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Name Filing Status Villiams single Taxable Income $65,400 $ Tax Liability

Name Filing Status Villiams single Taxable Income $65,400 $ Tax Liability

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter3: Preparing Your Taxes
Section: Chapter Questions
Problem 7FPE
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Use the Tax Rate Tables, Exhibit 18-3, to calculate the tax liability (in $) for the taxpayer. Name Filing Status Taxable Income Williams single $65,400 $ Tax Liability
Transcribed Image Text:Use the Tax Rate Tables, Exhibit 18-3, to calculate the tax liability (in $) for the taxpayer. Name Filing Status Taxable Income Williams single $65,400 $ Tax Liability
Exhibit 18-3 Income Tax Rate Tables Filing status: Single Taxable income At least $0 but not over $9,525 Over $9,525 but not over $38,700 Over $38,700 but not over $82,500 Over $82,500 but not over $157,500 Over $157,500 but not over $200,000 Over $200,000 but not over $500,000 Over $500,000 Filing status: Married filing jointly or Qualifying widow(er) Taxable income At least $0 but not over $19,050 Over $19,050 but not over $77,400 Over $77,400 but not over $165,000 Over $165,000 but not over $315,000 Over $315,000 but not over $400,00 Over $400,00 but not over $600,000 Over $600,000 Filing status: Married filing separately Taxable income At least $0 but not over $9,525 Over $9,525 but not over $38,700 Over $38,700 but not over $82,500 Over $82,500 but not over $157,500 Over $157,500 but not over $200,000 Over $200,000 but not over $300,000 Over $300,000 Filing status: Head of household Taxable income Tax 10% of the amount over $0 $952.50 +12% of the amount over $9,525 $4,453.50 +22% of the amount over $38,700 $14,089.50 +24% of the amount over $82,500 $32,089.50 + 32% of the amount over $157,500 $45,689.50 +35% of the amount over $200,000 $150,689.50 +37% of the amount over $500,000 At least $0 but not over $13,600 Over $13,600 but not over $51,800 Over $51,800 but not over $82,500 Over $82,500 but not over $157,500 Over $157,500 but not over $200,000 Over $200,000 but not over $500,000 Over $500,000 Tax 10% of the amount over $0 $1,905 + 12% of the amount over $19,050 $8,907 + 22% of the amount over $77,400 $28,179 + 24% of the amount over $165,000 $64,179 + 32% of the amount over $315,000 $91,379 +35% of the amount over $400,000 $161,379 +37% of the amount over $600,000 Tax 10% of the amount over $0 $952.50 + 12% of the amount over $9,525 $4,453.50 +22% of the amount over $38,700 $14,089.50 + 24% of the amount over $82,500 $32,089.50 +32% of the amount over $157,500 $45,689.50 + 35% of the amount over $200,000 $80,689.50 +37% of the amount over $300,000 Tax 10% of the amount over $0 $1,360 + 12% of the amount over $13,600 $5,944 + 22% of the amount over $51,800 $12,698 +24% of the amount over $82,500 $30,698 + 32% of the amount over $157,500 $44,298 + 35% of the amount over $200,000 $149,298 + 37% of the amount over $500,000
Transcribed Image Text:Exhibit 18-3 Income Tax Rate Tables Filing status: Single Taxable income At least $0 but not over $9,525 Over $9,525 but not over $38,700 Over $38,700 but not over $82,500 Over $82,500 but not over $157,500 Over $157,500 but not over $200,000 Over $200,000 but not over $500,000 Over $500,000 Filing status: Married filing jointly or Qualifying widow(er) Taxable income At least $0 but not over $19,050 Over $19,050 but not over $77,400 Over $77,400 but not over $165,000 Over $165,000 but not over $315,000 Over $315,000 but not over $400,00 Over $400,00 but not over $600,000 Over $600,000 Filing status: Married filing separately Taxable income At least $0 but not over $9,525 Over $9,525 but not over $38,700 Over $38,700 but not over $82,500 Over $82,500 but not over $157,500 Over $157,500 but not over $200,000 Over $200,000 but not over $300,000 Over $300,000 Filing status: Head of household Taxable income Tax 10% of the amount over $0 $952.50 +12% of the amount over $9,525 $4,453.50 +22% of the amount over $38,700 $14,089.50 +24% of the amount over $82,500 $32,089.50 + 32% of the amount over $157,500 $45,689.50 +35% of the amount over $200,000 $150,689.50 +37% of the amount over $500,000 At least $0 but not over $13,600 Over $13,600 but not over $51,800 Over $51,800 but not over $82,500 Over $82,500 but not over $157,500 Over $157,500 but not over $200,000 Over $200,000 but not over $500,000 Over $500,000 Tax 10% of the amount over $0 $1,905 + 12% of the amount over $19,050 $8,907 + 22% of the amount over $77,400 $28,179 + 24% of the amount over $165,000 $64,179 + 32% of the amount over $315,000 $91,379 +35% of the amount over $400,000 $161,379 +37% of the amount over $600,000 Tax 10% of the amount over $0 $952.50 + 12% of the amount over $9,525 $4,453.50 +22% of the amount over $38,700 $14,089.50 + 24% of the amount over $82,500 $32,089.50 +32% of the amount over $157,500 $45,689.50 + 35% of the amount over $200,000 $80,689.50 +37% of the amount over $300,000 Tax 10% of the amount over $0 $1,360 + 12% of the amount over $13,600 $5,944 + 22% of the amount over $51,800 $12,698 +24% of the amount over $82,500 $30,698 + 32% of the amount over $157,500 $44,298 + 35% of the amount over $200,000 $149,298 + 37% of the amount over $500,000
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