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Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 0 $ 19,900 $ 81,050 $ 172,750 $ 329,850 $ 418,850 $ 628,300 $ 19,900 $ $1,050 $ 172,750 $ 329,850 $ 418,850 $ 628,300 The tax is: 10% of taxable income $1,990 plus 12% of the excess over $19,900 $9,328 plus 22% of the excess over $81,050 $29,502 plus 24% of the excess over $172,750 $67,206 plus 32% of the excess over $329,850 $95,686 plus 35% of the excess over $418,850 $168.993.50 plus 37% of the excess over $628,300

Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 0 $ 19,900 $ 81,050 $ 172,750 $ 329,850 $ 418,850 $ 628,300 $ 19,900 $ $1,050 $ 172,750 $ 329,850 $ 418,850 $ 628,300 The tax is: 10% of taxable income $1,990 plus 12% of the excess over $19,900 $9,328 plus 22% of the excess over $81,050 $29,502 plus 24% of the excess over $172,750 $67,206 plus 32% of the excess over $329,850 $95,686 plus 35% of the excess over $418,850 $168.993.50 plus 37% of the excess over $628,300

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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2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 9,950 $ 40,525 $ 86,375 $ 164,925 $ 209,425 $ 523,600 $ 0 $ 19,900 $ 81,050 $ 172,750 $ 329,850 $ 418,850 $ 628,300 $ 9,950 $ 40,525 $ 86,375 $164,925 $ 209,425 $523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 19,900 $ 81,050 $172,750 $329,850 $ 418,850 $ 628,300 Schedule Z-Head of Household If taxable income is over: But not over: $ 0 $ 14,200 $ 14,200 $ 54,200 $ 54,200 $ 86,350 $ 86,350 $164,900 $209,400 $523,600 $ 164,900 $ 209,400 $ 523,600 $ 0 $ 9,950 $ 40,525 $ 86,375 $ 164,925 $ 209,425 $ 314,150 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: $ 9,950 $ 40,525 $ 86,375 $164,925 $ 209,425 $314,150 The tax is: - 10% of taxable income $995 plus 12% of the excess over $9,950 $4,664 plus 22% of the excess over $40,525 $14,751 plus 24% of the excess over $86,375 $33,603 plus 32% of the excess over $164,925 $47,843 plus 35% of the excess over $209,425 $157,804.25 plus 37% of the excess over $523,600 The tax is: 10% of taxable income $1,990 plus 12% of the excess over $19,900 $9,328 plus 22% of the excess over $81,050 $29,502 plus 24% of the excess over $172,750 $67,206 plus 32% of the excess over $329,850 $95,686 plus 35% of the excess over $418,850 $168.993.50 plus 37% of the excess over $628,300 The tax is: 10% of taxable income $1,420 plus 12% of the excess over $14,200 $6,220 plus 22% of the excess over $54,200 $13,293 plus 24% of the excess over $86,350 $32,145 plus 32% of the excess over $164,900 $46,385 plus 35% of the excess over $209,400 $156,355 plus 37% of the excess over $523,600 The tax is: 10% of taxable income $995 plus 12% of the excess over $ 9,950 $4,664 plus 22% of the excess over $40,525 $14,751 plus 24% of the excess over $86,375 $33,603 plus 32% of the excess over $164,925 $47,843 plus 35% of the excess over $209,425 $84,496.75 plus 37% of the excess over $314,150
Transcribed Image Text:2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 9,950 $ 40,525 $ 86,375 $ 164,925 $ 209,425 $ 523,600 $ 0 $ 19,900 $ 81,050 $ 172,750 $ 329,850 $ 418,850 $ 628,300 $ 9,950 $ 40,525 $ 86,375 $164,925 $ 209,425 $523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 19,900 $ 81,050 $172,750 $329,850 $ 418,850 $ 628,300 Schedule Z-Head of Household If taxable income is over: But not over: $ 0 $ 14,200 $ 14,200 $ 54,200 $ 54,200 $ 86,350 $ 86,350 $164,900 $209,400 $523,600 $ 164,900 $ 209,400 $ 523,600 $ 0 $ 9,950 $ 40,525 $ 86,375 $ 164,925 $ 209,425 $ 314,150 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: $ 9,950 $ 40,525 $ 86,375 $164,925 $ 209,425 $314,150 The tax is: - 10% of taxable income $995 plus 12% of the excess over $9,950 $4,664 plus 22% of the excess over $40,525 $14,751 plus 24% of the excess over $86,375 $33,603 plus 32% of the excess over $164,925 $47,843 plus 35% of the excess over $209,425 $157,804.25 plus 37% of the excess over $523,600 The tax is: 10% of taxable income $1,990 plus 12% of the excess over $19,900 $9,328 plus 22% of the excess over $81,050 $29,502 plus 24% of the excess over $172,750 $67,206 plus 32% of the excess over $329,850 $95,686 plus 35% of the excess over $418,850 $168.993.50 plus 37% of the excess over $628,300 The tax is: 10% of taxable income $1,420 plus 12% of the excess over $14,200 $6,220 plus 22% of the excess over $54,200 $13,293 plus 24% of the excess over $86,350 $32,145 plus 32% of the excess over $164,900 $46,385 plus 35% of the excess over $209,400 $156,355 plus 37% of the excess over $523,600 The tax is: 10% of taxable income $995 plus 12% of the excess over $ 9,950 $4,664 plus 22% of the excess over $40,525 $14,751 plus 24% of the excess over $86,375 $33,603 plus 32% of the excess over $164,925 $47,843 plus 35% of the excess over $209,425 $84,496.75 plus 37% of the excess over $314,150
Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly). Required: a. If Jorge and Anita earn an additional $100,000 of taxable income, what is their marginal tax rate on this income? b. What is their marginal rate if, instead, they report an additional $100,000 in deductions? (For all requirements, round your answers to 2 decimal places.) a. Marginal tax rate b. Marginal tax rate % %
Transcribed Image Text:Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly). Required: a. If Jorge and Anita earn an additional $100,000 of taxable income, what is their marginal tax rate on this income? b. What is their marginal rate if, instead, they report an additional $100,000 in deductions? (For all requirements, round your answers to 2 decimal places.) a. Marginal tax rate b. Marginal tax rate % %
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