IndividualsIf taxableincome isover:$0$ 9.950$ 40,525 $ 86,375$ 86,375 $164,925$523,600But notover:$164,925 $209,425$209,425 $523,600If taxableincome isover:$ 9.950$ 40.525$0$ 19,900But not$628,300Schedule X-Singleover:$ 19,900$ 81,050$ 81,050 $172,750$172,750 $329,850$329,850 $418,850Schedule Y-1-Married Filing Jointlyor Qualifying Widow(er)$418,850 $628,300The tax is:10% of taxable income$995 plus 12% of the excessover $9.950$4,664 plus 22% of the excessover $40.525$14,751 plus 24% of the excessover $86,375$33,603 plus 32% of the excessover $164,925$47,843 plus 35% of the excessover $209,425$157,804.25 plus 37% of the excessover $523,6002021 Tax Rate SchedulesThe tax is:10% of taxable income$1,990 plus 12% of the excessover $19,900$9,328 plus 22% of the excessover $81,050$29,502 plus 24% of the excessover $172,750$67,206 plus 32% of the excessover $329,850$95,686 plus 35% of the excessover $418,850$168.993.50 plus 37% of the excessover $628,300If taxableincome isover:$0$ 14,200$ 54,200$ 86,350$523,600If taxableincome isover:$6,220 plus 22% of the excessover $54,200$13,293 plus 24% of the excessover $86,350$164.900 $209,400 $32,145 plus 32% of the excessover $164,900$$ 9,950Schedule Z- Head of Household$209,400 $523.600$ 40,525But not$ 86,375over:$209,425$ 14,200$ 54,200$314,150$ 86,3500 $ 9,950$ 40,525$164,900Schedule Y-2-Married Filing SeparatelyBut notover:$ 86,375$164,925 $209,425$164,925The tax is:10% of taxable income$1,420 plus 12% of the excessover $14,200$314,150$46,385 plus 35% of the excessover $209,400$156,355 plus 37% of the excessover $523,600The tax is:10% of taxable income$995 plus 12% of the excessover $9.950$4,664 plus 22% of the excessover $40,525$14,751 plus 24% of the excessover $86,375$33,603 plus 32% of the excessover $164,925$47,843 plus 35% of the excessover $209,425$84,496.75 plus 37% of the excessover $314,150 Linda is a qualifying widow in 2021. In 2021, she reports $80,000 of taxable income (all ordinary). What is her grosstax liability using the tax rate schedules? (Tax rate schedules.)$9,202$12,038$13,459$15,893

The amount of tax that a person or organization owes to the government in relation to their taxable…

Answered: Linda is a qualifying widow in 2021. In…

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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Assume Edgar (age 45), a single taxpayer, has total itemized deductions of $19,252 for 2019, which includes 1. $10,000 of taxes (he paid $10,773 in state income taxes), and 2. qualified, deductible medical expenses. In 2020, Edgar receives a $414 refund of his 2019 state income taxes. How much of the refund must be included in his income for 2020? The standard deduction for 2019 for a single taxpayer was $12,200.
Lacy is a single taxpayer. In 2022, her taxable income is $44,200. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Required: All of her income is salary from her employer. Her $44,200 of taxable income includes $1,200 of qualified dividends. Her $44,200 of taxable income includes $5,200 of qualified dividends.
Sheila and Joe Wells are married with two dependent children. During 2021, they have gross income of $99,800, deductions for AGI of $3,500, itemized deductions of $10,000 and tax credits of $2,000. The Wells' had $6,000 withheld by their employer for federal income tax. They have a total tax of Blank 1 and an amount due/refund of Blank 2 (Use the tax table in Appendix D) Correct Answer Blank 1: 8149 Blank 2: 149
Henrich is a single taxpayer. In 2022, his taxable income is $488,500. What are his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. Note: Do not round intermediate calculations. Leave no answer blank. Enter zero if applicable. Round your final answers to 2 decimal places. Required: His $488,500 of taxable income includes $56,000 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $520,000. Henrich has $199,250 of taxable income, which includes $51,700 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $218,500.
Garrett Gibbons is an unmarried person who is 74 years old. He has the following income during 2020: Fully taxable pension Interest from First Bank Taxable portion of Social Security Benefits (in other words, don't calculate this!) $27,000 $2,000 $7.900 He has no Adjustments to Income and his itemized deductions are $4,500. What is Garrett's Income Tax Liability for 2020? USE THE TAX RATE SCHEDULES APPEARING IN APPENDIX A. DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER! IF YOU GET A DECIMAL AMOUNT IN YOUR FINAL ANSWER, ROUND UP THE ANSWVER TO THE NEXT WHOLE DOLLAR AMOUNT.
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Henrich is a single taxpayer. In 2019, his taxable income is $456,500. What is his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no answer blank. Enter zero if applicable.) Estates and Trusts If taxable income is over: But not over: The tax is: $ 0 $ 2,600 10% of taxable income $ 2,600 $ 9,300 $260 plus 24% of the excess over $2,600 $ 9,300 $12,750 $1,868 plus 35% of the excess over $9,300 $12,750 $3,075.50 plus 37% of the excess over $12,750 Tax Rates for Net Capital Gains and Qualified Dividends Rate* Taxable Income Married Filing Jointly Married Filing Separately Single Head of Household Trusts and Estates 0% $0 - $78,750 $0 - $39,375 $0 - $39,375 $0 - $52,750 $0 - $2,650 15% $78,751 - $488,850 $39,376…
Robert is a single taxpayer who has an AGI of $145,000 in 2020, his taxable income is $122,000. What is his federal tax liability in 2020? a.) $23,590.50 b.) $8,75400 c.) $29,280.00 d.) $18,719.00 e.) $23,454.50
In 2021, Patricia (age 10) received $7,880 from a corporate bond. Patricia lives with her parents and she is claimed as a dependent in their tax return. Assuming her parent's marginal tax rate is 24%, what is Patricia's gross tax liability? 2021 Tax Rate Schedules.pdf O $0. $110. O $1473. O $999.
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Lacy is a single taxpayer. In 2021, her taxable income is $42,000. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.) a. All of her income is salary from her employer.

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Linda is a qualifying widow in 2021. In 2021, she reports $80,000 of taxable income (all ordinary). What is her gross tax liability using the tax rate schedules? (Tax rate schedules.) O $9,202 $12,038 $13,459 O $15,893