IndividualsIf taxableincome isover:$0$ 9.950$ 40,525 $ 86,375$ 86,375 $164,925$523,600But notover:$164,925 $209,425$209,425 $523,600If taxableincome isover:$ 9.950$ 40.525$0$ 19,900But not$628,300Schedule X-Singleover:$ 19,900$ 81,050$ 81,050 $172,750$172,750 $329,850$329,850 $418,850Schedule Y-1-Married Filing Jointlyor Qualifying Widow(er)$418,850 $628,300The tax is:10% of taxable income$995 plus 12% of the excessover $9.950$4,664 plus 22% of the excessover $40.525$14,751 plus 24% of the excessover $86,375$33,603 plus 32% of the excessover $164,925$47,843 plus 35% of the excessover $209,425$157,804.25 plus 37% of the excessover $523,6002021 Tax Rate SchedulesThe tax is:10% of taxable income$1,990 plus 12% of the excessover $19,900$9,328 plus 22% of the excessover $81,050$29,502 plus 24% of the excessover $172,750$67,206 plus 32% of the excessover $329,850$95,686 plus 35% of the excessover $418,850$168.993.50 plus 37% of the excessover $628,300If taxableincome isover:$0$ 14,200$ 54,200$ 86,350$523,600If taxableincome isover:$6,220 plus 22% of the excessover $54,200$13,293 plus 24% of the excessover $86,350$164.900 $209,400 $32,145 plus 32% of the excessover $164,900$$ 9,950Schedule Z- Head of Household$209,400 $523.600$ 40,525But not$ 86,375over:$209,425$ 14,200$ 54,200$314,150$ 86,3500 $ 9,950$ 40,525$164,900Schedule Y-2-Married Filing SeparatelyBut notover:$ 86,375$164,925 $209,425$164,925The tax is:10% of taxable income$1,420 plus 12% of the excessover $14,200$314,150$46,385 plus 35% of the excessover $209,400$156,355 plus 37% of the excessover $523,600The tax is:10% of taxable income$995 plus 12% of the excessover $9.950$4,664 plus 22% of the excessover $40,525$14,751 plus 24% of the excessover $86,375$33,603 plus 32% of the excessover $164,925$47,843 plus 35% of the excessover $209,425$84,496.75 plus 37% of the excessover $314,150 Bill operates a proprietorship using the cash method of accounting, and this year he received the following:$100 in cash from a customer for services rendered this year• a promise from a customer to pay $200 for services rendered this year• tickets to a football game worth $250 as payment for services performed last year• a check for $170 for services rendered this year that Bill forgot to cashHow much should Bill realize in income on Schedule C ?$100$300$350$270$520

Schedule C or Form 1040 can be used to report the income from business operated by a sole…

Bill operates a proprietorship using the cash method of accounting, and this year he received the following: • $100 in cash from a customer for services rendered this year • a promise from a customer to pay $200 for services rendered this year • tickets to a football game worth $250 as payment for services performed last year • a check for $170 for services rendered this year that Bill forgot to cash How much should Bill realize in income on Schedule C ? $100 $300 $350 $270 $520

Bill operates a proprietorship using the cash method of accounting, and this year he received the following: • $100 in cash from a customer for services rendered this year • a promise from a customer to pay $200 for services rendered this year • tickets to a football game worth $250 as payment for services performed last year • a check for $170 for services rendered this year that Bill forgot to cash How much should Bill realize in income on Schedule C ? $100 $300 $350 $270 $520

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter16: Multistate Corporate Taxation

Section: Chapter Questions

Problem 1BCRQ

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