Homework Answers
| Ryan falls in the tax bracket $84201-$160700 | ||
| Tax liability | 22154 | =12962+(122500-84200)*24% |
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In 2019, Ryan files as head of household and has taxable income of $122,500. None of...
Angelena files as a head of household. In 2019, she reported $54,250 of taxable income, including...
Angelena files as a head of household. In 2019, she reported $54,250 of taxable income, including a $12,400 qualified dividend. What is her gross tax liability, rounded to the nearest whole dollar amount? (Use the tax rate schedules, long-term capital gains tax brackets)
Angelena files as a head of household. In 2019, she reported $53,750 of taxable income, including...
Angelena files as a head of household. In 2019, she reported $53,750 of taxable income, including a $10,900 qualified dividend. What is her gross tax liability, rounded to the nearest whole dollar amount?
Angelena files as a head of household. In 2018, she reported $54,100 of taxable income, including...
Angelena files as a head of household. In 2018, she reported $54,100 of taxable income, including a $15,400 qualified dividend. What is her gross tax liability, rounded to the nearest whole dollar amount? (Use the tax rate schedules.)
Geronimo files his tax return as a head of household for year 2019. If his taxable...
Geronimo files his tax return as a head of household for year 2019. If his taxable income is $72,000, what is his average tax rate (rounded)? (Use tax rate schedule.)
Mary files as Head of Household and has the following gains and losses during 2019: LTCG...
Mary files as Head of Household and has the following gains and losses during 2019: LTCG LTCL STCG STCL $12,000 4.000 4,000 8,000 With respect only to her Gains Losses, how much is Mary's tax liability if she has taxable income of $50,000 and is in the 12% tax bracket? How much is her tax liability for her gains/losses if Mary's taxable income is $70,000 and her tax bracket is 22% (not 12%)?
Geronimo files his tax return as a head of household for year 2019. If his taxable...
Geronimo files his tax return as a head of household for year 2019. If his taxable income is $225,000, what is his average tax rate? (Use Tax rate schedules Multiple Choice 2334 percent 15 37 percent 28.14 percent 3500 percent
Lacy is a single taxpayer. In 2019, her taxable income is $40,000. What is her tax...
Lacy is a single taxpayer. In 2019, her taxable income is
$40,000. What is her tax liability in each of the following
alternative situations? Use Tax Rate Schedule, Dividends and
Capital Gains Tax Rates for reference. (Do not round
intermediate calculations. Round your answer to 2 decimal
places.)
a. All of her income is salary from her
employer.
Tax liability = ?
b. Her $40,000 of taxable income includes
$1,000 of qualified dividends.
Tax liability = ?
c. Her $40,000...
Heather, a single taxpayer who files as a head of household, earns $62,100 in taxable income...
Heather, a single taxpayer who files as a head of household, earns $62,100 in taxable income and $15,500 in interest from an investment in city of Oxford Bonds. Using the U.S. tax rate schedule for year 2019, how much federal tax will she owe? What is her average tax rate? What is her effective tax rate? What is her current marginal tax rate? If Heather has an additional $41,000 of tax deductions, what is her marginal tax rate on these...
2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The...
2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 $970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160,725 $14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46,628.50 plus 35% of the excess over...
2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The...
2019 Tax Rate Schedules
Individuals
Schedule X-Single
If taxable income is
over:
But not over:
The tax is:
$ 0
$ 9,700
10% of taxable income
$ 9,700
$ 39,475
$970 plus 12% of the excess over $9,700
$ 39,475
$ 84,200
$4,543 plus 22% of the excess over $39,475
$ 84,200
$160,725
$14,382.50 plus 24% of the excess over $84,200
$160,725
$204,100
$32,748.50 plus 32% of the excess over $160,725
$204,100
$510,300
$46,628.50 plus 35% of...
Mary files as Head of Household and has the following gains and losses during 2019: LTCG LTCL STCG STCL $12,000 4.000 4,000 8,000 With respect only to her Gains Losses, how much is Mary's tax liability if she has taxable income of $50,000 and is in the 12% tax bracket? How much is her tax liability for her gains/losses if Mary's taxable income is $70,000 and her tax bracket is 22% (not 12%)?
Geronimo files his tax return as a head of household for year 2019. If his taxable income is $225,000, what is his average tax rate? (Use Tax rate schedules Multiple Choice 2334 percent 15 37 percent 28.14 percent 3500 percent
Lacy is a single taxpayer. In 2019, her taxable income is
$40,000. What is her tax liability in each of the following
alternative situations? Use Tax Rate Schedule, Dividends and
Capital Gains Tax Rates for reference. (Do not round
intermediate calculations. Round your answer to 2 decimal
places.)
a. All of her income is salary from her
employer.
Tax liability = ?
b. Her $40,000 of taxable income includes
$1,000 of qualified dividends.
Tax liability = ?
c. Her $40,000...
2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 $970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160,725 $14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46,628.50 plus 35% of the excess over...
2019 Tax Rate Schedules
Individuals
Schedule X-Single
If taxable income is
over:
But not over:
The tax is:
$ 0
$ 9,700
10% of taxable income
$ 9,700
$ 39,475
$970 plus 12% of the excess over $9,700
$ 39,475
$ 84,200
$4,543 plus 22% of the excess over $39,475
$ 84,200
$160,725
$14,382.50 plus 24% of the excess over $84,200
$160,725
$204,100
$32,748.50 plus 32% of the excess over $160,725
$204,100
$510,300
$46,628.50 plus 35% of...
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