Question: this is the answer i got but was wrong Required information The following information applies to the questions displayed below! Lacy is a single taxpayer.

this is the answer i got but was wrong
this is the answer i got but was wrong Required information The
following information applies to the questions displayed below! Lacy is a single
taxpayer. In 2021, her taxable income is $42.200. What is her tax
liability in each of the following alternative situations? Use Tax Rate Schedule.

Required information The following information applies to the questions displayed below! Lacy is a single taxpayer. In 2021, her taxable income is $42.200. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates for reference. (Do not round Intermediate calculations. Round your answer to 2 decimal places.) C. Her $42,200 of taxable income includes $5.200 of qualified dividends Tax laboty $ 5.021.00 . TE o R Y E w 2 G 3 H K F D S A M N V C Z he CONG on command 2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: S 0 S9950 10% of taxable income $9.950 $ 40,525 S995 plus 12% of the excess over $9,950 $ 40.525 $ 86,375 S4,664 plus 22% of the excess over $40.525 $ 86,375 S 164.925 S14.751 plus 24% of the excess over $86,375 $ 164925 S 209,425 $33,603 plus 32% of the excess over $164.925 $ 209,425 $ 523,600 S47,843 plus 35% of the excess over $209,425 S 523,600 $157,804.25 plus 37% of the excess over S523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widower) If taxable income is over: But not over: The tax is: S 0 S 19.900 10% of taxable income $ 19.900 $ 81,050 $1.990 plus 12% of the excess over $19,900 S 81.050 S 172.750 $9,328 plus 22% of the excess over $81,050 S 172.750 S 329,850 $29.502 plus 24% of the excess over $172.750 S329,850 $ 418,850 $67 206 plus 32% of the excess over $329,850 $ 418,850 $ 628,300 $95,686 plus 35% of the excess over $418,850 $ 628 300 $168.993.50 plus 37% of the excess over $628,300 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: S 0 S 14.200 10% of taxable income $ 14,200 $ 54,200 SI 420 plus 12% of the excess over $14.200 S 54.200 S 86,350 S6,220 plus 22% of the excess over $54,200 $ 86,350 $164.900 $13.293 plus 24% of the excess over $86,350 S 164.900 $ 209,400 S32.145 plus 32% of the excess over $164.900 $ 209.400 S 523.600 $46,385 plus 35% of the excess over $209.400 S523600 S156,355 plus 37% of the excess over S523.600 2.0 ON A A 3 % 5 UX D Q W E R T Y slock D TI F G H As z x Z 2 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over:But not over: The tax is: $ 0 $ 19.900 10% of taxable income $ 19.900 $ 81,050 $1.990 plus 12% of the excess over $19,900 $ 81,050 S 172.750 $9,328 plus 22% of the excess over $81,050 $ 172.750 $ 329,850 $29,502 plus 24% of the excess over $172,750 S 329,850 $418,850 $67,206 plus 32% of the excess over $329,850 $ 418,850 S628,300 $95,686 plus 35% of the excess over $418,850 S628,300 $168.993.50 plus 37% of the excess over $628,300 Schedule Z-Head of Household If taxable income is over:But not over: The tax is: S 0 S 14.200 10% of taxable income S 14.200 $ 54,200 51.420 plus 12% of the excess over $14,200 $ 54,200 S 86,350 $6,220 plus 22% of the excess over $54,200 S 86.350 S 164.900 $13,293 plus 24% of the excess over $86,350 S 164.900 S 209.400 $32.145 plus 32% of the excess over $164,900 S 209.400 S 523.600 $46,385 plus 35% of the excess over $209,400 S523.600 $156 355 plus 37% of the excess over S523,600 Schedule Y-2-Married Filing Separately Ir taxable income is over. But not over: The tax is: $ 0 S 9.950 10% of taxable income S 9.950 $ 40,525 $995 plus 12% of the excess over $9.950 $ 40,525 $ 86,375 $4664 plus 22% of the excess over $40,525 $ 86,375 S 164925 S14751 plus 24% of the excess over $86.375 S 164.925 S 209 425 $33.603 plus 32% of the excess over $164.925 S 209.425 S 314,150 $47.843 plus 35% of the excess over $209 425 S 314,150 $84.496.75 plus 37% of the excess over $314.150 esc Bo FB 888 ES 2 # 3 $ - % 5 6 & 7 W E R T Y A Zom * o 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 09 SO 580 200 50 - 540400 $0 - 540,400 SO 554.100 SO - $2.700 159 580 8015501.500 540 401 - $250.800 S40001-5445850 554.101-S473,750 52701 - 513.350 209 S501.601 5250801- 5445351 5473.751 $13.251 *This rate applies to the nel capital gains and qualified dividends that fall within the range of taxable income specified in the table (et capital paints and qualified dividends are included in taxable income last for this purpose)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!