Jaclyn Biggs, who files as a head of household, never paid AMT before 2021. In 2021, her regular tax liability was $102,220 which included $39,900 capital gain taxed at 20 percent, and her AMTI in excess of her exemption amount was $422,500. Required: Compute Jaclyn's total income tax for 2021. Use Individual Tax Rate Schedules. Total income tax
Jaclyn Biggs, who files as a head of household, never paid AMT before 2021. In 2021, her regular tax liability was $102,220 which included $39,900 capital gain taxed at 20 percent, and her AMTI in excess of her exemption amount was $422,500. Required: Compute Jaclyn's total income tax for 2021. Use Individual Tax Rate Schedules. Total income tax
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter9: Individuals As Taxpayers
Section: Chapter Questions
Problem 4CE
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Transcribed Image Text:Jaclyn Biggs, who files as a head of household, never paid AMT before
2021. In 2021, her regular tax liability was $102,220 which included
$39,900 capital gain taxed at 20 percent, and her AMTI in excess of her
exemption amount was $422,500.
Required:
Compute Jaclyn's total income tax for 2021. Use Individual Tax Rate
Schedules.
Total income tax
Individual Tax Rate Schedules
Married Filing Jointly and Surviving Spouse
If taxable income is
Not over $19,900
Over $19,900 but not over $81,050
Over $81,050 but not over $172,750
Over $172,750 but not over $329,850
Over $329,850 but not over $418,850
Over $418,850 but not over $628,300
Over $628,300
Married Filing Separately
If taxable income is
Not over $9,950
Over $9,950 but not over $40,525
Over $40,525 but not over $86,375
Over $86,375 but not over $164,925
Over $164,925 but not over $209,425
Over $209,425 but not over $314,150
Over $314,150
Head of Household
If taxable income is
Not over $14,200
Over $14,200 but not over $54,200
Over $54,200 but not over $86,350
Over $86,350 but not over $164,900
Over $164,900 but not over $209,400
Over $209,400 but not over $523,600
Over $523,600
The tax is
10% of taxable income
$1,990.00+ 12% of excess over $19,900
$9,328.00 +22% of excess over $81,050
$29,502.00 +24% of excess over $172,750
$67,206.00+32% of excess over $329,850
$95,686.00+ 35% of excess over $418,850
$168,993.50 +37% of excess over $628,300
The tax is
10% of taxable income
$995.00+12% of excess over $9,950
$4,664.00 +22% of excess over $40,525
$14,751.00 +24% of excess over $86,375
$33,603.00 +32% of excess over $164,925
$47,843.00 +35% of excess over $209,425
$84,496.75 +37% of excess over $314,150
The tax is
10% of taxable income
$1,420.00+ 12% of excess over $14,200
$6,220.00+22% of excess over $54,200
$13,293.00 +24% of excess over $86,350
$32,145.00+ 32% of excess over $164,900
$46,385.00+ 35% of excess over $209,400
$156,355.00+ 37% of excess over $523,600
Married filing jointly and surviving spouses
Married filing separately
Head of household
Single
$25,100
12,550
18,800
12,550
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