Database System Concepts
7th Edition
ISBN: 9780078022159
Author: Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Publisher: McGraw-Hill Education
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Python
1040 Tax Form
1. Calculate the adjusted gross income. To calculate your taxes owed, you take the wages and subtract the standard deductions. This gives you your adjusted gross income (AGI).
2. Calculate the tax refund or taxes owed. You then use the tables below with the AGI to calculate the taxes. If the taxes are greater then what was paid, you owe taxes. If the taxes were less, you get a refund.
For both single and married filers
Transcribed Image Text:Single filers
Tax rate
Taxable income
Tax owed
bracket
10%
$0 to $9,875
10% of taxable income
$987.50 plus 12% of the amount over
12%
$9,876 to $40,125
$9,875
$40,126 to
$4,617.50 plus 22% of the amount
22%
$85,525
over $40,125
$85,526 to
$14,605.50 plus 24% of the amount
24%
$163,300
over $85,525
$163,301 to
$33,271.50 plus 32% of the amount
32%
$207,350
over $163,300
$207,351 to
$47,367.50 plus 35% of the amount
35%
$518,400
over $207,350
$156,235 plus 37% of the amount over
37%
$518,401 or more
$518,400
Transcribed Image Text:Married, filing jointly
Tax rate
Taxable income
Tax owed
bracket
10%
$0 to $19,750
10% of taxable income
$19,751 to
$1,975 plus 12% of the amount over
12%
$80,250
$19,750
$80,251 to
$9,235 plus 22% of the amount over
22%
$171,050
$80,250
$171,051 to
$29,211 plus 24% of the amount over
24%
$326,600
$171,050
$326,601 to
$66,543 plus 32% of the amount over
32%
$414,700
$326,600
$414,701 to
$94,735 plus 35% of the amount over
35%
$622,050
$414,700
$167,307.50 plus 37% of the amount
37%
$622,051 or more
over $622,05o
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