Whitney received $77,200 of taxable income in 2021. All of the income was salary from her employer. What is her income tax liability in each of the following alternative situations? IndividualsSchedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,950 10% of taxable income $ 9,950 $ 40,525 $995 plus 12% of the excess over $9,950 $ 40,525 $ 86,375 $4,664 plus 22% of the excess over $40,525 $ 86,375 $ 164,925 $14,751 plus 24% of the excess over $86,375 $ 164,925 $ 209,425 $33,603 plus 32% of the excess over $164,925 $ 209,425 $ 523,600 $47,843 plus 35% of the excess over $209,425 $ 523,600 — $157,804.25 plus 37% of the excess over $523,600 a. She files under the single filing status. b. She files a joint tax return with her spouse. Together their taxable income is $77,200. c. She is married but files a separate tax return. Her taxable income is $77,200. d. She files as a head of household.
Whitney received $77,200 of taxable income in 2021. All of the income was salary from her employer. What is her income tax liability in each of the following alternative situations? IndividualsSchedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,950 10% of taxable income $ 9,950 $ 40,525 $995 plus 12% of the excess over $9,950 $ 40,525 $ 86,375 $4,664 plus 22% of the excess over $40,525 $ 86,375 $ 164,925 $14,751 plus 24% of the excess over $86,375 $ 164,925 $ 209,425 $33,603 plus 32% of the excess over $164,925 $ 209,425 $ 523,600 $47,843 plus 35% of the excess over $209,425 $ 523,600 — $157,804.25 plus 37% of the excess over $523,600 a. She files under the single filing status. b. She files a joint tax return with her spouse. Together their taxable income is $77,200. c. She is married but files a separate tax return. Her taxable income is $77,200. d. She files as a head of household.
Chapter15: Taxing Business Income
Section: Chapter Questions
Problem 24P
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Whitney received $77,200 of taxable income in 2021. All of the income was salary from her employer. What is her income tax liability in each of the following alternative situations?
IndividualsSchedule X-Single
| If taxable income is over: | But not over: | The tax is: |
|---|---|---|
| $ 0 | $ 9,950 | 10% of taxable income |
| $ 9,950 | $ 40,525 | $995 plus 12% of the excess over $9,950 |
| $ 40,525 | $ 86,375 | $4,664 plus 22% of the excess over $40,525 |
| $ 86,375 | $ 164,925 | $14,751 plus 24% of the excess over $86,375 |
| $ 164,925 | $ 209,425 | $33,603 plus 32% of the excess over $164,925 |
| $ 209,425 | $ 523,600 | $47,843 plus 35% of the excess over $209,425 |
| $ 523,600 | — | $157,804.25 plus 37% of the excess over $523,600 |
a. She files under the single filing status.
b. She files a joint tax return with her spouse. Together their taxable income is $77,200.
c. She is married but files a separate tax return. Her taxable income is $77,200.
d. She files as a head of household.
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VIEWStep 2 Calculation of Tax Liability if She files under the single filing status
VIEWStep 3 Calculation of Tax Liability if She files a joint tax return
VIEWStep 4 Calculation of tax liability if She is married but files a separate tax return
VIEWStep 5 Calculation of tax liability if she is Head of Household
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