Determine the amount of tax liability in the following situations. In all cases, the taxpayer is using the filing status of married filing jointly. Use the Tax Tables for taxpayers with taxable income under $$100,000$ and the Tax Rate Schedules for those with taxable income above $$100,000.$

Taxable income of $$151,900$ that includes a qualified dividend of $$4,510.$

Taxable income of $$307,753$ that includes a qualified dividend of $$18,717.$

If taxable income is over: But not over: The tax is:

$$0$ $$22,00010\%$ of taxable income

$$22,000$ $$89,450$ $$2,200$ plus $12\%$ of the excess over $$22,000$

$$89,450$ $$190,750$ $$10,294$ plus $22\%$ of the excess over $$89,450$

$$190,750$ $$364,200$ $$32,580$ plus $24\%$ of the excess over $$190,750$

$$364,200$ $$462,500$ $$74,208$ plus $32\%$ of the excess over $$364,200$

$$462,500$ $$693,750$ $$105,664$ plus $35\%$ of the excess over $$462,500$

$$693,750$ $$186,601\mathrm{.}5$ plus $37\%$ of the excess over $$693,750$

Answer rating: 100% (QA)

To calculate the tax liability for each situation we need to follow these steps Identify the taxable ... View the full answer