Maggie is filing taxes as a single filer with no kids. Her gross yearly income is $136,680, and her tax deductible purchases are: • Charitable contributions: $4,642 • Mortgage interest: $4,614 • Educational Expenses: $4,150 Compute her final income tax using the following information: Individual Taxpayers If Taxable Income Is Between: The Tax Due Is: 0- $9,875 10% of taxable income $9,876- $40,125 $987.50 + 12% of the amount over $9,875 $40,126 - $85,525 $4,617.50 + 22% of the amount over $40,125 $85,526 - $163,300 $14,605.50 + 24% of the amount over $85,525 $163,301 - $207,350 $33,217.50 + 32% of the amount over $163,300 $207,351 - $518,400 $47,367.50 + 35% of the amount over $207,350 $518,400 $156,235 + 37% of the amount over $518,400 Round your answer to the nearest dollar. Recall the standard deduction for single filers: $12,400

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Maria made $100,000 from long-term investments and Steve made $100,000 from wages. Both are filing single and took the standard deduction and personal exemption.   Calculate the FICA taxes owed by each person Calculate the federal income taxes owed by each person Calculate the overall tax rate for each person

Brian and Kim have a 12-year-old child, Stan. For 2018, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. Click here to access the income tax rate schedules. If Stan’s parents elected to report Stan’s income on his parents’ return, what would the tax on Stan’s income be?$

Cameron is single and has taxable income of $92,616. Determine his tax liability using the tax tables and using the tax rate schedule. Why is there a difference between the two amounts?

Alfred Morneau earned gross pay of $820. Each period he makes a 401(k) contribution of 5% of gross pay, and his current year taxable earnings for Social Security tax, to date, are $37,200.Total Social Security tax = $ 2:Rachel Schillo earned gross pay of $1,900. She does not make any retirement plan contributions, and her current year taxable earnings for Social Security tax, to date, are $105,000.Total Social Security tax = $ 3:Rudolph Fabrizio earned gross pay of $3,200. Each period he contributes 3% of gross pay to a flexible spending account, and his current year taxable earnings for Social Security tax, to date, are $136,200.Total Social Security tax = $ 4:Michael Frank earned gross pay of $2,650. Each period he designates 6% of gross pay for a dependent care flexible spending account, and his current year taxable earnings for Social Security tax, to date, are $224,300.Total Social Security tax = $

Sharon Jones is single. During 2022, she had gross income of $159,800, deductions for AGI of $5,500, itemized deductions of $14,000 and tax credits of $2,000. Sharon had $22,000 withheld by their employer for federal income tax. She has a tax  (due/refund) rounded to the nearest whole dollar of $.

Mrs. Nunn, who has a 24 percent marginal tax rate on ordinary income, earned $3,670 interest on a debt instrument this year. Required: Compute her federal income tax on this interest assuming that the debt instrument was: Note: For all requirements, round your final answers to the nearest whole dollar amount. Leave no cells blank - be certain to enter "0" wherever required. a. An unsecured note from her son, who borrowed money from his mother to finance the construction of his home. b. A certificate of deposit from a federal bank. c. A 30-year General Electric corporate bond. d. A U.S. Treasury note. e. A City of Memphis municipal bond. a. Federal income tax b. Federal income tax c. Federal income tax d. Federal income tax e. Federal income tax Amount

Duela Dent is single and had $178,400 in taxable income. Use the rates from Table 2.3. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Calculate her income taxes. Income taxes $ 57,088.00

A married couple with 4 children is filing taxes jointly. They have a gross income of $436,202, and they made the following tax-deductible purchases: • Charitable contributions: $6,826 • Medical expenses: $2,712 • Mortgage interest: $5,973 Compute their final income tax using the following information: Married Individuals Filing Joint Returns and Surviving Spouses If Taxable Income Is Between: The Tax Due Is: 0- $19,750 10% of taxable income $19,751 - $80,250 $1,975 + 12% of the amount over $19,750 $80,251 - $171,050 $9,235 + 22% of the amount over $80,250 $171,051 - $326,600 $29,211 + 24% of the amount over $171,050 $326,601 - $414,700 $66,543 + 32% of the amount over $326,600 $414,701 - $622,050 $94,735 + 35% of the amount over $414,700 $622,051 $167,307.50 + 37% of the amount over $622,050 Round your answer to the nearest dollar. Recall the standard deduction for married filers: $24,800