Dakota is an unmarried taxpayer with one dependent child, age 18, living in Dakota's home. Dakota...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Dakota is an unmarried taxpayer with one dependent child, age 18, living in Dakota's home. Dakota does not itemize deductions and reports AGI of $39,000. The dependent child earned $18,200 from a part-time job and incurred no deductible expenses. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table Required: a. Compute Dakota's income tax (before credits). b. Compute the child's income tax. Complete this question by entering your answers in the tabs below. Required A Required B Compute Dakota's income tax (before credits). Income Tax Over $340,100 but not over $431,900 Over $431,900 but not over $647,850 Over $647,850 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 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 $539,900 Over $539,900 Type here to search $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 $6,415.00 +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 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 $162,718+37% of excess over $539,900 Bi Type here to search Married filing jointly and surviving spouses $25,900 Married filing separately 12,950 Head of household 19,400 Single 12,950 O Ei Dakota is an unmarried taxpayer with one dependent child, age 18, living in Dakota's home. Dakota does not itemize deductions and reports AGI of $39,000. The dependent child earned $18,200 from a part-time job and incurred no deductible expenses. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table Required: a. Compute Dakota's income tax (before credits). b. Compute the child's income tax. Complete this question by entering your answers in the tabs below. Required A Required B Compute Dakota's income tax (before credits). Income Tax Over $340,100 but not over $431,900 Over $431,900 but not over $647,850 Over $647,850 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 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 $539,900 Over $539,900 Type here to search $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 $6,415.00 +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 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 $162,718+37% of excess over $539,900 Bi Type here to search Married filing jointly and surviving spouses $25,900 Married filing separately 12,950 Head of household 19,400 Single 12,950 O Ei
Expert Answer:
Related Book For
Principles Of Taxation For Business And Investment Planning 2016 Edition
ISBN: 9781259549250
19th Edition
Authors: Sally Jones, Shelley Rhoades Catanach
Posted Date:
Students also viewed these accounting questions
-
On the last slide you determined that the expected value that the insurance company will have to pay over a six month period for each customer with no risk factors is $380. For this Desmos activity,...
-
Dakota is an unmarried taxpayer with one dependent child, age 18, living in Dakota's home. Dakota does not itemize deductions and reports AGI of $40,200. The dependent child earned $16,400 from a...
-
Estimates have been presented to Holly Farms, which is considering two environmental chambers for a project that will detail laboratory confirmations of on-line bacteria tests in chicken meat for the...
-
What are three purposes of an oral communication message? Identify a business scenario that would be appropriate for each purpose.
-
The first line of the Balmer series occurs at a wavelength of 656.3 nm. What is the energy difference between the two energy levels involved in the emission that results in this spectral line?
-
Denise Ondeyko, CPA is drafting an audit program to test controls over the Purdue Corporation's cost records. Required: 1. Explain the importance of determining the disposition of overapplied and...
-
Balanced scorecard Following is a random-order listing of perspectives, strategic objectives, and performance measures for the balanced scorecard. For each perspective, select those strategic...
-
Explain why goal setting is important in motivating people. Ensure to describe some effective goal setting methods.
-
The Sector Inc. has determined that an operating cash flow of $24,300 will result in a zero net present value for a proposed project. The fixed costs of the project are $9,360 and the contribution...
-
Blossom's Gift Shop uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The company is now in the process of comparing the cost of its inventory with its net realizable...
-
2. Griffen Entreprises is a service industry. At the beginning of the year, this company had the following estimates for its POHR formula: Estimated direct labor hours for the year: 100,000 Fixed...
-
The Western Harbour Tunnel crossing Victoria Harbour in HK was built at a cost of around HK7.5 billion, owned by the Western Harbour Tunnel Company Limited (WHTCL). Suppose that the government...
-
1. Henry is buying first aid supplies for a midsummer camping trip. He purchases sunscreen that costs $2.97 for 0.5 ounce, antibacterial ointment that costs $3.34 for 28.35 grams, a box of 34...
-
Perfom the indicated operation 3 4x 4x 5 15
-
Write a paper where you substantively support your choices using the critical path as a source of credibility and validation. Address the following questions in the paper: which of the articles gave...
-
A horizontal annulus with inside and outside diameters of 8 and 10 cm, respectively, contains liquid water. The inside and outside surfaces are maintained at 40 and 20oC, respectively. Calculate the...
-
Define torsional section modulus.
-
An inverted \(T\)-beam of \(4 \mathrm{~m}\) span is simply supported at the ends. Its cross-section is 300 \(\mathrm{mm} \times 250 \mathrm{~mm} \times 10 \mathrm{~mm}\). If permissible stresses in...
-
A rolled steel joist \(400 \mathrm{~mm} \times 200 \mathrm{~mm} \times 20 \mathrm{~mm}\) is freely supported on a span of \(4 \mathrm{~m}\). The flanges are strengthened by two \(250 \mathrm{~mm}...
Study smarter with the SolutionInn App