Table 8.1 2021 Marginal Tax Rates and Standard Deductions Unmarried, divorced, or legally separated Married and each Married and both Unmarried and paying more partner files a separate tax return partners file a single tax return than half the cost of supporting a child or parent Married Filing Tax Rate Single Separately Married Filing Jointly Head of Household 10% up to $9950 up to $9950 up to $19,900 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

Table 8.1 2021 Marginal Tax Rates and Standard Deductions Unmarried, divorced, or legally separated Married and each Married and both Unmarried and paying more partner files a separate tax return partners file a single tax return than half the cost of supporting a child or parent Married Filing Tax Rate Single Separately Married Filing Jointly Head of Household 10% up to $9950 up to $9950 up to $19,900 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

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter4: Managing Income Taxes

Section: Chapter Questions

Problem 3DTM

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TABLE 8.1 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Uamamied. divereed, or legally separated Married and berh partrer Rile single tar reture Married and sach parteer files a separate tar return Unmarried and paying mere than half the cest of supporting a child or parent Married Filing Separately Married Head of Тах Rate Single Filing Jointly Household up to $9275 up to $18,550 up to $13.250 10% up to $9275 15% $9276 to $37,650 $9276 to $37,650 S18.551 to $75,300 $13,251 to $50,400 25% $37,651 to $91,150 S37,651 to $75,950 $75,301 to $151,900 $50,401 to $130,150 $151,901 to $231,450 $130,151 to $210,800 $231,451 to $413,350 $210,801 to $413,350 $413,351 to $466,950 $413,351 to $441,000 28% $91,151 to $190,150 S75,951 to $115,725 33% $190,151 to $413.350 S115,726 to $206,675 35% $413,351 to $415,050 $206,676 to $233.475 39.6% more than $415,050 more than $233,475 more than S466.950 more than $441,000 Standard Deduction $6300 $6300 $12,600 $9300 Exemptions (рer person)…
TABLE 8.1 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Uemaried, direrced, or legally separated Married snd sk parteer Ales Married and ber partres fle single tar etere Usnarried and paying mare than half the cest l seppertinga hil ar pareet pate tar rete Married Filing Separately Married Head of Tax Rate Single Filing Jointly Household 10% up to $9275 up to $9275 up to $18,550 up to $13,250 $18,551 to $75,300 $13,251 to $50,400 $50,401 to $130,150 15% $9276 to $37,650 $9276 to $37,650 25% $37,651 to $91,1I50 S37,651 to $75,950 $75,301 to $151.900 28% $91,151 to $190,150 $75,951 to $115,725 $151,901 to $231,450 $130,151 to $210,S00 33% $190,151 to $413,350 S115,726 to $206,675 $231,451 to $413,350 $210,801 to $413,350 35% $413.351 to $415,050 $206,676 to $233,475 $413,351 to $466,950 $413,351 to $441,000 39.6% more than $415,050 more than $233,475 more than $466,950 more than S441.000 Standard Deduction $6300 $6300 $12,600 $9300 Exemptions (рer person) $4050 $4050 $4050…
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Problem 9-45 (LO. 6) Scott and Laura are married and will file a joint tax return. Scott has a sole proprietorship (not a "specified services" business) that generates qualified business income of $300,000. The proprietorship pays W-2 wages of $40,000 and holds qualified property with an unadjusted basis of $10,000. Laura is employed by a local school district. Their taxable income before the QBI deduction is $386,600 (this is also their modified taxable income). a. Determine Scott and Laura's QBI deduction, taxable income, and tax liability for 2020. QBI deduction $ 20,000 Taxable income $ 346,600 Tax liability 72,943 b. After providing you with the original information in the problem, Scott finds out that he will be receiving a $6,000 bonus in December 2020 (increasing their taxable income before the QBI deduction by this amount). Redetermine Scott and Laura's QBI deduction, taxable income, and tax liability for 2020. QBI deduction $ 20,000 Taxable income $ 352,600 Tax liability…
