Question

Use the Tax Rate Schedules to determine the tax liability for each of the following cases. Single taxpayer, taxable income of $38,862. Single taxpayer, taxable income of $89,889. Married taxpayers, who file a joint return, have taxable income of $89,889. Married taxpayers, who file a joint return, have taxable income of $61,229. Married taxpayers, who file a joint return, have taxable income of $38,862. Single taxpayer, taxable income of $61,229.

Tax liability

a.

b.

c.

d.

e.

f.

Answer 1

N53 Answers Tax Liability cool C Answers Tax Liability a 4,469.44 b 15,747.86 c 11,492.58 6,959.48 4,275.44 9,328.88 S Workings: a Case: Slabs $0 to $9700 $9701 to $39475 ingle taxpayer, taxable income of $ 38,862 Rate (%) Calculation Slab-IncomeWorking 10 $9700 * 10% $ 9,700 12 $ 29,162 * 12% ($ 38,862 - $9700 )= $ 29,162 Tax Liability Amount 970.00 Case:d Slabs $0 to $19,400 $19,401 to $78,950 Married taxpayer, who file a joint return taxable income of $ 61,229 Rate(%) Calculation Slab-IncomeWorking Amount 10 $ 19,400 * 10% $ 19,400 1,940.00 12 $ 41,829 * 12% ($61,229 - $19,400 )= $ 41,829 5,019.48 Tax Liability 6,959.48 4,469.44 Amo Case:b Slabs $0 to $9700 $9701 to $39475 $39,476 to $84,200 $84,201 to $ 160,725 Single taxpayer, taxable income of $ 89,889 Rate(%) Calculation Slab-IncomeWorking 10 $9700 * 10% $ 9,700 12 $ 29,775 * 12% ($ 39,475 - $9,700 )= $ 29,775 22 $ 44,725 * 22% ($ 84,200 - $39,475 ) = $ 44,725 24 $5,689 * 24% ($ 89,889 - $84,200 )= $5,689 Tax Liability Case: e Slabs $0 to $19,400 $19,401 to $78,950 Amount 970.00 3,573.00 9,839.50 1,365.36 15,747.86 Married taxpayer, who file a joint return taxable income of $ 38,862 Rate (%) Calculation Slab-IncomeWorking Amount 10 $ 19,400 * 10% $ 19,400 1,940.00 12 $ 19,462 * 12% ($38,862 - $19,400 )= $ 19,462 2,335.44 Tax Liability 4,275.44 Case: f Single taxpayer, taxable income of $ 61,229 Rate (%) Calculation Slab-Income Working slabs Amount Case: C Slabs $0 to $19,400 $19,401 to $78,950 $78,951 to $168,400 $0 to $9700 $9701 to $39475 $39,476 to $84,200 Married taxpayer, who file a joint return taxable income of $ 89.889 Rate (%) Calculation Slab-Income Working Amount 10 $ 19,400 * 10% $ 19,400 1,940.00 12 $ 59,550 * 12% ($78,950 - $19,400 )= $ 59,550 7,146.00 22 $ 10,939 * 22% ($ 89,889-$78,950) = $ 10,939 2,406.58 Tax Liability 11,492.58 10 $9700 * 10% $ 9,700 12 $ 29,775 * 12% ($ 39,475 - $9,700 )= $ 29,775 22 $ 21,754 • 22% ($ 61,229 - $39,475 )= $ 21,754 Tax Liability 970.00 3,573.00 4,785.88 9,328.88