2019 Tax Rate Schedules Individuals Schedule X-Single Schedule Z-Head of Household If taxable income But not over: If taxable income is But not over: The tax is: The tax is: is over over S 9,700 10% of taxable income 10% of taxable income 13,850 S 0 0 $39,475 $970 plus 12% of $13,850 $1,385 plus 12% of S 9,700 S52,850 the excess over $9,700 the excess over $13,850 $ 39,475 S 84,200 $4,543 plus 22% of 84,200 $6,065 plus 22% of 52,850 the excess over the excess over $39,475 $52,850 $ 84,200 $160,725 $14,382.50 plus 24% 84,200 $12.962 plus 24% of $160,700 of the excess over the excess over $84,200 $84,200 $32,748.50 plus 32% $204,100 $31,322 plus 32% of $160,725 $204,100 $160,700 of the excess over the excess over $160,725 $160,700 $204,100 $46,628.50 plus 35% $45,210 plus 35% of $510,300 $510,300 $204,100 of the excess over the excess over $204,100 $204,100 $153,798.50 plus 37% $152,380 plus 37% of $510,300 $510,300 of the excess over the excess over $510,300 $510,300 Schedule Y-1-Married Filing Jointly or Qualifying Schedule Y-2-Married Filing Separately Widow(er) If taxable income But not over: If taxable income is But not over: The tax is: The tax is: is over over $ 19,400 10% of taxable income 10% of taxable income S 0 0 S 9,700 $ 19,400 $ 78,950 $970 plus 12% of the $1,940 plus 12% of 9,700 $39,475 the excess over excess over $9,700 $19,400 $ 78,950 $ 84,200 $168.400 $9,086 plus 22% of $39,475 $4,543 plus 22% of the excess over the excess over $78,950 $39,475 $321,450 $28,765 plus 24% of 84,200 $14,382.50 plus 24% $168.400 $160,725 of the excess over the excess over $84,200 $168,400 $32,748.50 plus 32% $65,497 plus 32% of $160,725 $321,450 $408,250 $204,100 of the excess over the excess over $321,450 $160,725 $408,250 $612,350 $93.257 plus 35% of $46,628.50 plus 35% $204,100 $306,175 the excess over of the excess over $408,250 $204,100 $164,709.50 plus 37% $306,175 $82,354.75 plus 37% $612.350 of the excess over of the excess over $306,175 $612,350
2019 Tax Rate Schedules Individuals Schedule X-Single Schedule Z-Head of Household If taxable income But not over: If taxable income is But not over: The tax is: The tax is: is over over S 9,700 10% of taxable income 10% of taxable income 13,850 S 0 0 $39,475 $970 plus 12% of $13,850 $1,385 plus 12% of S 9,700 S52,850 the excess over $9,700 the excess over $13,850 $ 39,475 S 84,200 $4,543 plus 22% of 84,200 $6,065 plus 22% of 52,850 the excess over the excess over $39,475 $52,850 $ 84,200 $160,725 $14,382.50 plus 24% 84,200 $12.962 plus 24% of $160,700 of the excess over the excess over $84,200 $84,200 $32,748.50 plus 32% $204,100 $31,322 plus 32% of $160,725 $204,100 $160,700 of the excess over the excess over $160,725 $160,700 $204,100 $46,628.50 plus 35% $45,210 plus 35% of $510,300 $510,300 $204,100 of the excess over the excess over $204,100 $204,100 $153,798.50 plus 37% $152,380 plus 37% of $510,300 $510,300 of the excess over the excess over $510,300 $510,300 Schedule Y-1-Married Filing Jointly or Qualifying Schedule Y-2-Married Filing Separately Widow(er) If taxable income But not over: If taxable income is But not over: The tax is: The tax is: is over over $ 19,400 10% of taxable income 10% of taxable income S 0 0 S 9,700 $ 19,400 $ 78,950 $970 plus 12% of the $1,940 plus 12% of 9,700 $39,475 the excess over excess over $9,700 $19,400 $ 78,950 $ 84,200 $168.400 $9,086 plus 22% of $39,475 $4,543 plus 22% of the excess over the excess over $78,950 $39,475 $321,450 $28,765 plus 24% of 84,200 $14,382.50 plus 24% $168.400 $160,725 of the excess over the excess over $84,200 $168,400 $32,748.50 plus 32% $65,497 plus 32% of $160,725 $321,450 $408,250 $204,100 of the excess over the excess over $321,450 $160,725 $408,250 $612,350 $93.257 plus 35% of $46,628.50 plus 35% $204,100 $306,175 the excess over of the excess over $408,250 $204,100 $164,709.50 plus 37% $306,175 $82,354.75 plus 37% $612.350 of the excess over of the excess over $306,175 $612,350
Chapter4: Additional Income And The Qualified Business Income Deduction
Section: Chapter Questions
Problem 6MCQ: In 2019, what is the top tax rate for individual long-term capital gains and the top tax rate for...
