Morgan $($age $45)$ is single and provides more than $50\%$ of the support of Tammy $($a family friend$),$ Jen $($a niece, age $18),$ and Jerold $($a nephew, age $18).$ Both Tammy and Jen live with Morgan, but Jerold $($a French citizen$)$ lives in Canada. Morgan earns a salary of $$98,500$ and contributes $$7,000$ to a traditional IRA. She has $$14,600$ in itemized deductions.

Click here to access theComponents of the tax formulato use, if required.

a$.$ Morgan's $2024$ taxable income is $ $\_\_\_\_\_\_$

answer is NOT $76900\mathrm{.}00$

b$.$ Tax liability for Morgan is $ $\_\_\_\_\_\_$for $2024.$ Ignore any credits for which she may qualify. Problem $8-21($LO$.1,2,3,4,5)$

Morgan $($age $45)$ is single and provides more than $\backslash (50\backslash \%\backslash )$ of the support of Tammy $($a family friend$),$ Jen $($a niece, age $18),$ and Jerold $($a nephew, age $18).$ Both Tammy and Jen live with Morgan, but Jerold $($a French citizen$)$ lives in Canada. Morgan earns a salary of $\backslash (\backslash$$ $98,500\backslash )$ and contributes $\backslash (\backslash$$ $7,000\backslash )$ to a traditional IRA. She has $\backslash (\backslash$$ $14,600\backslash )$ in itemized deductions.

Click here to access the Components of the tax formula to use, if required.

a$.$ Morgan's taxable income is $\backslash (\backslash$$ $\backslash )\backslash (\backslash$mathbf$\{$X$\}\backslash ).$

b$.$ Using the Tax Rate Schedules $($click here$),$ tax liability for Morgan is $\backslash (\backslash$$ $\backslash )$ for $2024.$ Ignore any credits for which she may qualify. $2024$ Tax Rate Schedules

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline $\backslash$multicolumn$\{4\}\{|$l$|\}\{$Single$-$Schedule X$\}$ & $\backslash$multicolumn$\{4\}\{|$l$|\}\{$Head of household$-$Schedule Z$\}\backslash \backslash$

$\backslash$hline If taxable income is: Over$-$ & But not over$-$ & The tax is: & of the amount over$-$ & If taxable income is: Over$-$ & But not over$-$ & The tax is: & of the amount over$-\backslash \backslash$

$\backslash$hline $\backslash$$ $0$ & $\backslash$$ $11,600$ & $........\backslash (10\backslash \%\backslash )$ & $\backslash$$ $0$ & $\backslash$$ $0$ & $\backslash$$ $16,550$ & $........10\backslash \%$ & $\backslash$$ $0\backslash \backslash$

$\backslash$hline $11,600$ & $47,150$ & $\backslash$$ $\backslash (1,160\mathrm{.}00+12\backslash \%\backslash )$ & $11,600$ & $16,550$ & $63,100$ & $\backslash$$ $1,655\mathrm{.}00+12\backslash \%$ & $16,550\backslash \backslash$

$\backslash$hline $47,150$ & $100,525$ & $5,426\mathrm{.}00+22\backslash \%$ & $47,150$ & $63,100$ & $100,500$ & $7,241\mathrm{.}00+22\backslash \%$ & $63,100\backslash \backslash$

$\backslash$hline $100,525$ & $191,950$ & $17,168\mathrm{.}50+24\backslash \%$ & $100,525$ & $100,500$ & $191,950$ & $\backslash (15,469\mathrm{.}00+24\backslash \%\backslash )$ & $100,500\backslash \backslash$

$\backslash$hline $191,950$ & $243,725$ & $39,110\mathrm{.}50+32\backslash \%$ & $191,950$ & $191,950$ & $243,700$ & $37,417\mathrm{.}00+32\backslash \%$ & $191,950\backslash \backslash$

$\backslash$hline $243,725$ & $609,350$ & $55,678\mathrm{.}50+35\backslash \%$ & $243,725$ & $243,700$ & $609,350$ & $53,977\mathrm{.}00+35\backslash \%$ & $243,700\backslash \backslash$

$\backslash$hline $609,350$ & & $183,647\mathrm{.}25+37\backslash \%$ & $609,350$ & $609,350$ & & $181,954\mathrm{.}50+37\backslash \%$ & $609,350\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{4\}\{|$l$|\}\{$Married filing jointly or Qualifying widow$($er$)$Schedule $\backslash (\backslash$mathbf$\{$Y$\}\backslash )-1\}$ & $\backslash$multicolumn$\{4\}\{|$l$|\}\{$Married filing separately$-$Schedule Y$-2\}\backslash \backslash$

$\backslash$hline If taxable income is: Over$-$ & But not over$-$ & The tax is: & of the amount over$-$ & $\backslash$begin$\{$tabular$\}\{$l$\}$

If taxable income is: $\backslash \backslash$

Over$-$

$\backslash$end$\{$tabular$\}$ & But not over$-$ & The tax is: & of the amount over$-\backslash \backslash$

$\backslash$hline $\backslash$$ $0$ & $\backslash$$ $23,200$ & $........10\backslash \%$ & $\backslash$$ $0$ & $\backslash$$ $0$ & $\backslash$$ $11,600$ & $........10\backslash \%$ & $\backslash$$ $0\backslash \backslash$

$\backslash$hline $23,200$ & $94,300$ & $\backslash$$ $2,320\mathrm{.}00+12\backslash \%$ & $23,200$ & $11,600$ & $47,150$ & $\backslash$$ $1,160\mathrm{.}00+12\backslash \%$ & $11,600\backslash \backslash$

$\backslash$hline $94,300$ & $201,050$ & $10,852\mathrm{.}00+22\backslash \%$ & $94,300$ & $47,150$ & $100,525$ & $5,426\mathrm{.}00+22\backslash \%$ & $47,150\backslash \backslash$

$\backslash$hline $201,050$ & $383,900$ & $34,337\mathrm{.}00+24\backslash \%$ & $201,050$ & $100,525$ & $191,950$ & $17,168\mathrm{.}50+24\backslash \%$ & $100,525\backslash \backslash$

$\backslash$hline $383,900$ & $487,450$ & $78,221\mathrm{.}00+32\backslash \%$ & $383,900$ & $191,950$ & $243,725$ & $\backslash (39,110\mathrm{.}50+32\backslash \%\backslash )$ & $191,950\backslash \backslash$

$\backslash$hline $487,450$ & $731,200$ & $111,357\mathrm{.}00+35\backslash \%$ & $487,450$ & $243,725$ & $365,600$ & $55,678\mathrm{.}50+35\backslash \%$ & $243,725\backslash \backslash$

$\backslash$hline $731,200$ & $*$ & $196,669\mathrm{.}50+37\backslash \%$ & $731,200$ & $365,600$ & $*.....$ & $98,334\mathrm{.}75+37\backslash \%$ & $365,600\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$