Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er)If taxable income is over:But not over:The tax is:Plus:$- $20,550.00 $- 10%$20,550.00 $83,550.00 12%$83,550.00 $178,150.00 22%$178,150.00 $340,100.00 24%$340,100.00 $431,900.00 32%$431,900.00 $647,850.00 35%$647,850.00 $- 37% Option 1 Filing Status:

ExplanationThe total tax owed by a couple with a taxable income of $500,000, filing jointly or as a…

Answered: Schedule Y-1 - Married Filing Jointly…

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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1
Use the chart below to answer the question. Married Filing Jointly and Widow(er) Tax Rate Single Married Filing Separately Head of Household 10% $1 - $9075 $1 - $18,150 $1 - $9075 $1 - $12,950 15% $9076 - $36,900 $18,151 - S73,800 $9076 - $36,900 $12,951 - $49,400 259 S36,901 - S89,350 S73,801 - S148,850 $36,901 - $74,425 $49,401 - $127,550 28% S89,351 - $186,350 $148,851 - $226,850 $74,426 - $113,425 $127,551 - $206,600 33% $186,351 - $405,100 S226,851 - $405,100 $113,426 - $202,500 $206,601 - $405,100 35% $405,101 - $406,750 $405, 101 - $457,600 $202,551 - $228,800 $405,101 - S432,200 39.6% over $406,750 over $457,600 over $228,800 over $432,200 Calculate the tax a person who files single would pay if their salary was $62,562. Round to the nearest penny.
Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with his wife. What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to claim in 2021 for his daughters under each of the following alternative situations? Use Exhibit 8-8. c. His AGI is $424,800, and his daughters are ages 10 and 12. Amount of child tax credit
Duela Dent is single and had $182,400 in taxable income. Using the rates from Table 2.3, calculate her income taxes. What is the average tax rate? What is the marginal tax rate? Note: Do not round intermediate calculations and round your income tax answer to 2 decimal places, e.g., 32.16. Enter the average and marginal tax rate answers as a percent, rounded 2 decimal places, e.g., 32.16. Income taxes Average tax rate Marginal tax rate % %
I do not understand how to calculate the problems attached
Problem 1-51 (LO 1-5) (Algo) Given the following tax structure: Taxpayer Mae Salary $ 13,000 Pedro Venita $ 26,000 $ 13,000 What tax would need to be assessed on Venita to make the tax horizontally equitable? Tax Total Tax $ 650 $ 1,690 ???
Susan and Stan Britton are a married couple who file a joint income tax return, where the tax rates are based on the tax table 3.5. Assume that their taxable income this year was $320,000. Do not round Intermediate calculation. a. What is their federal tax liability? Round your answer to the nearest dollar. $ b. What is their marginal tax rate? Round your answer to the nearest whole number. % c. What is their average tax rate? Round your answer to two decimal places. %
6. A married couple are calculating their federal income tax using the tax rate tables: Then Estimated Taxes Are If Taxpayer's Income Is Between So $16,700 $67,900 $137,050 $208,850 $372,950 But Not Over $16,700 $67,900 $137,050 $208,850 $372,950 Base TaxRate $0 10% $1,670.00 15% $9,350.00 25% $26,637.50 28% $46,741.50 33% $100,894.50 35% S0 $16,700 $67,900 $137,050 $208,850 $372,950 How much tax will they have to pay on their taxable income of $202,000? (4
Question 6: What is the earnings threshold over which an employee whose filing status is Married Filing Separately will be subject to the additional Medicare tax? Answer: А. O $117,000 В. O $125,000 С. O S200,000 D. O $250,000
Use the chart below to answer the question: Married Filing Jointly and Widow(er) Tax Rate Single Married Filing Separately Head of Household 10% $1 - $9075 $1 - $18,150 $1 - $9075 $1 - $12,950 15% S9076 - $36,900 $18,151 - $73,800 $9076 - $36.900 $12,951 - $49,400 25% $36,901 - $89,350 S73,801 - $148.850 $36,901 - $74,425 $49,401 - $127,550 28% S89,351 - $186,350 $148,851 - $226.850 $74,426 - $113,425 $127,551 - $206,600 33% $186,351 - $405,100 $226,851 - $405,100 $113,426 - $202,500 $206,601 - $405,100 35% $405,101 - $406,750 $405,101 - $457,600 $202,551 - $228,800 $405,101 - $432,200 39.6% over $406,750 over $457,600 over $228,800 over $432,200 Calculate the tax a person who files head of household would pay if their salary was $321,854. Round to the nearest penny.
Subject: accounting
28. Using the tax table provided, compute the income tax due for Susie and Josh Adams whose taxable income for the past year is $181,050. Income Tax Not Of the Amount Over The Tax is: Over Over $- $19,750 $0 10% $- + 19,750 80,250 1,975 12% 19,750 80,250 171,050 9,235 22% 80,250 + 171,050 326,600 29,211 + 24% 171,050 326,600 414,700 66,543 + 32% 326,600 414,700 622,050 94,735 + 35% 414,700 622,050 167,308 + 37.0% 622,050

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Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er)
If taxable income is over:	But not over:	The tax is:	Plus:
$-	$20,550.00	$-	10%
$20,550.00	$83,550.00		12%
$83,550.00	$178,150.00		22%
$178,150.00	$340,100.00		24%
$340,100.00	$431,900.00		32%
$431,900.00	$647,850.00		35%
$647,850.00	$-		37%

Option 1 Filing Status: