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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff74fce35-c800-4836-af45-fb89d29d89f0%2F07ebd802-028d-4b22-bb18-6c2dddba380c%2Fec8tj7b_processed.jpeg&w=3840&q=75)
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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