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Calculate Melissa Allen’s tax liability for taxable income of $59,580. She files single and claims 3 exemptions. (Use Table 7.3) (Round your final answer to the nearest cent.)

Calculate Melissa Allen’s tax liability for taxable income of $59,580. She files single and claims 3 exemptions. (Use Table 7.3) (Round your final answer to the nearest cent.)

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 9C
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Calculate Melissa Allen’s tax liability for taxable income of $59,580. She files single and claims 3 exemptions. (Use Table 7.3) (Round your final answer to the nearest cent.)

2016 Tax Rate Schedules Caution. Do not use these Tax Rate Schedules to figure your 2015 taxes. Use only to figure your 2016 estimated taxes. Schedule X-Use if your 2016 filing status is Single Schedule Z-Use if your 2016 filing status is Head of household If line 5 is: Over- $0 9,275 37,650 But not over- $9,275 37,650 91,150 91,150 190,150 190,150 413,350 413,350 415,050 415,050 If line 5 is: Schedule Y-1- Use if your 2016 filing status is Married filing jointly or Qualifying widow(er) The tax is: But not over- The tax is: Over- $0 $18,550 18,550 75,300 75,300 151,900 151,900 231,450 231,450 413,350 413,350 466,950 466,950 + 10% $927.50 + 15% 5,183.75 + 25% 18,558.75 + 28% 46,278.75 + 33% 119,934.75 + 35% 120,529.75 + 39.6% + 10% $1,855.00 + 15% 10,367.50 + 25% 29,517.50 + 28% 51,791.50 + 33% 111,818.50 + 35% 130,578.50 + 39.6% of the amount over- If line 5 is: of the amount over- Over- $0 $0 9,275 13,250 37,650 50,400 130,150 91,150 130,150 210,800 190,150 413,350 415,050 But not over- $13,250 50,400 210,800 413,350 413,350 441,000 441,000 If line 5 is: But not over- The tax is: Over- $0 $0 $9,275 9,275 37,650 37,650 75,950 18,550 75,300 151,900 231,450 413,350 206,675 233,475 466,950 233,475 75,950 115,725 115,725 206,675 + 10% $1,325.00+ 15% 6,897.50 + 25% 26,835.00 +28% Schedule Y-2-Use if your 2016 filing status is Married filing separately ‒‒‒‒‒‒ 49,417.00+ 33% 116,258.50 + 35% 125,936.00+ 39.6% The tax is: + 10% $927.50 + 15% 5,183.75 + 25% 14,758.75 + 28% 25,895.75 + 33% 55,909.25 + 35% 65,289.25 +39.6% of the amount over- $0 13,250 50,400 130,150 210,800 413,350 441,000 of the amount over- $0 9,275 37,650 75,950 115,725 206,675 233,475
Transcribed Image Text:2016 Tax Rate Schedules Caution. Do not use these Tax Rate Schedules to figure your 2015 taxes. Use only to figure your 2016 estimated taxes. Schedule X-Use if your 2016 filing status is Single Schedule Z-Use if your 2016 filing status is Head of household If line 5 is: Over- $0 9,275 37,650 But not over- $9,275 37,650 91,150 91,150 190,150 190,150 413,350 413,350 415,050 415,050 If line 5 is: Schedule Y-1- Use if your 2016 filing status is Married filing jointly or Qualifying widow(er) The tax is: But not over- The tax is: Over- $0 $18,550 18,550 75,300 75,300 151,900 151,900 231,450 231,450 413,350 413,350 466,950 466,950 + 10% $927.50 + 15% 5,183.75 + 25% 18,558.75 + 28% 46,278.75 + 33% 119,934.75 + 35% 120,529.75 + 39.6% + 10% $1,855.00 + 15% 10,367.50 + 25% 29,517.50 + 28% 51,791.50 + 33% 111,818.50 + 35% 130,578.50 + 39.6% of the amount over- If line 5 is: of the amount over- Over- $0 $0 9,275 13,250 37,650 50,400 130,150 91,150 130,150 210,800 190,150 413,350 415,050 But not over- $13,250 50,400 210,800 413,350 413,350 441,000 441,000 If line 5 is: But not over- The tax is: Over- $0 $0 $9,275 9,275 37,650 37,650 75,950 18,550 75,300 151,900 231,450 413,350 206,675 233,475 466,950 233,475 75,950 115,725 115,725 206,675 + 10% $1,325.00+ 15% 6,897.50 + 25% 26,835.00 +28% Schedule Y-2-Use if your 2016 filing status is Married filing separately ‒‒‒‒‒‒ 49,417.00+ 33% 116,258.50 + 35% 125,936.00+ 39.6% The tax is: + 10% $927.50 + 15% 5,183.75 + 25% 14,758.75 + 28% 25,895.75 + 33% 55,909.25 + 35% 65,289.25 +39.6% of the amount over- $0 13,250 50,400 130,150 210,800 413,350 441,000 of the amount over- $0 9,275 37,650 75,950 115,725 206,675 233,475
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