b3.4 2018 Individual Tax Rates Single Individuals If Your Taxable Income Is You Pay This Amount...
b3.4
| 2018 Individual Tax Rates | |||||
| Single Individuals | |||||
If Your Taxable Income Is |
You Pay This Amount on the Base of the Bracket |
Plus This Percentage on the Excess over the Base (Marginal Rate) |
Average Tax Rate at Top of Bracket |
||
| Up to $9,525 | $0 | 10.0 | % | 10.0 | % |
| $9,525 - $38,700 | 952.50 | 12.0 | 11.5 | ||
| $38,700 - $82,500 | 4,453.50 | 22.0 | 17.1 | ||
| $82,500 - $157,500 | 14,089.50 | 24.0 | 20.4 | ||
| $157,500 - $200,000 | 32,089.50 | 32.0 | 22.8 | ||
| $200,000 - $500,000 | 45,689.50 | 35.0 | 30.1 | ||
| Over $500,000 | 150,689.50 | 37.0 | 37.0 | ||
Standard deduction for individual: $12,000
| Married Couples Filing Joint Returns | |||||
If Your Taxable Income Is |
You Pay This Amount on the Base of the Bracket |
Plus This Percentage on the Excess over the Base (Marginal Rate) |
Average Tax Rate at Top of Bracket |
||
| Up to $19,050 | $0 | 10.0 | % | 10.0 | % |
| $19,050 - $77,400 | 1,905.00 | 12.0 | 11.5 | ||
| $77,400 - $165,000 | 8,907.00 | 22.0 | 17.1 | ||
| $165,000 - $315,000 | 28,179.00 | 24.0 | 20.4 | ||
| $315,000 - $400,000 | 64,179.00 | 32.0 | 22.8 | ||
| $400,000 - $600,000 | 91,379.00 | 35.0 | 26.9 | ||
| Over $600,000 | 161,379.00 | 37.0 | 37.0 | ||
Standard deduction for married couples filing jointly: $24,000
Quantitative Problem: Jenna is a single taxpayer. During 2018, she earned wages of $120,000. She doesn't itemize deductions, so she will take the standard deduction to calculate 2018 taxable income. In addition, during the year she sold common stock that she had owned for five years for a net profit of $7,200. How much does Jenna owe to the IRS for taxes? Do not round intermediate calculations. Round your answer to the nearest cent.
$
Homework Answers
Answer:
Tax Year: 2018
Filing status: Single
She sold common stock she had owned for 5 years for net profit of $7,200.
Hence:
Her long term capital gain = $7,200
As such:
Her gross income = 120000 + 7200 = $127,200
Her AGI = 127200 - 0 = $127,200
Her taxable income = AGI - Standard deduction = 127200 - 12000 = $115,200
Long term capital gain = $7,200
Ordinary Income = 115200 - 7200 = $108,000
Long term capital gain tax rate for her will be = 15%
Hence:
Her tax liability =14089.50 + (108000 - 82500) * 24% + 7200 * 15%
= $21,289.50
Amount Jenna owe to the IRS for taxes = $21,289.50
Add Answer to:
b3.4
2018 Individual Tax Rates
Single Individuals
If Your Taxable Income Is
You Pay This
Amount...
2018 Individual Tax Rates Single Individuals If Your Taxable Income Is You Pay This Amount on...
2018 Individual Tax Rates Single Individuals If Your Taxable Income Is You Pay This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Base (Marginal Rate) Average Tax Rate at Top of Bracket Up to $9,525 $0 10.0 % 10.0 % $9,525 - $38,700 952.50 12.0 11.5 $38,700 - $82,500 4,453.50 22.0 17.1 $82,500 - $157,500 14,089.50 24.0 20.4 $157,500 - $200,000 32,089.50 32.0 22.8 $200,000 - $500,000 45,689.50 35.0 30.1 Over $500,000 150,689.50...
If Your Taxable Income Is Up to $9,525 $9,525 - $38,700 $38,700 - $82,500 $82,500 -...
If Your Taxable Income Is Up to $9,525 $9,525 - $38,700 $38,700 - $82,500 $82,500 - $157,500 $157,500 - $200,000 $200,000 - $500,000 Over $500,000 Single Individuals You Pay This Plus This Percentage Amount on the on the Excess over the Base of the Bracket Base (Marginal Rate) $0 10.0% 952.50 12.0 4,453.50 22.0 14,089.50 24.0 32,089.50 32.0 45,689.50 35.0 150,689.50 37.0 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 22.8 30.1 37.0 Standard deduction for individual:...
