Ms. Ellis, a single individual, has $115,000 taxable income. Assume the taxable year is 2021. Compute her income tax assuming that: Use Individual Tax Rate Schedules.
Single
| If taxable income is | The tax is |
|---|---|
| Not over $9,950 | 10% of taxable income |
| Over $9,950 but not over $40,525 | $995.00 + 12% of excess over $9,950 |
| Over $40,525 but not over $86,375 | $4,664.00 + 22% of excess over $40,525 |
| Over $86,375 but not over $164,925 | $14,751.00 + 24% of excess over $86,375 |
| Over $164,925 but not over $209,425 | $33,603.00 + 32% of excess over $164,925 |
| Over $209,425 but not over $523,600 | $47,843.00 + 35% of excess over $209,425 |
| Over $523,600 | $157,804.25 + 37% of excess over $523,600 |
Required:
- Taxable income includes no capital gain.
- Taxable income includes $22,000 capital gain eligible for the 15 percent preferential rate.
(For all requirements, round your intermediate calculations and final answers to the nearest whole dollar amount.)
| Case | Income tax |
| includes no capital gain | |
| includes capital gain |
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