess over $340,100 $98,671 plus 35% of the excess over $431,900 $174,253.50 plus 37% of the excess over $647,850
Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 0 $ 20,550 $ 83,550 $ 178,150 $ 340,100 $ 431,900 $ 647,850 $ 20,550 $ 83,550 $ 178,150 $340,100 $431,900 $647,850 The tax is: 10% of taxable income $2,055 plus 12% of the excess over $20,550 $9,615 plus 22% of the excess over $83,550 $30,427 plus 24% of the excess over $178,150 $69,295 plus 32% of the excess over $340,100 $98,671 plus 35% of the excess over $431,900 $174,253.50 plus 37% of the excess over $647,850
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Jorge and Anita, married taxpayers, earn $155,600 in taxable income and $41,400 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate?
Note: Do not round intermediate calculations. Round your answers to 2 decimal places.
Transcribed Image Text:Jorge and Anita, married taxpayers, earn $155,600 in taxable income and $41,400 in interest from an investment in City of Heflin
bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate?
What is their effective tax rate? What is their current marginal tax rate?
Note: Do not round intermediate calculations. Round your answers to 2 decimal places.
Federal tax
Average tax rate
Effective tax rate
Marginal tax rate
Answer is not complete.
22
%
%
%
Transcribed Image Text:2022 Tax Rate Schedules
Individuals
Schedule X-Single
If taxable income is over: But not over:
$ 0
$ 10,275
$ 41,775
$ 89,075
$ 170,050
$ 215,950
$ 539,900
$ 0
$ 20,550
$ 83,550
$ 178,150
$ 340,100
$ 431,900
$ 647,850
$ 10,275
$ 41,775
$ 89,075
$ 170,050
$215,950
$539,900
Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)
If taxable income is over: But not over:
$ 20,550
$ 83,550
$ 178,150
$340,100
$431,900
$ 647,850
Schedule Z-Head of Household
If taxable income is over: But not over:
$ 0
$ 14,650
$ 55,900
$ 89,050
$ 170,050
$ 215,950
$ 539,900
$ 14,650
$ 55,900
$ 89,050
$ 170,050
$215,950
$539,900
The tax is:
10% of taxable income
$1,027.50 plus 12% of the excess over $10,275
$4,807.50 plus 22% of the excess over $41,775
$15,213.50 plus 24% of the excess over $89,075
$34,647.50 plus 32% of the excess over $170,050
$49,335.50 plus 35% of the excess over $215,950
$162,718 plus 37% of the excess over $539,900
The tax is:
10% of taxable income
$2,055 plus 12% of the excess over $20,550
$9,615 plus 22% of the excess over $83,550
$30,427 plus 24% of the excess over $178,150
$69,295 plus 32% of the excess over $340,100
$98,671 plus 35% of the excess over $431,900
$174.253.50 plus 37% of the excess over $647,850
Schedule Y-2-Married Filing Separately
If taxable income is over: But not over:
$ 10,275
$ 0
$10,275
$ 41,775
$ 41,775
$ 89,075
$ 89,075
$ 170,050
$ 170,050
$215,950
$323,925
$ 215,950
$ 323,925
The tax is:
10% of taxable income
$1,465 plus 12% of the excess over $14,650
$6,415 plus 22% of the excess over $55,900
$13,708 plus 24% of the excess over $89,050
$33,148 plus 32% of the excess over $170,050
$47,836 plus 35% of the excess over $215,950
$161.218.50 plus 37% of the excess over $539,900
The tax is:
10% of taxable income
$1,027.50 plus 12% of the excess over $10,275
$4,807.50 plus 22% of the excess over $41,775
$15,213.50 plus 24% of the excess over $89,075
$34,647.50 plus 32% of the excess over $170,050
$49,335.50 plus 35% of the excess over $215,950
$87,126.75 plus 37% of the excess over $323,925
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