90.2K

Verified Solution

Link Copied!

please complete of all the scenarios.

Review the list of taxable income amounts below: (Click the icon to view the taxable income amounts.) (Click the icon to view the tax rate schedule.) Read the requirements a Taxable income of $47,000. (Do not round intermediary calculations. Only round the amount you input in the federal income tax payable cell to the nearest cent, $X.XX. Round all tax rates to the nearest hundredth percent, X.XX%) Scenario a. Federal income tax payable Average tax rate Marginal tax rate % % Review the list of taxable income amounts below: Click the icon to view the taxable income amounts.) (Click the icon to view the tax rate schedule Read the requireme Income amounts a. Taxable income o federal income tax percent, X.XX%.) Jamount you input in the parest hundredth a. Taxable income of $47,000 b. Taxable income of $95,000 C. Taxable income of $340,000 d. Taxable income of $720,000 Federal income tax Average tax rate Marginal tax rate Print Done Ree d - Reference RE he a fed pe Married, Filing Joint and Surviving Spouse If taxable income is The tax is: Not over $19,750 10% of taxable income Over $19.750 but not over $1,975.00 + 12% of the excess over $80,250 . $19,750 Over $80,250 but not over $9,235.00 + 22% of the excess over $171,050 $80,250 Over $171,050 but not over $29,211.00 +24% of the excess over $326,600 $171,050 Over $326,600 but not over $66,543.00 + 32% of the excess over $414,700 $326,600. var CALA 7 hunter SOA. 725.00% 25% of the avrae wc Fel AV Print Done Red Reference Re he . fed pe Over $19,750 but not over $80,250 Over $80,250 but not over $171,050 Over $171,050 but not over $326,600 Over $326,600 but not over $414,700 Over $414,700 but not over $622,050 $1,975.00 + 12% of the excess over . $19,750 $9,235.00 + 22% of the excess over $80,250 $29,211.00 +24% of the excess over $171,050 $66,543.00 + 32% of the excess over $326,600. $94,735.00 + 35% of the excess over $414,700 $167,307,50 +37% of the excess over $622,050 Fel AV Over $622,050 Print Done Review the list of taxable income amounts below: (Click the icon to view the taxable income amounts.) (Click the icon to view the tax rate schedule.) Red - X Requirements the . fed per Based on the amounts of taxable income provided, compute the federal income tax payable in 2020 on each amount assuming the taxpayers are married filing a joint retum. Also, for each amount of taxable income, compute the average tax rate and the marginal tax rate. Fed AV Ma Print Done

Answer & Explanation Solved by verified expert

See Answer