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Problem 1-49 (LO 1-4) Use the below

Question : Problem 1-49 (LO 1-4) Use the below : 4291

Problem 1-49 (LO 1-4)

Use the below Tax Rate Schedules to determine the tax liability for each of the following cases. (Round your intermediate computations and final answers to 2 decimal places.)

Single taxpayer, taxable income of $29,464.

Single taxpayer, taxable income of $76,792.

Married taxpayers, who file a joint return, have taxable income of $76,792.

Married taxpayers, who file a joint return, have taxable income of $97,137.

Married taxpayers, who file a joint return, have taxable income of $29,464.

Single taxpayer, taxable income of $97,137.

Tax Table

Schedule X-Single

If taxable income is over:

But not over:

The tax is:

$0

$9,275

10% of taxable income

$9,275

$37,650

$927.50 plus 15% of the excess over $9,275

$37,650

$91,150

$5,183.75 plus 25% of the excess over $37,650

$91,150

$190,150

$18,558.75 plus 28% of the excess over $91,150

$190,150

$413,350

$46,278.75 plus 33% of the excess over $190,150

$413,350

$415,050

$119,934.75 plus 35% of the excess over $413,350

$415,050

$120.529.75 plus 39.6% of the excess over $415,050

Schedule Y-1-Married Filing Jointly of Qualifying Widow(er)

If taxable income is over:

But not over:

The tax is:

$0

$18,550

10% of taxable income

$18,550

$75,300

$1,855.00 plus 15% of the excess over $18,550

$75,300

$151,900

$10.367.50 plus 25% of the excess over $75,300

$151,900

$231,450

$29,517.50 plus 28% of the excess over $151,900

$231,450

$413,350

$51,791.50 plus 33% of the excess over $231,450

$413,350

$466,950

$111,818.50 plus 35% of the excess over $413,350

$466,950

$130,578.50 plus 39.6% of the excess over $466,950

Schedule X-Single

If taxable income is over:

But not over:

The tax is:

$0

$9,275

10% of taxable income

$9,275

$37,650

$927.50 plus 15% of the excess over $9,275

$37,650

$91,150

$5,183.75 plus 25% of the excess over $37,650

$91,150

$190,150

$18,558.75 plus 28% of the excess over $91,150

$190,150

$413,350

$46,278.75 plus 33% of the excess over $190,150

$413,350

$415,050

$119,934.75 plus 35% of the excess over $413,350

$415,050

$120.529.75 plus 39.6% of the excess over $415,050

     

 

Solution
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