TABLE 9-3* Earned Income Credit Tax Year 2023 Number of Eligible Children EIC percentage For earned income up to Maximum EIC Phaseout percentage None 7.65% One 34.0% Two 40.0% Three or More 45.0% $ 7,840 $ 11,750 $ 16,510 $ 16,510 $ 600 $3,995 7.65% 15.98% $ 6,604 21.06% $ 7,430 21.06% For joint filers: Phaseout starts at earned income of $ 16,370 $ 28,120 $ 28,120 $ 28,120 Phaseout ends at earned income of $ 24,210 $ 53,120 $ 59,478 $ 63,398 For all other filers: Phaseout starts at earned income of $9,800 $ 21,560 $ 21,560 $ 21,560 Phaseout ends at earned income of $ 17,640 $ 46,560 $ 52,918 $ 56,838 * The dollar amounts in the table are subject to annual adjustments for inflation.

TABLE 9-3* Earned Income Credit Tax Year 2023 Number of Eligible Children EIC percentage For earned income up to Maximum EIC Phaseout percentage None 7.65% One 34.0% Two 40.0% Three or More 45.0% $ 7,840 $ 11,750 $ 16,510 $ 16,510 $ 600 $3,995 7.65% 15.98% $ 6,604 21.06% $ 7,430 21.06% For joint filers: Phaseout starts at earned income of $ 16,370 $ 28,120 $ 28,120 $ 28,120 Phaseout ends at earned income of $ 24,210 $ 53,120 $ 59,478 $ 63,398 For all other filers: Phaseout starts at earned income of $9,800 $ 21,560 $ 21,560 $ 21,560 Phaseout ends at earned income of $ 17,640 $ 46,560 $ 52,918 $ 56,838 * The dollar amounts in the table are subject to annual adjustments for inflation.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter13: Tax Credits And Payment Procedures

Section: Chapter Questions

Problem 25P: LO.2 Oak Corporation has the following general business credit carryovers. If the general business...

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EXHIBIT 8-11 2021 Earned Income Credit Table (4) (1) (3) Maximum Earned Credit Phase-Out for AGI (or earned income Income Eligible Maximum Credit Qualifying Children (2) if greater) Over This Amount for Credit Credit % (1) × (2) Married taxpayers filing joint returns 01100 11 LIS 0 $9,820 15.3% $1.502 $14,820 1 10,640 34 3,618 25,470 15.98 2 14,950 40 5,980 25,470 21.06 3+ 14.950 45 6.728 25,470 21.06 All taxpayers except married taxpayers filing joint returns ORD CHIT EL 0 $9,820 15.3% $ 11,610 $1.502 3,618 1 10,640 34 19,520 2 14.950 40 5,980 19,520 3+ 14,950 45 6,728 19.520 Source: Internal Revenue Code. "Rev. Proc. 2020-45. " www.irs.gov. SI DU નવીura વ (5) Phase-Out Percentage 15.3% 15.3% 15.98 21.06 21.06 No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + [(3)/(5)] $24,637 48,108 53,865 57,414 $21,427 42,158 47,915 51.464
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Table 1.4 Use the following tax rates and income brackets to answer the following question(s). Tax Rate Individual Returns 10% $0 to $8,350 15% $8,351 to $33,950 $33,951 to $82,250 $82,251 to $171,550 $171,551 to $372,950 Over $372,951 25% 28% 33% 35% Joint Returns $0 to $16,700 $16,701 to $67,900 $67,901 to $137,050 $137,051 to $208,850 $208,851 to $372,950 $16,750 $18,836 $22,425 $25,116 Over $372,951 Josh earned $89,700 in taxable income and files an individual tax return. What is the amount of Josh's taxes for the year?
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…
Compute the 2020 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2020 tax rate schedule. If required, round the tax liability to the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (i.e. .67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable income of $147,200. Tax liability: Marginal rate: % Average rate: % b. Lazare, who files as a head of household, has taxable income of $65,400. Tax liability: Marginal rate: % Average rate: %
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Chapter 3 Activity – Taxes Individual Income Tax Brackets (2021) Marginal Tax Rate Single, taxable income over: Joint, taxable income over: Head of Household, taxable income over: 10% $0 $0 $0 12% $9,950 $19,900 $14,200 22% $40,525 $81,050 $54,200 24% $86,375 $172,750 $86,350 32% $164,925 $329,850 $164,900 35% $209,425 $418,850 $209,400 37% $523,600 $628,300 $523,600 Standard Deduction Amounts (2021) Filing Status Deduction Amount Single $12,550 Married Filing Jointly $25,100 Head of Household $18,800 Long-term Capital Gains & Qualified Dividends (2021) Tax Rate Single Joint Head of Household 0% Under $40,000 Under $80,800 Under $54,100 15% $40,400 $80,800 $54,100 20% $445,850 $501,600 $473,750 Additional 3.8% Net Investment Income Tax for MAGI over $200,000 / $250,000 / $200,000 Calculate the federal income…
Individual Taxpayers Income Tax Bracket ($) 0 - 9,700 9,701 - 39,475 39,476- 84,200 84,201 - 160,725 160,726 - 204,100 204,101 - 510,300 510,301 - 10% within bracket $970+ 12% within bracket $4,543 + 22% within bracket |$14,382.50 +24% within bracket $32,738.50 +32% within bracket $46,628.50 +35% within bracket Taxes Owed $153,798.50 +37% within bracket TABLE 2: 2019 tax brackets Exercise 3: Your income is $2,500,000 (2.5 million dollars) a) Compute your federal income tax b) Compute your effective tax rate
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LO.2 Oak Corporation has the following general business credit carryovers. If the general business credit generated by activities during 2019 equals 36,000 and the total credit allowed during the current year is 60,000 (based on tax liability), what amounts of the current general business credit and carryovers are utilized against the 2019 income tax liability? What is the amount of unused credit carried forward to 2020?
d cion The table given below shows the absolute tax amounts under five different tax policies for respective income levels. Table 19.2 Annual Pretax Income Tax Policy Alpha O Gamma. Alpha. SO $0 $0 $0 $0 $10,000 $1,000 $1,000 $1,000 $1,000 $1,000 $50,000 $5,000 $6,000 $4,000 $1,000 $900 $100,000 $10,000 $15,000 $6,000 $1,000 $800 Beta. O Eta. Refer to Table 19.2. The tax structure which leads to maximum income inequality is: Delta. Tax Policy Beta Question 18 Tax Policy Gamma 27 Tax Policy Delta Tax Policy Eta $0 tv 9 N 4.nts. N