Whitney received $77,000 of taxable income in 2022.- she files a joint tax return with her spouse. Together their taxable income is $77,000. What is the income tax liability? Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)If taxable income is over: But not over:$ 0$ 20,550$ 83,550$ 178,150$ 340,100$ 431,900$ 647,850$ 20,550$ 83,550$ 178,150$ 340,100$431,900$ 647,850The tax is:10% of taxable income$2,055 plus 12% of the excess over $20,550$9,615 plus 22% of the excess over $83,550$30,427 plus 24% of the excess over $178,150$69,295 plus 32% of the excess over $340,100$98,671 plus 35% of the excess over $431,900$174.253.50 plus 37% of the excess over $647,850

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Whitney received $77,000 of taxable income in 2022. - she files a joint tax return with her spouse. Together their taxable income is $77,000. What is the income tax liability?

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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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

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Whitney received $77,000 of taxable income in 2022. - she files a joint tax return with her spouse. Together their taxable income is $77,000. What is the income tax liability?

Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)
If taxable income is over: But not over:
$ 0
$ 20,550
$ 83,550
$ 178,150
$ 340,100
$ 431,900
$ 647,850
$ 20,550
$ 83,550
$ 178,150
$ 340,100
$431,900
$ 647,850
The tax is:
10% of taxable income
$2,055 plus 12% of the excess over $20,550
$9,615 plus 22% of the excess over $83,550
$30,427 plus 24% of the excess over $178,150
$69,295 plus 32% of the excess over $340,100
$98,671 plus 35% of the excess over $431,900
$174.253.50 plus 37% of the excess over $647,850

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