FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Problem 3-46 (LO. 1, 3, 7)
Paige, age 17, is a dependent of her parents. Her parents report taxable income of $120,000 on their joint return (no qualified dividends or
capital gains). During 2022, Paige earned $3,900 pet sitting and $4,300 in interest on a savings account.
Click here to access the 2022 tax rate schedule.
What are Paige's taxable income and tax liability for 2022?
a. Paige's total taxable income is $
b. Paige's tax liability is $
X.
Transcribed Image Text:Single-Schedule X
If taxable
income is:
Over-
$
0
10,275
41,775
89,075
170,050
215,950
539,900
If taxable
income is:
Over-
$
But not
over-
$ 10,275
0
20,550
83,550
178,150
340,100
431,900
647,850
41,775 $
89,075
170,050
215,950
539,900
But not
over-
The tax is:
$ 20,550
83,550
178,150
340,100
431,900
647,850
.........10%
1,027.50 +12%
4,807.50 +22%
15,213.50 +24%
34,647.50+ 32%
49,335.50 +35%
162,718.00 +37%
Married filing jointly or Qualifying widow(er)-
Schedule Y-1
The tax is:
.........10%
2022 Tax Rate Schedules
$ 2,055.00 +12%
9,615.00 +22%
30,427.00 +24%
69,295.00 + 32%
98,671.00 + 35%
174,253.50 +37%
of the
amount
over-
$
0
10,275
41,775
89,075
170,050
215,950
539,900
of the
amount
over-
$
0
20,550
83,550
178,150
340,100
431,900
647,850
Head of household-Schedule Z
If taxable
income is:
Over-
$
If taxable
income is:
Over-
$
But not
over-
0
10,275
41,775
89,075
170,050
215,950
323,925
0
14,650
55,900
89,050
170,050
215,950
539,900
Married filing separately-Schedule Y-2
$ 14,650
55,900
89,050
170,050
215,950
539,900
But not
over-
The tax is:
$ 10,275
41,775
89,075
170,050
215,950
323,925
......... 10%
$ 1,465.00 +12%
6,415.00 +22%
13,708.00 +24%
33,148.00 +32%
47,836.00 + 35%
161,218.50 +37%
The tax is:
......... 10%
$ 1,027.50 +12%
4,807.50 +22%
15,213.50 +24%
34,647.50 +32%
49,335.50 +35%
87,126.75 +37%
of the
amount
over-
$
0
14,650
55,900
89,050
170,050
215,950
539,900
of the
amount
over-
$
0
10,275
41,775
89,075
170,050
215,950
323,925
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