Terri, age 16, is a dependent of her parents in 2022. During the year, Terri earned...
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Terri, age 16, is a dependent of her parents in 2022. During the year, Terri earned $5,000 in interest income and $3,000 from part-time jobs. Click here to access the 2022 tax rate schedule. a. What is Terri's taxable income? X b. How much of Terri's income is taxed at her parent's rate? At her rate? Single Schedule X If taxable income is: Over- $ 0 10,275 41,775 89,075 170,050 215,950 0 But not over- 20,550 83,550 178,150 340,100 431,900 647,850 $ 10,275 41,775 89,075 170,050 215,950 539,900 ......... 10% $1,027.50 +12% 4,807.50 +22% 15,213.50 +24% 34,647.50+ 32% 49,335.50+ 35% 539,900 162,718.00 +37% Married filing jointly or Qualifying widow(er)- Schedule Y-1 If taxable income is: Over- $ But not over- $ 20,550 83,550 178,150 340,100 431,900 647,850 The tax is: ********* The tax is: 2022 Tax Rate Schedules ......... 10% $ 2,055.00 +12% 9,615.00 +22% 30,427.00 +24% 69,295.00+ 32% 98,671.00 + 35% 174,253.50 +37% of the amount over- $ 0 10,275 41,775 89,075 170,050 215,950 539,900 of the amount over- $ 0 20,550 83,550 178,150 340,100 431,900 647,850 Head of household-Schedule Z If taxable income is: Over- $ 0 If taxable income is: Over- $ 0 10,275 41,775 89,075 170,050 But not over- 215,950 323,925 $ 14,650 55,900 89,050 170,050 215,950 539,900 14,650 55,900 89,050 170,050 215,950 539,900 Married filing separately-Schedule Y-2 ********* But not over- $ 10,275 41,775 89,075 170,050 215,950 323,925 The tax is: ********* ......... 10% $ 1,465.00+12% 6,415.00 +22% 13,708.00 +24% 33,148.00+32% 47,836.00+ 35% 161,218.50 +37% The tax is: ......... 10% $ 1,027.50 +12% 4,807.50 +22% 15,213.50 +24% 34,647.50+32% 49,335.50 +35% 87,126.75 +37% of the amount over- $ 0 14,650 55,900 89,050 170,050 215,950 539,900 of the amount over- $ 0 10,275 41,775 89,075 170,050 215,950 323,925 Terri, age 16, is a dependent of her parents in 2022. During the year, Terri earned $5,000 in interest income and $3,000 from part-time jobs. Click here to access the 2022 tax rate schedule. a. What is Terri's taxable income? X b. How much of Terri's income is taxed at her parent's rate? At her rate? Single Schedule X If taxable income is: Over- $ 0 10,275 41,775 89,075 170,050 215,950 0 But not over- 20,550 83,550 178,150 340,100 431,900 647,850 $ 10,275 41,775 89,075 170,050 215,950 539,900 ......... 10% $1,027.50 +12% 4,807.50 +22% 15,213.50 +24% 34,647.50+ 32% 49,335.50+ 35% 539,900 162,718.00 +37% Married filing jointly or Qualifying widow(er)- Schedule Y-1 If taxable income is: Over- $ But not over- $ 20,550 83,550 178,150 340,100 431,900 647,850 The tax is: ********* The tax is: 2022 Tax Rate Schedules ......... 10% $ 2,055.00 +12% 9,615.00 +22% 30,427.00 +24% 69,295.00+ 32% 98,671.00 + 35% 174,253.50 +37% of the amount over- $ 0 10,275 41,775 89,075 170,050 215,950 539,900 of the amount over- $ 0 20,550 83,550 178,150 340,100 431,900 647,850 Head of household-Schedule Z If taxable income is: Over- $ 0 If taxable income is: Over- $ 0 10,275 41,775 89,075 170,050 But not over- 215,950 323,925 $ 14,650 55,900 89,050 170,050 215,950 539,900 14,650 55,900 89,050 170,050 215,950 539,900 Married filing separately-Schedule Y-2 ********* But not over- $ 10,275 41,775 89,075 170,050 215,950 323,925 The tax is: ********* ......... 10% $ 1,465.00+12% 6,415.00 +22% 13,708.00 +24% 33,148.00+32% 47,836.00+ 35% 161,218.50 +37% The tax is: ......... 10% $ 1,027.50 +12% 4,807.50 +22% 15,213.50 +24% 34,647.50+32% 49,335.50 +35% 87,126.75 +37% of the amount over- $ 0 14,650 55,900 89,050 170,050 215,950 539,900 of the amount over- $ 0 10,275 41,775 89,075 170,050 215,950 323,925
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a Terris taxable income is 8000 which is the total of her interest income 5000 and earnings from par... View the full answer
Related Book For
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
Posted Date:
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