is single and had an adjusted gross income of ​$36,100. Use the given tax table to complete parts​ (a) through​ (d).   Tax Rate Single Married Filing Jointly Married Filing Separately Head of Household 10​% up to ​$9950 up to ​$19,900 up to ​$9950 up to ​$14,200 12​% up to ​$40,525 up to ​$81,050 up to ​$40,525 up to ​$54,200 22​% up to ​$86,375 up to ​$172,750 up to ​$86,375 up to ​$86,350 24​% up to ​$164,925 up to ​$329,850 up to ​$164,925 up to ​$164,900 32​% up to ​$209,425 up to ​$418,850 up to ​$209,425 up to ​$209,400 35​% up to ​$523,600 up to ​$628,300 up to ​$314,150 up to ​$523,600 37​% above ​$523,600 above ​$628,300 above ​$314,150 above ​$523,600 Standard Deduction ​$12,550 ​$25,100 ​$12,550 ​$18,800       Question content area bottom Part 1 a. Determine the person​'s taxable income. Assume the standard deduction.   The taxable income is ​$ Compute the tax owed.   The tax owed is ​$ State the person​'s marginal tax rate​ (tax bracket); then calculate the effective tax rate as a percentage of taxable income.   Gene is in the ▼   32% 22% 35% 37% 10% 24% 12% ( which of these choices) tax bracket. The effective tax rate based on taxable income is Calculate the effective tax rate as a percentage of adjusted gross​ income, and comment on why it differs from what you found in part​ (c).   The effective tax rate based on adjusted gross income is

is a head of​ household, earned wages of ​$86,500​, received ​$4800 in interest from a savings​ account, contributed ​$6700 to a​ tax-deferred retirement​ plan, and had itemized deductions totaling ​$19,950. Find the gross​ income, adjusted gross​ income, and taxable income.   Tax Rate Single Married Filing Jointly Married Filing Separately Head of Household 10​% up to ​$9950 up to ​$19,900 up to ​$9950 up to ​$14,200 12​% up to ​$40,525 up to ​$81,050 up to ​$40,525 up to ​$54,200 22​% up to ​$86,375 up to ​$172,750 up to ​$86,375 up to ​$86,350 24​% up to ​$164,925 up to ​$329,850 up to ​$164,925 up to ​$164,900 32​% up to ​$209,425 up to ​$418,850 up to ​$209,425 up to ​$209,400 35​% up to ​$523,600 up to ​$628,300 up to ​$314,150 up to ​$523,600 37​% above ​$523,600 above ​$628,300 above ​$314,150 above ​$523,600 Standard Deduction…

6. A married couple are calculating their federal income tax using the tax rate tables: Then Estimated Taxes Are If Taxpayer's Income Is Between So $16,700 $67,900 $137,050 $208,850 $372,950 But Not Over $16,700 $67,900 $137,050 $208,850 $372,950 Base TaxRate $0 10% $1,670.00 15% $9,350.00 25% $26,637.50 28% $46,741.50 33% $100,894.50 35% S0 $16,700 $67,900 $137,050 $208,850 $372,950 How much tax will they have to pay on their taxable income of $202,000? (4

Use the chart below to answer the question: Married Filing Jointly and Widow(er) Tax Rate Single Married Filing Separately Head of Household 10% $1 - $9075 $1 - $18,150 $1 - $9075 $1 - $12,950 15% S9076 - $36,900 $18,151 - $73,800 $9076 - $36.900 $12,951 - $49,400 25% $36,901 - $89,350 S73,801 - $148.850 $36,901 - $74,425 $49,401 - $127,550 28% S89,351 - $186,350 $148,851 - $226.850 $74,426 - $113,425 $127,551 - $206,600 33% $186,351 - $405,100 $226,851 - $405,100 $113,426 - $202,500 $206,601 - $405,100 35% $405,101 - $406,750 $405,101 - $457,600 $202,551 - $228,800 $405,101 - $432,200 39.6% over $406,750 over $457,600 over $228,800 over $432,200 Calculate the tax a person who files head of household would pay if their salary was $321,854. Round to the nearest penny.

Determine the amount of the child tax credit in each of the following cases: Answer is complete but not entirely correct. a. A single parent with modified AGI of $214,200 and one child age 4. b. A single parent with modified AGI of $78,800 and three children ages 7, 9, and 12. c. A married couple, filing jointly, with modified AGI of $408.733 and two children age 14 and 16. d. A married couple, filing jointly, with modified AGI of $132,855 and one child, age 13. Child Tax Credit Allowed $ $ $ 19 $ 1,900 x 9,000 x 6,000 x 3,000

Example 4-2 To compute the tax using the percentage method, follow the steps illustrated below. Step 1     Determine the amount of gross wages earned, marital status, number of allowances, and frequency of pay. Note: If the wage ends in a fractional dollar amount, the wage may be rounded to the nearest dollar. However, in this text, exact wages are used. ➡ Wilson Goodman, single, claims two allowances and earns $915.60 semimonthly.   Step 2     Multiply the number of allowances claimed by the amount of one allowance for the appropriate payroll period, as shown in the Table of Allowance Values in Figure 4.6. ➡ Table of Allowance Values for semimonthly payroll period shows $175.00.     Multiply $175.00 × 2 = $350.00   Step 3     Subtract the amount for the number of allowances claimed from the employee’s gross pay to find the excess of wages over allowances claimed. ➡ Gross pay $915.60 Less: Allowances 350.00 Excess wages $565.60   Step 4…

The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.8) Alicia, age 27, is a single, full-time college student. She earns $13,200 from a part-time job and has taxable interest income of $1,450. Her itemized deductions are $845. Table for the standard deduction Filing Status Standard Deduction Single $12,400   Married, filing jointly 24,800   Married, filing separately 12,400   Head of household 18,650   Qualifying widow(er) 24,800   Calculate Alicia's taxable income for 2020. $fill in the blank 1