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Question 10 3 pts Stan is single and has Box 1 wages of $500,000 in 2019. He had $10,000 withheld from his paychecks in 2019.
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Answer #1

Answer -

Step - (1) - Information Given -

Stan is single and has Box 1 wages of $500000 in 2019. He had $10000 withheld from his paychecks in 2019.

.

Step - (2) - Computation of Stan's Tax Liability for Tax Year 2019 -

Taxable Income = AGI - Standard Deduction = ($500000 - $12200) = $487800.

Tax Rate Taxable Income ($) Calculation Amount ($)
I. 10% 0 - 9700 $9700 * 10% 970
II. 12% 9700 - 39475 ($39475 - $9700) * 12% 3573
III. 22% 39475 - 84200 ($84200 - $39475) * 22% 9840
IV. 24% 84200 - 160725 ($160725 - $84200) * 24% 18366
V. 32% 160725 - 204100 ($204100 - $160725) * 32% 13880
VI. 35% 204100 - 510300 ($487800 - $204100) * 35% 99295
Total I + II + III + IV + V + VI 145924
Less: Amount withheld from his paychecks Given in question 10000
Tax Liability $145924 - $10000 135924
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