Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Rete Problem 14-13 (Static) (LO 14-3, 14-4, 14-5) Mr Coleman, an unmarried individual, has the following income items $24,280 50,600 lateret incoe Schedule net profit D He has 59.300 itemized deductions and no dependents. Mr. Coleman's Schedule C income is qualified business income (non service). Required: Compute Mr. Coleman's income tax. Assume the taxable year is 2020. Use Individual Tax Rate Schedules and Standard Deduction Toble Round your intermediate calculations and final answers to the nearest whole dollar amount.) Answer is complete but not entirely correct. AE The Income Income tax Amount $ 74.2003 $ 62,400 5 9,518 ere to search ORI 84F 2020_individual tax rate_sche Individual Tax Rate Schedules Married Filling Jointly and Surviving Spouse If taxable income is: Not over $19.750 Over $19.750 but not over $80,250 Over $80,250 but not over $171,050 Over $171.050 but not over $326,600 Over $326.600 but not over $414 700 Over $414,700 but not on $622,050 Over $622,050 The tax is: 10% of taxable income $1,975 + 12% of excess over $19.750 $9.235 + 22% of excess over $80,250 $29.211 + 24% of excess over $171,050 $66,543 + 32% of excess over $326,600 $94.735 + 35% of excess over $414,700 $167,307 50 + 37% of excess over $622,050 Married Filing Separately If taxable income is: Not over $9.875 Over $9,875 but not over $40,125 Over $40,125 but not over $85.525 Over $85,525 but not over $163,300 Over $ 163,300 but not over $207,350 Over $207,350 but not over $311,025 Over $311,025 The tax is: 10% of taxable income $987.50 + 12% of excess over $9.875 $4,617.50 +229 of excess over $40,125 $14,605,50 +24% of excess over $85.525 $33,27 1.50 + 32% of excess over $163,300 $47,367 50 + 35% of excess over $207,350 $83,653.75 +37% of excess over $311,025 Heads of Household If taxable income is: Not over $14,100 Over $14,100 but not over $53,700 Over $53,700 but not over $85,500 Over $85,500 but not over $ 163,300 Over $163,300 but not over $207,350 Over $207,350 but not over $518.400 Over $518,400 The tax is: 10% of taxable income $1,410 + 12% of excess over $14,100 $6,162 + 22% of excess over $53.700 $13,158 + 24% of excess over $85,500 $31.830 + 32% of excess over $ 163,300 $45,926 + 35% of excess over $207,350 $154.793.50 +37% of excess over $518,400 Single If taxable income is: Not over $9.875 Over $9,875 but not over $40.125 Over $40,125 but not over $85,525 Over $85,525 but not over $ 163,300 Over $ 163,300 but not over $207,350 Over $207,350 but not over $518,400 Over $518,400 The tax is: 10% of taxable income $987 50 + 12% of excess over $9.875 $4,617 50 + 22% of excess over $40,125 $14.605.50 + 24% of excess over $85.525 $33.271.50 + 32% of excess over $ 163,300 $47.367.50 + 35% of excess over $207,350 $156,235 +37% of excess over 518.400 O PI Married filing jointly and surviving spouses Married filing separately Head of household Single $24,800 12,400 18,650 12,400 OBAL