The claire smithson trust had taxable income in 2018 of $15,000, all of which consisted of ordina...
the claire smithson trust had taxable income in 2018 of $15,000, all of which consisted of ordinary income( no long term capital gains or qualified dividends). what is the trust's ordinary income tax for the year?
$1,500.00
$3,819.00
$3,936.50
$5,550.00
Homework Answers
Correct answer is option C. 3936.5
2018 Estate and Trust Income Tax Rates are given below,
If taxable income isO ver $2,550 but not over $9,150 then tax is
$255 plus 24% of the excess over $2,550
If Taxable income is Over $9,150 but not over $12,500 then tax is $1,839 plus 35% of the excess over $9,150
Finally if its Over $12,500 tax is $3,011.50 plus 37% of the excess over $12,500
So in our case tax liability = 3011.5 + (2500*37%)
=3936.50
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