Chandler and Cassidy are married and file a joint return. Chandler is age 66, and Cassidy...
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Chandler and Cassidy are married and file a joint return. Chandler is age 66, and Cassidy is age 68. They report the following income items: Dividend eligible for ex preferential rate Capital gain eligible for 0% preferential rate Chandler's salary Their itemized deductions totaled $7.790, and they have no dependents. Required: Compute their income tax on a joint return. Assume the taxable year is 2022 Use Individual Tax Rate Schedules and Standard Deduction Table Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. AGI Taxable income. Income Tax Amount $4,100 3,600 44,500 Individual Tax Rate Schedules Married Filing Jointly and Surviving Spouse If taxable income is Not over $20,550 Over $20,550 but not over $83,550 Over $83,550 but not over $178,150 Over $178,150 but not over $340,100 Over $340,100 but not over $431,900 Over $431,900 but not over $647.850 Over 5647,850 Married Filing Separately If taxable income is Not over $10,275 Over $10,275 but not over $41,775 Over $41,775 but not over $89,075 Over $89,075 but not over $170,050 Over $170,050 but not over $215.950 Over $215,950 but not over $323.925 Over $323,925 Head of Household If taxable income is Not over $14,650 Over $14,650 but not over $55.900 Over $55,900 but not over $89,050 Over $89,050 but not over $170,050 Over $170,050 but not over $215.950 Over $215,950 but not over $539,900 Over $539,900 Single The tax is 10% of taxable income $2,055.00+12% of excess over $20,550 39,615.00+22% of excess over $83,550 $30,427.00+24% of excess over $178,150 $69,295.00+32% of excess over $340,100 $98.671.00+35% of excess over $431,900 $174.253.50 +37% of excess over $647,850 The tax is 10% of taxable income $1,027 50+12% of excess over $10,275 $4,807.50-22% of excess over $41,775 $15.213.50+24% of excess over $89,075 $34,647.50+32% of excess over $170,050 $49.335.50 +35% of excess over $215,950 $87,126.75-37% of excess over $323.925 The tax is 10% of taxable income $1,465.00+12% of excess over $14,650 56.415.00+22% of excess over $55.900 $13,708.00-24% of excess over $89,050 $33,148.00-32% of excess over $170.050 $47,836.00+35% of excess over $215.950 $161.218.50 +37% of excess over $539,900 Married filing jointly and surviving spouses Married filing separately Head of household Single $25,900 12,950 19.400 12,950 Chandler and Cassidy are married and file a joint return. Chandler is age 66, and Cassidy is age 68. They report the following income items: Dividend eligible for ex preferential rate Capital gain eligible for 0% preferential rate Chandler's salary Their itemized deductions totaled $7.790, and they have no dependents. Required: Compute their income tax on a joint return. Assume the taxable year is 2022 Use Individual Tax Rate Schedules and Standard Deduction Table Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. AGI Taxable income. Income Tax Amount $4,100 3,600 44,500 Individual Tax Rate Schedules Married Filing Jointly and Surviving Spouse If taxable income is Not over $20,550 Over $20,550 but not over $83,550 Over $83,550 but not over $178,150 Over $178,150 but not over $340,100 Over $340,100 but not over $431,900 Over $431,900 but not over $647.850 Over 5647,850 Married Filing Separately If taxable income is Not over $10,275 Over $10,275 but not over $41,775 Over $41,775 but not over $89,075 Over $89,075 but not over $170,050 Over $170,050 but not over $215.950 Over $215,950 but not over $323.925 Over $323,925 Head of Household If taxable income is Not over $14,650 Over $14,650 but not over $55.900 Over $55,900 but not over $89,050 Over $89,050 but not over $170,050 Over $170,050 but not over $215.950 Over $215,950 but not over $539,900 Over $539,900 Single The tax is 10% of taxable income $2,055.00+12% of excess over $20,550 39,615.00+22% of excess over $83,550 $30,427.00+24% of excess over $178,150 $69,295.00+32% of excess over $340,100 $98.671.00+35% of excess over $431,900 $174.253.50 +37% of excess over $647,850 The tax is 10% of taxable income $1,027 50+12% of excess over $10,275 $4,807.50-22% of excess over $41,775 $15.213.50+24% of excess over $89,075 $34,647.50+32% of excess over $170,050 $49.335.50 +35% of excess over $215,950 $87,126.75-37% of excess over $323.925 The tax is 10% of taxable income $1,465.00+12% of excess over $14,650 56.415.00+22% of excess over $55.900 $13,708.00-24% of excess over $89,050 $33,148.00-32% of excess over $170.050 $47,836.00+35% of excess over $215.950 $161.218.50 +37% of excess over $539,900 Married filing jointly and surviving spouses Married filing separately Head of household Single $25,900 12,950 19.400 12,950
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To compute Chandler and Cassidys income tax on a joint return we need to determine their Adjusted Gr... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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