If taxable income is over: Schedule Z-Head of Household $539,900 But not over: S0 0 $ 14,650 $ 14,650 $55,900 $ 55,900 $ 89,050 $ 89,050 $170,050 $170,050 $215,950 $215,950 $539,900 The tax is: 10% of taxable income $1,465 plus 12% of the excess over $14,650 $6,415 plus 22% of the excess over $55,900 $13,708 plus 24% of the excess over $89,050 $33,148 plus 32% of the excess over $170,050 $47,836 plus 35% of the excess over $215,950 $161,218.5 plus 37% of the excess over $539,900
If taxable income is over: Schedule Z-Head of Household $539,900 But not over: S0 0 $ 14,650 $ 14,650 $55,900 $ 55,900 $ 89,050 $ 89,050 $170,050 $170,050 $215,950 $215,950 $539,900 The tax is: 10% of taxable income $1,465 plus 12% of the excess over $14,650 $6,415 plus 22% of the excess over $55,900 $13,708 plus 24% of the excess over $89,050 $33,148 plus 32% of the excess over $170,050 $47,836 plus 35% of the excess over $215,950 $161,218.5 plus 37% of the excess over $539,900
Chapter1: The Individual Income Tax Return
Section: Chapter Questions
Problem 4P: In 2019, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and...
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Transcribed Image Text:Jeremy (unmarried) earned $101, 000 in salary and $6, 100 in interest
income during the year. Jeremy's employer withheld $10,000 of federal
income taxes from Jeremy's paychecks during the year. Jeremy has one
qualifying dependent child (age 14) who lives with him. Jeremy qualifies
to file as head of household and has $25,000 in itemized deductions. b.
Assume that in addition to the original facts, Jeremy has a long-term
capital gain of $4,080. What is Jeremy's tax refund or tax due including
the tax on the capital gain?Schedule Z - Head of Household
Transcribed Image Text:If taxable
income is
over:
$170,050
Schedule Z-Head of Household
$0
$ 14,650
$ 14,650 $ 55,900
$ 55,900 $ 89,050
$ 89,050 $170,050
$215,950
$215,950 $539,900
$539,900
But not
over:
The tax is:
10% of taxable income
$1,465 plus 12% of the excess
over $14,650
$6,415 plus 22% of the excess
over $55,900
$13,708 plus 24 % of the excess
over $89,050
$33,148 plus 32% of the excess
over $170,050
$47,836 plus 35% of the excess
over $215,950
$161,218.5 plus 37% of the excess
over $539,900
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