FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Individuals
If taxable
income is
over:
$
0
$ 9.950
$ 40,525 $ 86,375
$ 86,375 $164,925
$523,600
But not
over:
$164,925 $209,425
$209,425 $523,600
If taxable
income is
over:
$ 9.950
$ 40.525
$
0
$ 19,900
But not
$628,300
Schedule X-Single
over:
$ 19,900
$ 81,050
$ 81,050 $172,750
$172,750 $329,850
$329,850 $418,850
Schedule Y-1-Married Filing Jointly
or Qualifying Widow(er)
$418,850 $628,300
The tax is:
10% of taxable income
$995 plus 12% of the excess
over $9.950
$4,664 plus 22% of the excess
over $40.525
$14,751 plus 24% of the excess
over $86,375
$33,603 plus 32% of the excess
over $164,925
$47,843 plus 35% of the excess
over $209,425
$157,804.25 plus 37% of the excess
over $523,600
2021 Tax Rate Schedules
The tax is:
10% of taxable income
$1,990 plus 12% of the excess
over $19,900
$9,328 plus 22% of the excess
over $81,050
$29,502 plus 24% of the excess
over $172,750
$67,206 plus 32% of the excess
over $329,850
$95,686 plus 35% of the excess
over $418,850
$168.993.50 plus 37% of the excess
over $628,300
If taxable
income is
over:
$
0
$ 14,200
$ 54,200
$ 86,350
$523,600
If taxable
income is
over:
$6,220 plus 22% of the excess
over $54,200
$13,293 plus 24% of the excess
over $86,350
$164.900 $209,400 $32,145 plus 32% of the excess
over $164,900
$
$ 9,950
Schedule Z- Head of Household
$209,400 $523.600
$ 40,525
But not
$ 86,375
over:
$209,425
$ 14,200
$ 54,200
$314,150
$ 86,350
0 $ 9,950
$ 40,525
$164,900
Schedule Y-2-Married Filing Separately
But not
over:
$ 86,375
$164,925 $209,425
$164,925
The tax is:
10% of taxable income
$1,420 plus 12% of the excess
over $14,200
$314,150
$46,385 plus 35% of the excess
over $209,400
$156,355 plus 37% of the excess
over $523,600
The tax is:
10% of taxable income
$995 plus 12% of the excess
over $9.950
$4,664 plus 22% of the excess
over $40,525
$14,751 plus 24% of the excess
over $86,375
$33,603 plus 32% of the excess
over $164,925
$47,843 plus 35% of the excess
over $209,425
$84,496.75 plus 37% of the excess
over $314,150
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Transcribed Image Text:Individuals If taxable income is over: $ 0 $ 9.950 $ 40,525 $ 86,375 $ 86,375 $164,925 $523,600 But not over: $164,925 $209,425 $209,425 $523,600 If taxable income is over: $ 9.950 $ 40.525 $ 0 $ 19,900 But not $628,300 Schedule X-Single over: $ 19,900 $ 81,050 $ 81,050 $172,750 $172,750 $329,850 $329,850 $418,850 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) $418,850 $628,300 The tax is: 10% of taxable income $995 plus 12% of the excess over $9.950 $4,664 plus 22% of the excess over $40.525 $14,751 plus 24% of the excess over $86,375 $33,603 plus 32% of the excess over $164,925 $47,843 plus 35% of the excess over $209,425 $157,804.25 plus 37% of the excess over $523,600 2021 Tax Rate Schedules The tax is: 10% of taxable income $1,990 plus 12% of the excess over $19,900 $9,328 plus 22% of the excess over $81,050 $29,502 plus 24% of the excess over $172,750 $67,206 plus 32% of the excess over $329,850 $95,686 plus 35% of the excess over $418,850 $168.993.50 plus 37% of the excess over $628,300 If taxable income is over: $ 0 $ 14,200 $ 54,200 $ 86,350 $523,600 If taxable income is over: $6,220 plus 22% of the excess over $54,200 $13,293 plus 24% of the excess over $86,350 $164.900 $209,400 $32,145 plus 32% of the excess over $164,900 $ $ 9,950 Schedule Z- Head of Household $209,400 $523.600 $ 40,525 But not $ 86,375 over: $209,425 $ 14,200 $ 54,200 $314,150 $ 86,350 0 $ 9,950 $ 40,525 $164,900 Schedule Y-2-Married Filing Separately But not over: $ 86,375 $164,925 $209,425 $164,925 The tax is: 10% of taxable income $1,420 plus 12% of the excess over $14,200 $314,150 $46,385 plus 35% of the excess over $209,400 $156,355 plus 37% of the excess over $523,600 The tax is: 10% of taxable income $995 plus 12% of the excess over $9.950 $4,664 plus 22% of the excess over $40,525 $14,751 plus 24% of the excess over $86,375 $33,603 plus 32% of the excess over $164,925 $47,843 plus 35% of the excess over $209,425 $84,496.75 plus 37% of the excess over $314,150
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.)
$9,202
$12,038
$13,459
$15,893
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Transcribed Image Text: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.) $9,202 $12,038 $13,459 $15,893
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