QUESTION 3 Following is a partial personal taxable income schedule for a single filer: But Not Over- Difference Over- $ 0 9,525 38,700 $ 9,525 38,700 82,500 $ 9,525 29,175 43,800 Marginal Tax Rate 0.10 0.12 0.22 What would be the maximum dollar amount of income taxes in the $38,700-$82,500 bracket paid by a single filer with taxable income of $82,500?
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Using the Tax Schedule for Head of Household, calculate the tax for a head of household with a taxable income of $200,000. 2017 Tax Rate Schedules Schedule X-Single Schedule Z-Head of household If line 5 is: The tax is: of the Íí line 5 is: The tax is: of the junowe Jou In OVerー Ovar- ーノ10 ーBAO ーan0 $0+ 10% S9,325 $0+10% $13,350 9,325 37,950 932.50 + 15% 9,525 13,350 1,335+ 15% 13,350 37,950 5,226.25 + 25% 50,800 131,200 6,952.50+25% 50,800 191,650 16,713.75 + 28% 131,200 212,500 27,052.50 + 28% 131,200 49,816.50 + 33% 117,202.60 + 35% 212,500 416,700 191,650 416,70D 46,643.75 +33% 191,650 212,500. 416,700 416,700 444,550 and greater 416,700 418,400 120,910.25+35% 416,700 418,400 and greater 121,505.25 + 39.6% 418,400 444,550 126,950+39.6% 444,550 Schedule Y-2-Married filing separately Schedule Y-1-Married filing jointly or Qualifying widow(er) of the lf line 5 is: of the amount If line 5 is: The tax is: The tax is: But no! Over- ーノPAQ $9,325 Over- OVerーーJBA0 $18,650 $0 + 10% $0+10%…
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Return to question Given the following tax structure: Salary $ 40,500 Taxpayer Total Tax $ 2,349 Pedro 000 ES $ a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable with respect to the amount of tax paid? X Answer is complete but not entirely correct. $3,074 b. This would result in what type of tax rate structure? Answer is complete and correct. Tax rate structure Regressive 5:03 AM x> ツ 10/26/2021 61°F to search N4
Refer to the individual rate schedules in Appendix CRequired: A. What are the tax liability, the marginal tax rate, and the average tax rate for a married couple filing jointly with $58,900 taxable income? Appendix C 2021 Income Tax Rates INDIVIDUAL TAX RATES Married Filing Jointly and Surviving Spouse If taxable income is The tax is Not over $19,900 10% of taxable income Over $19,900 but not over $81,050 $1,990.00 + 12% of excess over $19,900 Over $81,050 but not over $172,750 $9,328.00 + 22% of excess over $81,050 Over $172,750 but not over $329,850 $29,502.00 + 24% of excess over $172,750 Over $329,850 but not over $418,850 $67,206.00 + 32% of excess over $329,850 Over $418,850 but not over $628,300 $95,686.00 + 35% of excess over $418,850 Over $628,300 $168,993.50 + 37% of excess over $628,300 Married Filing Separately If taxable income is The tax is Not over $9,950 10% of taxable income Over $9,950 but not…
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2020 Tax Rate Schedules Single-Schedule X Head of household-Schedule Z If taxable of the If taxable of the income is: But not атоunt income is: But not атоunt Over- over- The tax is: over- Over- over- The tax is: over- $ 9,875 .........10% 2$ $ $ 14,100 .........10% 2$ 9,875 40,125 $ 987.50 + 12% 9,875 14,100 53,700 $ 1,410.00 + 12% 14,100 40,125 85,525 4,617.50 + 22% 40,125 53,700 85,500 6,162.00 + 22% 53,700 85,525 163,300 14,605.50 + 24% 85,525 85,500 163,300 13,158.00 + 24% 85,500 163,300 207,350 33,271.50 + 32% 163,300 163,300 207,350 31,830.00 + 32% 163,300 207,350 518,400 47,367.50 + 35% 207,350 207,350 518,400 45,926.00 + 35% 207,350 518,400 156,235.00 + 37% 518,400 518,400 154,793.50 + 37% 518,400 Married filing jointly or Qualifying widow(er)- Schedule Y-1 Married filing separately-Schedule Y-2 If taxable of the If taxable of the income is: But not атоunt income is: But not атоunt Over- over- The tax is: over- Over- over- The tax is: over- 2$ $ 19,750 .........10% $ $ $ 9,875…