60.1K

Verified Solution

Link Copied!

Helen is 17 years old and a dependent of her parents. She receives $8,300 of wages from a part-time job and $9,000 of taxable interest from bonds she inherited. Her parents are married, fle jointly, and have $190,000 of taxable income. (Click the loon to view the standard deduction amounts) (Click the con to view the tax rate schedule for the Single filing status.) Reference (Click the icon to view the tax rate schedule for the Married filing jointly fing Read the requirement STANDARD DEDUCTION Filing Status Amount Married individuals filing joint returns and surviving spouses $ 24,800 $ 18,650 Heads of households Taxable income Tax x jeference Reference Married, Filing Joint and Surviving Spouse taxable income The taxi Not over $19.750 10% of taxable income Over $19,750 but not over 51.97500 12 of the excess over 500,250 $10.750 Over $80,250 but not over 39236 00 22% of the excess over 5171,050 580 250 Over $171,050 but not over $99.211 00 -24% of the excess over $325,600 5171,050 Over 5326,600 but not over $06,543 00 + 32% of the excess over 5414,700 $320,000 Over $414,700 but not over $94,735.00 -35% of the excess over 5622.050 $414,700 5167307.50 37% of the excess over Over 5622,050 5622.050 Single Waxable income is The tax is: Not over 59,075 10% of taxable income Over 59,675 but not over $40.125 $987 50 12% of the excess over 50.875 Over $40,125 but not over 505,525.4.61750 + 22% of the excess over $40.125 Over $85,625 but not over $163,300 $14,005.50.24% of the excess over $65.625 Over $163,300 but not over $207,350 $33.271.60.32% of the excess over $103.30 Over $207,350 but not over 5518.400 547,367.60 +35% of the excess over $207,35 156,235 00 + 37% of the excess over Over $518,400 $518,400 Print Done ***

Answer & Explanation Solved by verified expert

See Answer