Using the tax rate schedule in Exhibit 4-6, determine the amount of taxes for the following taxable income amounts:Federal Tax Rate ScheduleMarried Filing Jointly: Taxable income $54000.a.b.Married Filing Jointly: Taxable income $74000.Married Filing Jointly: Taxable income $99000.C. Таx RateSchedulesIf Taxableincome isMarried Married Head offilingjointly* sepa-ratelyAtleastSingleButlessthanfilingahouse-holdYour tax is-Schedule Y-1–If your filing status is Married filing jointly or Qualifying widow(er)75,000The Tax Due Is:of theIf Taxable income is BetweenBut notаmount75,00075,05075.10075,05075,10075,15075,20075,25012,44512,45612,46712,47812,4898,6228,6288.63412,44512,45612,46712,47812,48911,05411,06511,07611,08711,098Over-over-over-$019,05010%$075,15075,2008,6408,64619,05177,400$1,905 + 12%19,05075,30075,35075,40075,400 75,45075,50075,2508,6528,6588,6648,6708,67611,10912,50012,51112,52212,53312,54412,50012,51112,52212,53312,54477,401165,0008,907 + 22%77,40075,30075,35011,12011,13111,14211,153165,001315,00028,179 + 24%165,00075,450315,001400,00064,179 + 32%315,00075,50011,16412,55512,56612,57712,588600,00075,55075,60075,65075,70075,75012,55512,56612,57712,58812,5998,6828,6888,6948,7008,706400,00191,379 + 35%400,00075,55075,60075.65011,17511,186600,001161,379 + 37%600,00011,19711,20875,70012,59975,80075,8508,7128,7188,72412,61012,62112,63212,64312,65475,75075,80012,61012,62112,63211,21911,23075,85075,90075,90075,95076,00012,64312,65411,24111,25211,2638,73075,9508,736

Answered: Image /qna-images/answer/980e3ef1-8aa6-47d9-9a30-82852d4eb5c6.jpg

Schedule Y-1–If your filing status is Married filing jointly or Qualifying widow(er) If Taxable income is Between The Tax Due Is: of the But not amount Over- over- over- $0 19,050 77,400 $0 ... 10% 19,051 $1,905 + 12% 19,050 77,401 165,000 8,907 + 22% 400,רר 165,001 315,000 28,179 + 24% 165,000 315,001 400,000 64,179 + 32% 315,000 | 400,001 | 600,001 600,000 91,379 + 35% 400,000 161,379 + 37% 600,000

Schedule Y-1–If your filing status is Married filing jointly or Qualifying widow(er) If Taxable income is Between The Tax Due Is: of the But not amount Over- over- over- $0 19,050 77,400 $0 ... 10% 19,051 $1,905 + 12% 19,050 77,401 165,000 8,907 + 22% 400,רר 165,001 315,000 28,179 + 24% 165,000 315,001 400,000 64,179 + 32% 315,000 | 400,001 | 600,001 600,000 91,379 + 35% 400,000 161,379 + 37% 600,000

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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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
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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. %
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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
Maria Moore files as married filing jointly on her tax retum and eamed weekly gross pay of $700. For each pay period she makes a fesitle spending account Sontribution of 3% of gross pay. Maria checked box 20 on Fom W-4. entered $500 in step 3 of the form, and did not enter any information in aleo 4 of the form Federal income tax withholding S Tentative Federal Income Tax Withholding =S 96.30 106 0
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.
Problem 9-23 (Algorithmic) (LO. 4, 5) Chris and Heather are engaged and plan to get married. During 2023, Chris is a full-time student and earns $7,600 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Heather is employed and has wages of $79,200. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Q Search Filing Single S PRE ta Chris LA L Heather 1 Filing Single b. Assume that Chris and Heather get married in 2023 and file a joint return. What is their taxable income and income tax? Round your final answer to the nearest whole dollar. SA SA SA 7:29 2/8/2
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
7

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