IdUIC 1 .) 30? 5. Use Tax Rate Schedule. Carson Wentz, of Philadelphia, determined the following tax information: salary, $144,000; interest earned, $2,000; qualified retirement plan contribution, $6,000; personal exemption, DO IT IN CLASS $4,050; itemized deductions, $10,000. Fil- Page 125 ing single, calculate Carson's taxable income and tax liability. (Hint: Use Table 4-2.) ASS Table 4-2 Tax Rate Schedules DO IT IN CLASS Single Individuals If taxable income is over- But not over- $ 9,275 $ 37,650 $ 91,150 $190,150 5413,350 $415,050 No limit The tax is- 10% of the taxable income $927.50 plus 15% of the amount over $9.275 $5,183.75 plus 25% of the amount over $37,650 $18,558.75 plus 28% of the amount over $91,150 $46.278.75 plus 33% of the amount over $190,150 $119.934,75 plus 35% of the amount over $413,350 $120.529.75 plus 39.6% of the amount over $415,050 $ 9,276 $ 37,651 $ 91,151 $190,151 $413,351 Over $415,050 Married couples Filing Jointly If taxable income is over- $ 0 $ 18,551 $ 75,301 $ 151,901 $231,451 $413,351 Over $466,950 But not over- $ 18,550 $ 75,300 $151,900 $231.450 $413,350 $466,950 No limit The tax is- 10% of the taxable income $1855 plus 15% of the amount over $18,550 $10,367.50 plus 25% of the amount over $75,300 $29,517.50 plus 28% of the amount over $151,900 $51,791.50 plus 33% of the amount over $231,450 $111,818,50 plus 35% of the amount over $413,350 $130,578,50 plus 39.6% of the amount over $466,950