Refer to the individual rate schedules in Appendix C. Required: a. What are the tax liability, the marginal tax rate, an

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Refer To The Individual Rate Schedules In Appendix C Required A What Are The Tax Liability The Marginal Tax Rate An 1 (73.3 KiB) Viewed 16 times

Refer to the individual rate schedules in Appendix C. Required: a. What are the tax liability, the marginal tax rate, and the average tax rate for a married couple filing jointly with $62,900 taxable income? b. What are the tax liability, the marginal tax rate, and the average tax rate for a single individual with $194,300 taxable income? c. What are the tax liability, the marginal tax rate, and the average tax rate for a head of household with $457,300 taxable income? Complete this question by entering your answers in the tabs below. Required A Required B Required C What are the tax liability, the marginal tax rate, and the average tax rate for a married couple filing jointly with $62,900 taxable income? (Round final "Tax liability" to the nearest whole dollar and "Average tax rate" to 2 decimal places.) Tax liability Marginal tax rate Average tax rate % % < Required A Required B >

APPENDIX C 2021 Income Tax Rates INDIVIDUAL TAX RATES Married Filing Jointly and Surviving Spouse If taxable income is Not over $19,900 Over $19.900 but not over $81,050 Over $81,050 but not over $172,750 Over $172.750 but not over $329,850 Over $329,850 but not over $418,850 Over $418.850 but not over $628,300 Over $628.300 The tax is 10% of taxable income $1.990.00 + 12% of excess over $19.900 $9,328.00 + 22% of excess over $81,050 $29.502.00 +24% of excess over $172.750 $67,206.00 + 32% of excess over $329,850 $95.686.00 + 35% of excess over $418.850 $168.993.50 +37% of excess over $628,300 Married Filing Separately If taxable income is Not over $9.950 Over $9.950 but not over $40,525 Over $40,525 but ver $86,375 Over $86.375 but not over $164.925 Over $164.925 but not over $209,425 Over $209,425 but not over $314.150 Over $314.150 The tax is 10% of taxable income $995.00 + 12% of excess over $9.950 $4.664.00 + 22% of excess $40,525 $14.751.00 +24% of excess over $86,375 $33,603.00 + 32% of excess over $164.925 $47,843.00 + 35% of excess over $209,425 $84.496.75 +37% of excess over $314.150 Head of Household If taxable income is Not over $14.200 Over $14.200 but not over $54,200 Over $54,200 but not over $86,350 Over $86,350 but not over $164,900 Over $164.900 but not over $209,400 Over $209,400 but not over $523,600 Over $523,600 The tax is 10% of taxable income $1.420.00 + 12% of excess over $14,200 $6,220.00 + 22% of excess over $54,200 $13,293.00 +24% of excess over $86,350 $32.145.00 + 32% of excess over $164.900 $46.385.00 + 35% of excess over $209,400 $156,355.00 + 37% of excess over $523,600 Single If taxable income is Not over $9.950 Over $9.950 but not over $40,525 Over $40.525 but not over $86,375 Over $86,375 but not over $164.925 Over $164.925 but not over $209,450 Over $209.450 but not over $523,600 Over S523,600 The tax is 10% of taxable income $995.00 +12% excess $9.950 $4.664.00 + 22% of excess over $40.525 $14.751.00 +24% of excess over $86,375 $33.603.00 + 32% of excess over $164.925 $47.843.00 + 35% of excess over $209,425 $157,804.25 +37% of excess over $523,600 ESTATE AND TRUST TAX RATES If taxable income is Not over $2,650 Over $2.650 but not over $9,550 Over $9,550 but not over $13,050 Over $13,050 The tax is 10% of taxable income $265.00 +24% of excess over $2,650 $1,921.00 + 35% of excess over $9,550 $3,146.00 + 37% of excess over $13,050