Whitney received $77,200 of taxable income in 2021. All of the income was salary from her employer. What is her income tax liability in each of the following alternative situations?IndividualsSchedule X-SingleIf taxable income is over:But not over:The tax is:$ 0$ 9,95010% of taxable income$ 9,950$ 40,525$995 plus 12% of the excess over $9,950$ 40,525$ 86,375$4,664 plus 22% of the excess over $40,525$ 86,375$ 164,925$14,751 plus 24% of the excess over $86,375$ 164,925$ 209,425$33,603 plus 32% of the excess over $164,925$ 209,425$ 523,600$47,843 plus 35% of the excess over $209,425$ 523,600—$157,804.25 plus 37% of the excess over $523,600 a. She files under the single filing status.b. She files a joint tax return with her spouse. Together their taxable income is $77,200.c. She is married but files a separate tax return. Her taxable income is $77,200.d. She files as a head of household.

Income Tax Liability: Your tax liability is the amount of money owed to the IRS in the form of tax…

Answered: Whitney received $77,200 of taxable…

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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Whitney received $77,200 of taxable income in 2021. All of the income was salary from her employer. What is her income tax liability in each of the following alternative situations?

IndividualsSchedule X-Single

If taxable income is over:	But not over:	The tax is:
$ 0	$ 9,950	10% of taxable income
$ 9,950	$ 40,525	$995 plus 12% of the excess over $9,950
$ 40,525	$ 86,375	$4,664 plus 22% of the excess over $40,525
$ 86,375	$ 164,925	$14,751 plus 24% of the excess over $86,375
$ 164,925	$ 209,425	$33,603 plus 32% of the excess over $164,925
$ 209,425	$ 523,600	$47,843 plus 35% of the excess over $209,425
$ 523,600	—	$157,804.25 plus 37% of the excess over $523,600