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The class is Income Tax Accounting. I can't seem to figure out the solution to the following:
Chuck, a single taxpayer, earns $87,500 in taxable income and $2,500 in interest from an investment in City of Heflin bonds.
What is his marginal rate if, instead, he had $5,000 of additional deductions?
Based on the attached chart, I keep coming up with the incorrect percentage. I want to say that it's because of the 2 different tax rate (22% and 24%)
Transcribed Image Text:2019 Tax Rate Schedules
Individuals
Schedule X-Single
Schedule Z-Head of Household
If taxable income But not over:
If taxable income is But not over:
The tax is:
The tax is:
is over
over
S 9,700
10% of taxable income
10% of taxable income
13,850
S
0
0
$39,475
$970 plus 12% of
$13,850
$1,385 plus 12% of
S
9,700
S52,850
the excess over $9,700
the excess over
$13,850
$ 39,475
S 84,200
$4,543 plus 22% of
84,200
$6,065 plus 22% of
52,850
the excess over
the excess over
$39,475
$52,850
$ 84,200
$160,725
$14,382.50 plus 24%
84,200
$12.962 plus 24% of
$160,700
of the excess over
the excess over
$84,200
$84,200
$32,748.50 plus 32%
$204,100
$31,322 plus 32% of
$160,725
$204,100
$160,700
of the excess over
the excess over
$160,725
$160,700
$204,100
$46,628.50 plus 35%
$45,210 plus 35% of
$510,300
$510,300
$204,100
of the excess over
the excess over
$204,100
$204,100
$153,798.50 plus 37%
$152,380 plus 37% of
$510,300
$510,300
of the excess over
the excess over
$510,300
$510,300
Schedule Y-1-Married Filing Jointly or Qualifying
Schedule Y-2-Married Filing Separately
Widow(er)
If taxable income But not over:
If taxable income is
But not over:
The tax is:
The tax is:
is over
over
$ 19,400
10% of taxable income
10% of taxable income
S
0
0
S
9,700
$ 19,400
$ 78,950
$970 plus 12% of the
$1,940 plus 12% of
9,700
$39,475
the excess over
excess over $9,700
$19,400
$ 78,950
$ 84,200
$168.400
$9,086 plus 22% of
$39,475
$4,543 plus 22% of
the excess over
the excess over
$78,950
$39,475
$321,450
$28,765 plus 24% of
84,200
$14,382.50 plus 24%
$168.400
$160,725
of the excess over
the excess over
$84,200
$168,400
$32,748.50 plus 32%
$65,497 plus 32% of
$160,725
$321,450
$408,250
$204,100
of the excess over
the excess over
$321,450
$160,725
$408,250
$612,350
$93.257 plus 35% of
$46,628.50 plus 35%
$204,100
$306,175
the excess over
of the excess over
$408,250
$204,100
$164,709.50 plus 37%
$306,175
$82,354.75 plus 37%
$612.350
of the excess over
of the excess over
$306,175
$612,350
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