Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: Plus: $- $20,550.00 $- 10% $20,550.00 $83,550.00 12% $83,550.00 $178,150.00 22% $178,150.00 $340,100.00 24% $340,100.00 $431,900.00 32% $431,900.00 $647,850.00 35% $647,850.00 $- 37% Option 1 Filing Status:
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| Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er) | |||
| If taxable income is over: | But not over: | The tax is: | Plus: |
| $- | $20,550.00 | $- | 10% |
| $20,550.00 | $83,550.00 | 12% | |
| $83,550.00 | $178,150.00 | 22% | |
| $178,150.00 | $340,100.00 | 24% | |
| $340,100.00 | $431,900.00 | 32% | |
| $431,900.00 | $647,850.00 | 35% | |
| $647,850.00 | $- | 37% | |
| Option 1 Filing Status: |
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- Refer to RE18-1. Assume that Parkers taxable income for Year 1 is 150,000. Prepare the journal entry to record Parkers income tax expense.Таx Rate Schedules If Taxable income is Married Married Head of filing jointly* sepa- rately At least Single But less than filing a house- hold Your tax is- Schedule Y-1–If your filing status is Married filing jointly or Qualifying widow(er) 75,000 The Tax Due Is: of the If Taxable income is Between But not аmount 75,000 75,050 75.100 75,050 75,100 75,150 75,200 75,250 12,445 12,456 12,467 12,478 12,489 8,622 8,628 8.634 12,445 12,456 12,467 12,478 12,489 11,054 11,065 11,076 11,087 11,098 Over- over- over- $0 19,050 10% $0 75,150 75,200 8,640 8,646 19,051 77,400 $1,905 + 12% 19,050 75,300 75,350 75,400 75,400 75,450 75,500 75,250 8,652 8,658 8,664 8,670 8,676 11,109 12,500 12,511 12,522 12,533 12,544 12,500 12,511 12,522 12,533 12,544 77,401 165,000 8,907 + 22% 77,400 75,300 75,350 11,120 11,131 11,142 11,153 165,001 315,000 28,179 + 24% 165,000 75,450 315,001 400,000 64,179 + 32% 315,000 75,500 11,164 12,555 12,566 12,577 12,588 600,000 75,550 75,600 75,650 75,700 75,750 12,555…In 2021, Jasmine and Thomas, a married couple, had taxable income of $150,000. If they were to file separate tax returns, Jasmine would have reported taxable income of $140,000 and Thomas would have reported taxable income of $10,000. Use Tax Rate Schedule for reference. What is the couple's marriage penalty or benefit? (Do not round intermediate calculations.)
- Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? (Round your answers to 2 decimal places.) Federal tax Average tax rate % Effective tax rate % Marginal tax rate 22.00 %Schedule Z-If your filing status is Head of household If your taxable income is: The tax is: of the But not amount over- Over- over- $0 $13,850 10% $0 13,850 52,850 $1,385.00 + 12% 13,850 52,850 84,200 6,065.00 + 22% 52,850 84,200 160,700 12,962.00 + 24% 84,200 160,700 204,100 31,322.00 + 32% 160,700 204,100 510,300 45,210.00 + 35% 204,100 510,300 152,380.00 + 37% 510,300 Write the equation of the 5th row in y=mx+b formRefer to the individual rate schedules in Appendix CRequired: A. What are the tax liability, the marginal tax rate, and the average tax rate for a married couple filing jointly with $58,900 taxable income? Appendix C 2021 Income Tax Rates INDIVIDUAL TAX RATES Married Filing Jointly and Surviving Spouse If taxable income is The tax is Not over $19,900 10% of taxable income Over $19,900 but not over $81,050 $1,990.00 + 12% of excess over $19,900 Over $81,050 but not over $172,750 $9,328.00 + 22% of excess over $81,050 Over $172,750 but not over $329,850 $29,502.00 + 24% of excess over $172,750 Over $329,850 but not over $418,850 $67,206.00 + 32% of excess over $329,850 Over $418,850 but not over $628,300 $95,686.00 + 35% of excess over $418,850 Over $628,300 $168,993.50 + 37% of excess over $628,300 Married Filing Separately If taxable income is The tax is Not over $9,950 10% of taxable income Over $9,950 but not…
- Individuals Schedule X - Single Schedule Y-1 - Married Filing Jointly or Qualifying surviving spouse Schedule Z - Head of Household Schedule Y-2- Married Filing SeparatelyLeonardo, who is married but files separately, earns $ 80,000 of taxable income. He also has $15,000 in city of Tulsa bonds. His wife, Theresa, earns $50,000 of taxable income. If Leonardo and his wife are married filing jointly in 2023, what is Leonardo and Theresa's effective tax rate for 2023? (Use tax rate schedule) Note: Round your final answer to two decimal places. Group of answer choices 12.00 percent 16.96 percent 19.26 percent 22.00 percent None of the choices are correct.! Required information [The following information applies to the questions displayed below.] Emily, who is single, has been offered a position as a city landscape consultant. The position pays $125,000 in cash wages. Assume Emily has no dependents. Emily deducts the standard deduction instead of itemized deductions, she is not eligible for the qualified business income deduction, and she did not make any charitable donations. (Use the tax rate schedules.) b-1. Suppose Emily receives a competing job offer of $120,000 in cash compensatic $5,000. What is the amount of Emily's after-tax compensation for the competing offer? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) and nontaxable ded) benefits worth Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income 2$ (4) Standard deduction (5) Taxable income 2$ (6) Income tax liability After-tax compensation1. The original Social Security tax rate was _____ of taxable earnings. Answer: A. 10% B. 1% C. 5% D. 7% 2. The 2021 Social Security wage base is _____. Answer: A. $100,000 B. $113,700 C. $125,000 D. $142,800 3. What is the earnings threshold over which an employee whose filing status is Married Filing Separately will be subject to the additional Medicare tax? Answer: A. $117,000 B. $125,000 C. $200,000 D. $250,000
- Geronimo files his tax return as a head of household for year 2022. If his taxable income is $74,200, what is his average tax rate? (Use tax rate schedu Note: Round your final answer to two decimal places. Multiple Choice O O O O PUUSEEN BOGADO 14.07 percent 16.33 percent 11.69 percent 22.00 percent Saved None of the choices are correct. Help SUse the Tax Rate Tables, Exhibit 18-3, to calculate the tax liability (in $) for the taxpayer. Name Filing Status Taxable Income Williams single $65,400 $ Tax LiabilityWhich equation could be used to identify one of the following levels of Federal Incomne Tax withholding? PERCENTAGE METHOD FOR FIT WITHHOLDING MARRIED PERSON WEEKLY PAYROLL PERIOD Allowance Rate = $63.46 The amount of FIT withholding is... each w %3D . If he Weekly Taxable Wage any rin Over But not over. $0.00 0.10(income 58) $36.00 + 0.12(income 222) $171.36 + 0.22(income 588) $1 $222 222 588 588 1,117 Select one: O A. FIT = 37.70 + 0.12g; where g = gross pay in dollars. O B. FIT = 36 + 0.22(g - 222); where g = gross pay in dollars. O C. FIT = 171.36g - 129.36; where g = gross pay in dollars. O D. FIT = 36 + 0.12g - 26.64; where g = gross pay in dollars. Outi
