Mike Bradys spouse died five years ago. Mike is 40 years old, and he...

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Accounting

  1. Mike Bradys spouse died five years ago. Mike is 40 years old, and he has three boys, Greg, Peter, and Bobby. The three boys (his sons) live with Mike for more than half of the year. Greg is 15, Peter is 12, and Bobby is 8. The boys do not provide over half of their own support.
    1. What filing status should Mike use?
    2. How many dependents will he claim on his tax return? List his qualifying dependents. Are they Qualifying Children or Qualifying Relatives?
    3. How much is Mikes standard deduction (assume he cannot itemize, and his deduction is not phased out)?
    4. If Mikes adjusted gross income (AGI) is $170,000, what is his tax before any credits?
    5. What is Mikes marginal tax rate? Effective tax rate? Average tax rate?image
Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 S 9,950 10% of taxable income $ 9,950 $ 40,525 $995 plus 12% of the excess over $9.950 $ 40,525 $ 86,375 $4.664 plus 22% of the excess over $40,525 $ 86,375 S 164,925 $14.751 plus 24% of the excess over $86,375 $ 164,925 S 209.425 $33.603 plus 32% of the excess over $164.925 $ 209,425 $ 523,600 $47.843 plus 35% of the excess over $209,425 $ 523,600 $157,804.25 plus 37% of the excess over $523,600 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 S 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 $329,850 S 418.850 567,206 plus 32% of the excess over $329,850 $ 418,850 S628,300 $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: $ 0 S 14,200 10% of taxable income $ 14,200 S 54,200 $1.420 plus 12% of the excess over $14,200 $ 54,200 $ 86,350 56.220 plus 22% of the excess over $54,200 $ 86,350 S 164,900 $13,293 plus 24% of the excess over $86,350 $ 164,900 $ 209,400 $32.145 plus 32% of the excess over $164.900 $ 209,400 S 523,600 $46,385 plus 35% of the excess over $209,400 $ 523,600 $156,355 plus 37% of the excess over $523,600

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