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Fill in the blank based on the above information. Adjusted gross income - $ 155.000 llemized deduction-$36.350 Taxable Income-$ 133.500 BODIA $21.500 S 36.350 -$ 133,500 $ 97,150

Fill in the blank based on the above information. Adjusted gross income - $ 155.000 llemized deduction-$36.350 Taxable Income-$ 133.500 BODIA $21.500 S 36.350 -$ 133,500 $ 97,150

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Tax Rate 10% 12% 22% 24% 32% 35% 37% Unmarried divorced, or Legally seperated Single up to $9950 $9951 to $40,525 $40,526 to $86,375 $86,376 to $164.925 $164,926 to $209,425 $209,426 to $523,600 more than $523,600 Gross income: $155,000 Adjustments: $21.500 Deductions: $4550:state taxes Tax credit: $7500 $10,800 mortgage interest $5400 property taxes $15.600 charitable contribution Standard Deduction $12,550 Use the 2021 marginal tax rates in the above table to calculate the federal tax owed by married filing jointly Fill in the blank based on the above information Adjusted gross income-$155.000 Income tax-S Hemized deduction-$36.350 Taxable income-$133.500 (Note: Here we use itemized deduction) Tax computation-S Married and each Partner files a separate tax return Married Filing separately up to $9950 $9951 to $40,525 $40,526 to $86,375 $86,376 to $164,925 $164,926 to $209,425 $209,426 to $314,150 more than $314,150 36.350 $12,550 -$21.500 <-S 133.500 Married and both partners file a single tax return Married Filing Jointly up to $19,900 $19,901 to $81,050 $81,050 to $172,750 $172,751 to $329,850 $329,850 to $418,850 $418,851 to $628,300 more than $628,300 -$ 97,150 $25,100 (Do not type a dollar symbol, If necessary, round to the nearest cent. Do not type space) Unmarried and paying more than half the cost of supporting a child or parent Head of Household up to $14,200 $14,201 to $54,200 $54,201 to $86,350 $86,351 to $164,900 $164,901 to $209,400 $209,401 to $523,600 more than $523,600 $18,800
Transcribed Image Text:Tax Rate 10% 12% 22% 24% 32% 35% 37% Unmarried divorced, or Legally seperated Single up to $9950 $9951 to $40,525 $40,526 to $86,375 $86,376 to $164.925 $164,926 to $209,425 $209,426 to $523,600 more than $523,600 Gross income: $155,000 Adjustments: $21.500 Deductions: $4550:state taxes Tax credit: $7500 $10,800 mortgage interest $5400 property taxes $15.600 charitable contribution Standard Deduction $12,550 Use the 2021 marginal tax rates in the above table to calculate the federal tax owed by married filing jointly Fill in the blank based on the above information Adjusted gross income-$155.000 Income tax-S Hemized deduction-$36.350 Taxable income-$133.500 (Note: Here we use itemized deduction) Tax computation-S Married and each Partner files a separate tax return Married Filing separately up to $9950 $9951 to $40,525 $40,526 to $86,375 $86,376 to $164,925 $164,926 to $209,425 $209,426 to $314,150 more than $314,150 36.350 $12,550 -$21.500 <-S 133.500 Married and both partners file a single tax return Married Filing Jointly up to $19,900 $19,901 to $81,050 $81,050 to $172,750 $172,751 to $329,850 $329,850 to $418,850 $418,851 to $628,300 more than $628,300 -$ 97,150 $25,100 (Do not type a dollar symbol, If necessary, round to the nearest cent. Do not type space) Unmarried and paying more than half the cost of supporting a child or parent Head of Household up to $14,200 $14,201 to $54,200 $54,201 to $86,350 $86,351 to $164,900 $164,901 to $209,400 $209,401 to $523,600 more than $523,600 $18,800
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