In 2019, Lisa and Fred, a married couple, had taxable income of $316,500. If they were...

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In 2019, Lisa and Fred, a married couple, had taxable income of $316,500. If they were to file separate tax returns, Lisa would have reported taxable income of $130,500 and Fred would have reported taxable income of $186,000. Use Tax Rate Schedule for reference. What is the couple's marriage penalty or benefit? (Do not round intermediate calculations.) 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 9,700 10% of taxable income $ 39,475 $970 plus 12% of the excess over $9,700 $ 84,200 $ $ 9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $160,725 $14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46,628.50 plus 35% of the excess over $204,100 $510,300 $153,798.50 plus 37% of the excess over $510,300 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: 10% of taxable income $ 78,950 $1,940 plus 12% of the excess over $19,400 $168,400 $9,086 plus 22% of the excess over $78,950 $28,765 plus 24% of the excess over $168,400 $65,497 plus 32% of the excess over $321,450 $ 0 $ 19,400 $ 19,400 $ 78,950 $168,400 $321,450 $321,450 $408,200 $408,200 $612,350 $93,257 plus 35% of the excess over $408,200 $612,350 $164,709.50 plus 37% of the excess over $612,350 Required information [The following information applies to the questions displayed below.] Lacy is a single taxpayer. In 2019, her taxable income is $41,200. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.) c. Her $41,200 of taxable income includes $5,800 of qualified dividends. Tax liability Tax Rates for Net Capital Gains and Qualified Dividends Taxable Income Rate* Married Filing Jointly Married Filing Separately Single Head of Household Trusts and Estates $O - $78,750 $0- $39,375 $0 - $52,750 $52,751 - $461,700 $0 - $2,650 $2,651 - $12,950 0% $0 - $39,375 15% $78,751 - $488,850 $39,376 - $244,425 $39,376 - $434,550 20% $488,851+ $244,426+ $434,551+ $461,701+ $12,951+ Estates and Trusts If taxable income is over: But not over: The tax is: $ 0 $ 2,600 $ 9,300 10% of taxable income $ 2,600 $260 plus 24% of the excess over $2,600 $ 9,300 $12,750 $1,868 plus 35% of the excess over $9,300 $12,750 $3,075.50 plus 37% of the excess over $12,750 In 2019, Lisa and Fred, a married couple, had taxable income of $316,500. If they were to file separate tax returns, Lisa would have reported taxable income of $130,500 and Fred would have reported taxable income of $186,000. Use Tax Rate Schedule for reference. What is the couple's marriage penalty or benefit? (Do not round intermediate calculations.) 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 9,700 10% of taxable income $ 39,475 $970 plus 12% of the excess over $9,700 $ 84,200 $ $ 9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $160,725 $14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46,628.50 plus 35% of the excess over $204,100 $510,300 $153,798.50 plus 37% of the excess over $510,300 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: 10% of taxable income $ 78,950 $1,940 plus 12% of the excess over $19,400 $168,400 $9,086 plus 22% of the excess over $78,950 $28,765 plus 24% of the excess over $168,400 $65,497 plus 32% of the excess over $321,450 $ 0 $ 19,400 $ 19,400 $ 78,950 $168,400 $321,450 $321,450 $408,200 $408,200 $612,350 $93,257 plus 35% of the excess over $408,200 $612,350 $164,709.50 plus 37% of the excess over $612,350 Required information [The following information applies to the questions displayed below.] Lacy is a single taxpayer. In 2019, her taxable income is $41,200. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.) c. Her $41,200 of taxable income includes $5,800 of qualified dividends. Tax liability Tax Rates for Net Capital Gains and Qualified Dividends Taxable Income Rate* Married Filing Jointly Married Filing Separately Single Head of Household Trusts and Estates $O - $78,750 $0- $39,375 $0 - $52,750 $52,751 - $461,700 $0 - $2,650 $2,651 - $12,950 0% $0 - $39,375 15% $78,751 - $488,850 $39,376 - $244,425 $39,376 - $434,550 20% $488,851+ $244,426+ $434,551+ $461,701+ $12,951+ Estates and Trusts If taxable income is over: But not over: The tax is: $ 0 $ 2,600 $ 9,300 10% of taxable income $ 2,600 $260 plus 24% of the excess over $2,600 $ 9,300 $12,750 $1,868 plus 35% of the excess over $9,300 $12,750 $3,075.50 plus 37% of the excess over $12,750

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Part 1 Tax payable if filed jointly 64309 2876531650... View the full answer