Using the Tax Schedule for Head of Household, calculate the tax for a head of household with a taxableincome of $200,000.2017 Tax Rate SchedulesSchedule X-SingleSchedule Z-Head of householdIf line 5 is:The tax is:of theÍí line 5 is:The tax is:of thejunoweJou InOVerーOvar-ーノ10ーBAOーan0$0+ 10%S9,325$0+10%$13,3509,32537,950932.50 + 15%9,52513,3501,335+ 15%13,35037,9505,226.25 + 25%50,800131,2006,952.50+25%50,800191,65016,713.75 + 28%131,200212,50027,052.50 + 28%131,20049,816.50 + 33%117,202.60 + 35%212,500416,700191,650416,70D46,643.75 +33%191,650212,500.416,700416,700444,550and greater416,700418,400120,910.25+35%416,700418,400and greater 121,505.25 + 39.6%418,400444,550126,950+39.6%444,550Schedule Y-2-Married filing separatelySchedule Y-1-Married filing jointly or Qualifying widow(er)of thelf line 5 is:of theamountIf line 5 is:The tax is:The tax is:But no!Over-ーノPAQ$9,325Over-OVerーーJBA0$18,650$0 + 10%$0+10%0$18,65075,9001,865 + 15%18,6509,32537,950932.50 + 15%9,3255,226.25+ 25%14,876.25 + 28%26,111.25 + 33%56,364 + 35%153,10010,452.50 + 25%37,950.76,55037,950006'S233,35076,550116,675153,10029,752.50 + 28%153,10076,550116,675233,350 416,70052,222.50+33%233,350116,675208,350416,700470,700112,728 + 35%416,700208,350235,350208,350470,700and greater131,628 + 39.6%470,700235,350 and greater65,814 +39.6%235,350

Income tax payable is an obligation for the tax payers to the government on the taxable income.…

Using the Tax Schedule for Head of Household, calculate the tax for a head of household with a taxable income of $200,000. 2017 Tax Rate Schedules Schedule X-Single Schedule Z-Head of household of the amoun! of the If line 5 is: The tax is: If line 5 is: The tax is: But not amount Over- But not Over- Over- over- Over-- over- $13,350 $0 + 10% $0 $0 S9,325 $0 + 10% $0 13,350 50,800 9,325 13,350 50,800 1,335 + 15% 9,325 37,950 932.50 + 15% 6,952.50 +25% 27,052.50 + 23% 49,816.50 + 33% 117,202.60 + 35% 37,950 50,800 131,200 5,226.25 + 25% 16,713.75 + 28% 46,643.75 + 33% 37,950 91,900 131,200 131,200 212,500 191,650 416,70D 91,900 191,650 91,900 212,500 416,700 444,550 212,50D 191,650 416,700 416,700 416,700 418,400 416,700 418,400 120,910.25 +35% 444,550 444,550 and greater 126,950 +39.6% 418,400 and greater 121,505.25 +39.6% Schedule Y-2-Married filing separately of the amount Schedule Y-1-Married filing jointly or Qualifying widow(er)| If line 5 is: The tax is: of the amount over- f line 5 is: The tax is: But no! But nol over- Over- Over- Dver- over- $9,325 $0 + 10% $0 $0 $18,650 $0 + 10% $0 9,325 37,950 932.50 + 15% 9,325 1,865 + 15% 10,452.50 + 25% 29,752.50 + 28% 52,222.50 +33% 112,728 + 35% 18,650 75,900 153,100 75,900 18,650 75,900 153,100 233,350 416,700 416,700 5,226.25+ 25% 14,876.25 + 23% 26,111.25 + 33% 56,364 +35% 37,950. 76,550 37,950 153,100 76,550 116,675 76,550 233,350 116,675 208,350 233,350 116,675 208,350 470,700 416,700 208,350 235,350 470,700 and greater 131,628 + 39.6% 470,700 ER 235,350 and greater 65,814 + 39.6% 235,350

6th Edition

ISBN:9781337117005

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter3: Preparing Your Taxes

Section: Chapter Questions

Problem 1FPE: Calculating marginal tax rates. Piper Wells is single and received the items and amounts of income...