Table 8.1 2021 Marginal Tax Rates and Standard Deductions Unmarried, divorced, or legally separated Married and each partner files a separate tax return Married and both Unmarried and paying mare partners file a single tax return than half the cost of supporting a child or parent Married Filing Tax Rate Single Separately 10% up to $9950 up to $9950 up to $19,900 Married Filing Jointly Head of Household up to $14,200 12% $9951 to $40,525 $9951 to $40,525 $19,901 to $81,050 $14,201 to $54,200 22% $40,526 to $86,375 $40,526 to $86,375 $81,051 to $172,750 $54,201 to $86,350 24% $86,376 to $164,925 $86,376 to $164,925 $172,751 to $329,850 $86,351 to $164,900 32% $164,926 to $209,425 $164,926 to $209,425 $329,851 to $418,850 $164,901 to $209,400 35% $209,426 to $523,600 $209,426 to $314,150 $418,851 to $628,300 $209,401 to $523,600 37% more than $523,600 more than $314,150 more than $628,300 more than $523,600 Standard Deduction $12,550 $12,550 $25,100 $18,800

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Unmarried head of household with two dependent children
Gross Income: $70,000
Adjustments: $2,000
Deductions:
$10,000 mortgage interest
$2500 property taxes
$1200 charitable contributions
Tax Credit: None
I. Find the Adjusted Gross Income.
II. Find the Taxable Income.
III. Find the tax owed

Table 8.1 2021 Marginal Tax Rates and Standard Deductions
Unmarried,
divorced, or
legally separated
Married and each
partner files a
separate tax return
Married and both
Unmarried and paying mare
partners file a
single tax return
than half the cost of
supporting a child or parent
Married Filing
Tax Rate
Single
Separately
10%
up to $9950
up to $9950
up to $19,900
Married
Filing Jointly
Head of
Household
up to $14,200
12%
$9951 to $40,525
$9951 to $40,525
$19,901 to $81,050
$14,201 to $54,200
22%
$40,526 to $86,375
$40,526 to $86,375
$81,051 to $172,750
$54,201 to $86,350
24%
$86,376 to $164,925
$86,376 to $164,925
$172,751 to $329,850
$86,351 to $164,900
32%
$164,926 to $209,425
$164,926 to $209,425
$329,851 to $418,850
$164,901 to $209,400
35%
$209,426 to $523,600
$209,426 to $314,150
$418,851 to $628,300
$209,401 to $523,600
37%
more than $523,600
more than $314,150
more than $628,300
more than $523,600
Standard
Deduction
$12,550
$12,550
$25,100
$18,800
Transcribed Image Text:Table 8.1 2021 Marginal Tax Rates and Standard Deductions Unmarried, divorced, or legally separated Married and each partner files a separate tax return Married and both Unmarried and paying mare partners file a single tax return than half the cost of supporting a child or parent Married Filing Tax Rate Single Separately 10% up to $9950 up to $9950 up to $19,900 Married Filing Jointly Head of Household up to $14,200 12% $9951 to $40,525 $9951 to $40,525 $19,901 to $81,050 $14,201 to $54,200 22% $40,526 to $86,375 $40,526 to $86,375 $81,051 to $172,750 $54,201 to $86,350 24% $86,376 to $164,925 $86,376 to $164,925 $172,751 to $329,850 $86,351 to $164,900 32% $164,926 to $209,425 $164,926 to $209,425 $329,851 to $418,850 $164,901 to $209,400 35% $209,426 to $523,600 $209,426 to $314,150 $418,851 to $628,300 $209,401 to $523,600 37% more than $523,600 more than $314,150 more than $628,300 more than $523,600 Standard Deduction $12,550 $12,550 $25,100 $18,800
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