Problem 1-49 (LO 1-4)
Use the belowTax Rate Schedules to determine the tax liabilityfor each of the following cases. (Round your intermediatecomputations 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 incomeof $76,792.
Married taxpayers, who file a joint return, have taxable incomeof $97,137.
Married taxpayers, who file a joint return, have taxable incomeof $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 QualifyingWidow(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
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