Scot and Vidia, married taxpayers, earn $256,000 in taxable income and $7,400 in interest from an...
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Scot and Vidia, married taxpayers, earn $256,000 in taxable income and $7,400 in interest from an investment in City of Tampa bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? (Do not round intermediate calculations. Round "Average tax rate" & "Effective tax rate" to 2 decimal places) O Answer is complete but not entirely correct. Federal tax $ 49.659 Average tax rate 18.85 % Effective tax rate 18.85 % Marginal tax rate 24 O % 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 9,700 $ 39,475 $ 84,200 The tax is: $ 9,700 $ 39,475 $ 84,200 |10% of taxable income $970 plus 12% of the excess over $9,700 $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: $ 0 $ 19,400 $ 78,950 The tax is: $ 19,400 $ 78,950 10% of taxable income $1,940 plus 12% of the excess over $19,400 $9,086 plus 22% of the excess over $78,950 $168,400 $168,400 $321,450 $28,765 plus 24% of the excess over $168,400 $321,450 $408,200 $65,497 plus 32% of the excess over $321,450 $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 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 13,850 $ 52,850 $1,385 plus 12% of the excess over $13,850 $ 84,200 S6,065 plus 22% of the excess over $52,850 $ 10% of taxable income $ 13,850 $ 52,850 $ 84,200 $160,700 $12,962 plus 24% of the excess over $84,200 $31,322 plus 32% of the excess over $160,700 $510,300 $45,210 plus 35% of the excess over $204,100 $160,700 $204,100 $204,100 $510,300 $152,380 plus 37% of the excess over $510,300 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 $ 9,700 $ 9,700 $ 39,475 10% of taxable income $970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $ 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 $306,175 $46,628.50 plus 35% of the excess over $204,100 $306,175 $82,354.75 plus 37% of the excess over $306,175 Scot and Vidia, married taxpayers, earn $256,000 in taxable income and $7,400 in interest from an investment in City of Tampa bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? (Do not round intermediate calculations. Round "Average tax rate" & "Effective tax rate" to 2 decimal places) O Answer is complete but not entirely correct. Federal tax $ 49.659 Average tax rate 18.85 % Effective tax rate 18.85 % Marginal tax rate 24 O % 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 9,700 $ 39,475 $ 84,200 The tax is: $ 9,700 $ 39,475 $ 84,200 |10% of taxable income $970 plus 12% of the excess over $9,700 $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: $ 0 $ 19,400 $ 78,950 The tax is: $ 19,400 $ 78,950 10% of taxable income $1,940 plus 12% of the excess over $19,400 $9,086 plus 22% of the excess over $78,950 $168,400 $168,400 $321,450 $28,765 plus 24% of the excess over $168,400 $321,450 $408,200 $65,497 plus 32% of the excess over $321,450 $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 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 13,850 $ 52,850 $1,385 plus 12% of the excess over $13,850 $ 84,200 S6,065 plus 22% of the excess over $52,850 $ 10% of taxable income $ 13,850 $ 52,850 $ 84,200 $160,700 $12,962 plus 24% of the excess over $84,200 $31,322 plus 32% of the excess over $160,700 $510,300 $45,210 plus 35% of the excess over $204,100 $160,700 $204,100 $204,100 $510,300 $152,380 plus 37% of the excess over $510,300 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 $ 9,700 $ 9,700 $ 39,475 10% of taxable income $970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $ 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 $306,175 $46,628.50 plus 35% of the excess over $204,100 $306,175 $82,354.75 plus 37% of the excess over $306,175
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Answer As they are married filing jointly Federal Tax 28765 ... View the full answer
Related Book For
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi
Posted Date:
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