1. Anthony, a single taxpayer, earns $180,000 in taxable income, how much federal tax will...
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1. Anthony, a single taxpayer, earns $180,000 in taxable income, how much federal tax will he owe?
Here is the rate:
If taxable income is over $175,050 but not over $215,950 the tax is: $34,647.50 plus 32% of the excess over $170,050.
2. Mary, a single taxpayer, earns $300,000 in taxable income, how much federal tax will he owe?
Here is the rate:
If taxable income is over $215,950 but not over $539,900 the tax is: $49,335.50 plus 35% of the excess over $215,950.
3. David and Alicia are married filling jointly. During, 2022 they made combined wages of $195,000, taxable interest in the amount of $5,000, taxable dividends of $7,000, and capital gains of $25,000. They paid $5,000 in property taxes and $8,000 in mortgage interest. The standard deduction is $25,900 for married filling jointly in 2022 and $25,100 in 2021. Calculate taxable income for 2022.
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