FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Motor Vehicle Insurance
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Please help me brake down the problem. the percentage is correct but i need help setting up the problem. 

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 amount Over- over- The tax is: over- Over- over- The tax is: over- $ 9,875 10% $ $ 14,100 10% 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 amount Over- over- The tax is: over- Over- over- The tax is: over- $ 19,750 .........10% $ $ 9,875 .........10% 2$ 19,750 80,250 $ 1,975.00 + 12% 19,750 9,875 40,125 987,50 + 12% 9,875 80,250 171,050 9,235.00 + 22% 80,250 40,125 85,525 4,617.50 + 22% 40,125 171,050 326,600 29,211.00 + 24% 171,050 85,525 163,300 14,605.50 + 24% 85,525 326,600 414,700 66,543.00 + 32% 326,600 163,300 207,350 33,271.50 + 32% 163,300 414,700 622,050 94,735.00 + 35% 414,700 207,350 311,025 47,367.50 + 35% 207,350 622,050 167,307.50 + 37% 622,050 311,025 83,653.75 + 37% 311,025 ........ .........
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Transcribed Image Text: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 amount Over- over- The tax is: over- Over- over- The tax is: over- $ 9,875 10% $ $ 14,100 10% 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 amount Over- over- The tax is: over- Over- over- The tax is: over- $ 19,750 .........10% $ $ 9,875 .........10% 2$ 19,750 80,250 $ 1,975.00 + 12% 19,750 9,875 40,125 987,50 + 12% 9,875 80,250 171,050 9,235.00 + 22% 80,250 40,125 85,525 4,617.50 + 22% 40,125 171,050 326,600 29,211.00 + 24% 171,050 85,525 163,300 14,605.50 + 24% 85,525 326,600 414,700 66,543.00 + 32% 326,600 163,300 207,350 33,271.50 + 32% 163,300 414,700 622,050 94,735.00 + 35% 414,700 207,350 311,025 47,367.50 + 35% 207,350 622,050 167,307.50 + 37% 622,050 311,025 83,653.75 + 37% 311,025 ........ .........
Exercise 3-20 (Algorithmic) (LO. 6) 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 $101,000. Tax liability: 20,000 x Marginal rate: 24 V % Average rate: 18.52 x % b. Lazare, who files as a head of household, has taxable income of $78,600. Tax liability: 10,432 x Marginal rate: 22 v % Average rate: 14.21 x % Feedback V Check My Work The computation of income tax due (or refund) involves applying the proper set of tax rates to taxable income and then adjusting for available credits. The basic tax rate structure is progressive, with current rates ranging from 10 percent to 37 percent.
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Transcribed Image Text:Exercise 3-20 (Algorithmic) (LO. 6) 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 $101,000. Tax liability: 20,000 x Marginal rate: 24 V % Average rate: 18.52 x % b. Lazare, who files as a head of household, has taxable income of $78,600. Tax liability: 10,432 x Marginal rate: 22 v % Average rate: 14.21 x % Feedback V Check My Work The computation of income tax due (or refund) involves applying the proper set of tax rates to taxable income and then adjusting for available credits. The basic tax rate structure is progressive, with current rates ranging from 10 percent to 37 percent.
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