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.
|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|
- 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.)
|includes no capital gain|
|includes capital gain|
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