2018 Individual Tax Rates Single Individuals If Your Taxable Income Is You Pay This Amount on...
2018 Individual Tax Rates
Single Individuals
If Your Taxable Income Is
You Pay This
Amount on the
Base of the Bracket
Plus This Percentage
on the Excess over the
Base (Marginal Rate)
Average Tax
Rate at
Top of Bracket
Up to $9,525
$0
10.0
%
10.0
%
$9,525 - $38,700
952.50
12.0
11.5
$38,700 - $82,500
4,453.50
22.0
17.1
$82,500 - $157,500
14,089.50
24.0
20.4
$157,500 - $200,000
32,089.50
32.0
22.8
$200,000 - $500,000
45,689.50
35.0
30.1
Over $500,000
150,689.50...
Problems - Financial Statements, Cash Flow, and Taxes 2018 Individual Tax Rates Single Individuals You Pay...
Problems - Financial Statements, Cash Flow, and Taxes 2018 Individual Tax Rates Single Individuals You Pay This Plus This Percentage Average Tax If Your Taxable Amount on the on the Excess over the Rate at Income Is Base of the Bracket Base (Marginal Rate) Top of Bracket Up to $9,525 $0 10.0% 10.0% $9,525 - $38,700 952.50 12.0 11.5 $38,700 - $82,500 4,453.50 22.0 17.1 $82,500 - $157,500 14,089.50 24.0 20.4 $157,500 - $200,000 32,089.50 32.0 22.8 $200,000 - $500,000...
$0 If Your Taxable Income Is Up to $9,525 $9,525 - $38,700 $38,700 - $82,500 $82,500 - $157,500 $157,500 - $200,000 $2...
$0 If Your Taxable Income Is Up to $9,525 $9,525 - $38,700 $38,700 - $82,500 $82,500 - $157,500 $157,500 - $200,000 $200,000 - $500,000 Over $500,000 Single Individuals You Pay This Plus This Percentage Amount on the on the Excess over the Base of the Bracket Base (Marginal Rate) 10.0% 952.50 12.0 4,453.50 22.0 14,089.50 24.0 32,089.50 32.0 45,689.50 35.0 150,689.50 37.0 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 30.1 37.0 Standard deduction for individual: $12,000...
If Your Taxable Income Is Up to $9,525 $9,525 - $38,700 $38,700 - $82,500 $82,500 -...
If Your Taxable Income Is Up to $9,525 $9,525 - $38,700 $38,700 - $82,500 $82,500 - $157,500 $157,500 - $200,000 $200,000 - $500,000 Over $500,000 2018 Individual Tax Rates Single Individuals You Pay This Plus This Percentage Amount on the on the Excess over the Base of the Bracket Base (Marginal Rate) $0 10.0% 952.50 12.0 4,453.50 22.0 14,089.50 24.0 32,089.50 32.0 45,689.50 150,689.50 37.0 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 22.8 30.1 37.0 ....
Susan and Stan Britton are a married couple who file a joint income tax return, where...
Susan and Stan Britton are a
married couple who file a joint income tax return, where the tax
rates are based on the tax table 3.5. Assume that their taxable
income this year was $364,000. Do not round intermediate
calculation.
What is their federal tax liability? Round your answer to the
nearest dollar.
$
What is their marginal tax rate? Round your answer to the
nearest whole number.
%
What is their average tax rate? Round your answer to two...
Q1) Jenna is a single taxpayer. During 2018, she earned wages of $108,000. She doesn't itemize...
Q1) Jenna is a single taxpayer. During 2018, she earned wages of
$108,000. She doesn't itemize deductions, so she will take the
standard deduction to calculate 2018 taxable income. In addition,
during the year she sold common stock that she had owned for five
years for a net profit of $4,700. How much does Jenna owe to the
IRS for taxes? Do not round intermediate calculations. Round your
answer to the nearest cent
federal taxes) is taxed as ordinary income,...
Mary Jarvis is a single individual who is working on filing her tax return for the...
Mary Jarvis is a single individual who is working on filing her
tax return for the previous year. She has assembled the following
relevant information: She received $94,000 in salary. She received
$15,000 of dividend income. She received $8,700 of interest income
on Home Depot bonds. She received $23,000 from the sale of Disney
stock that was purchased 2 years prior to the sale at a cost of
$8,300. She received $8,000 from the sale of Google stock that was...
Mary Jarvis is a single individual who is working on filing her tax return for the...
Mary Jarvis is a single individual who is working on filing her
tax return for the previous year. She has assembled the following
relevant information: She received $105,000 in salary. She received
$19,500 of dividend income. She received $8,000 of interest income
on Home Depot bonds. She received $21,500 from the sale of Disney
stock that was purchased 2 years prior to the sale at a cost of
$9,400. She received $8,000 from the sale of Google stock that was...
If Your Taxable Income Is Up to $9,525 $9,525 - $38,700 $38,700 - $82,500 $82,500 - $157,500 $157,500 - $200,000 $200,000 - $500,000 Over $500,000 Single Individuals You Pay This Plus This Percentage Amount on the on the Excess over the Base of the Bracket Base (Marginal Rate) $0 10.0% 952.50 12.0 4,453.50 22.0 14,089.50 24.0 32,089.50 32.0 45,689.50 35.0 150,689.50 37.0 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 22.8 30.1 37.0 Standard deduction for individual:...
2018 Individual Tax Rates
Single Individuals
If Your Taxable Income Is
You Pay This
Amount on the
Base of the Bracket
Plus This Percentage
on the Excess over the
Base (Marginal Rate)
Average Tax
Rate at
Top of Bracket
Up to $9,525
$0
10.0
%
10.0
%
$9,525 - $38,700
952.50
12.0
11.5
$38,700 - $82,500
4,453.50
22.0
17.1
$82,500 - $157,500
14,089.50
24.0
20.4
$157,500 - $200,000
32,089.50
32.0
22.8
$200,000 - $500,000
45,689.50
35.0
30.1
Over $500,000
150,689.50...
Problems - Financial Statements, Cash Flow, and Taxes 2018 Individual Tax Rates Single Individuals You Pay This Plus This Percentage Average Tax If Your Taxable Amount on the on the Excess over the Rate at Income Is Base of the Bracket Base (Marginal Rate) Top of Bracket Up to $9,525 $0 10.0% 10.0% $9,525 - $38,700 952.50 12.0 11.5 $38,700 - $82,500 4,453.50 22.0 17.1 $82,500 - $157,500 14,089.50 24.0 20.4 $157,500 - $200,000 32,089.50 32.0 22.8 $200,000 - $500,000...
$0 If Your Taxable Income Is Up to $9,525 $9,525 - $38,700 $38,700 - $82,500 $82,500 - $157,500 $157,500 - $200,000 $200,000 - $500,000 Over $500,000 Single Individuals You Pay This Plus This Percentage Amount on the on the Excess over the Base of the Bracket Base (Marginal Rate) 10.0% 952.50 12.0 4,453.50 22.0 14,089.50 24.0 32,089.50 32.0 45,689.50 35.0 150,689.50 37.0 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 30.1 37.0 Standard deduction for individual: $12,000...
If Your Taxable Income Is Up to $9,525 $9,525 - $38,700 $38,700 - $82,500 $82,500 - $157,500 $157,500 - $200,000 $200,000 - $500,000 Over $500,000 2018 Individual Tax Rates Single Individuals You Pay This Plus This Percentage Amount on the on the Excess over the Base of the Bracket Base (Marginal Rate) $0 10.0% 952.50 12.0 4,453.50 22.0 14,089.50 24.0 32,089.50 32.0 45,689.50 150,689.50 37.0 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 22.8 30.1 37.0 ....
Susan and Stan Britton are a
married couple who file a joint income tax return, where the tax
rates are based on the tax table 3.5. Assume that their taxable
income this year was $364,000. Do not round intermediate
calculation.
What is their federal tax liability? Round your answer to the
nearest dollar.
$
What is their marginal tax rate? Round your answer to the
nearest whole number.
%
What is their average tax rate? Round your answer to two...
Q1) Jenna is a single taxpayer. During 2018, she earned wages of
$108,000. She doesn't itemize deductions, so she will take the
standard deduction to calculate 2018 taxable income. In addition,
during the year she sold common stock that she had owned for five
years for a net profit of $4,700. How much does Jenna owe to the
IRS for taxes? Do not round intermediate calculations. Round your
answer to the nearest cent
federal taxes) is taxed as ordinary income,...
Mary Jarvis is a single individual who is working on filing her
tax return for the previous year. She has assembled the following
relevant information: She received $94,000 in salary. She received
$15,000 of dividend income. She received $8,700 of interest income
on Home Depot bonds. She received $23,000 from the sale of Disney
stock that was purchased 2 years prior to the sale at a cost of
$8,300. She received $8,000 from the sale of Google stock that was...
Mary Jarvis is a single individual who is working on filing her
tax return for the previous year. She has assembled the following
relevant information: She received $105,000 in salary. She received
$19,500 of dividend income. She received $8,000 of interest income
on Home Depot bonds. She received $21,500 from the sale of Disney
stock that was purchased 2 years prior to the sale at a cost of
$9,400. She received $8,000 from the sale of Google stock that was...
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