Problem 14-65 (b) (LO. 5)For 2020, Lanzo has properly determined that his taxable income is $22,500, including$4,000 of unrecaptured § 1250 gain and $2,300 of 0%/15%/20% gain. Lanzo files marriedfiling separately. Compute Lanzo's tax liability and tax savings from the alternative tax onnet capital gain.Click here to access the tax rate schedules to use for this problem.Round your final answers to the nearest dollar.When computing Lanzo's tax liability, what tax rate is used for:• The $4,000 of unrecaptured § 1250 gain?• The $2,300 of 0%/15%/20% gain?Lanzo's tax liability is $and the tax saving from the alternative tax computationis $ 2020 Tax Rate SchedulesSingle-Schedule XHead of household-Schedule ZIf taxableof theIf taxableof theincome is:But notатоuntincome is:But notатоuntOver-over-The tax is:over-Over-over-The tax is:over-$ 9,875.........10%2$$$ 14,100.........10%2$9,87540,125$987.50 + 12%9,87514,10053,700$1,410.00 + 12%14,10040,12585,5254,617.50 + 22%40,12553,70085,5006,162.00 + 22%53,70085,525163,30014,605.50 + 24%85,52585,500163,30013,158.00 + 24%85,500163,300207,35033,271.50 + 32%163,300163,300207,35031,830.00 + 32%163,300207,350518,40047,367.50 + 35%207,350207,350518,40045,926.00 + 35%207,350518,400156,235.00 + 37%518,400518,400154,793.50 + 37%518,400Married filing jointly or Qualifying widow(er)-Schedule Y-1Married filing separately-Schedule Y-2If taxableof theIf taxableof theincome is:But notатоuntincome is:But notатоuntOver-over-The tax is:over-Over-over-The tax is:over-2$$ 19,750.........10%$$$ 9,875.......10%$19,75080,250$1,975.00 + 12%19,7509,87540,125$987.50 + 12%9,87580,250171,0509,235.00 + 22%80,25040,12585,5254,617.50 + 22%40,125171,050326,60029,211.00 + 24%171,05085,525163,30014,605.50 + 24%85,525326,600414,70066,543.00 + 32%326,600163,300207,35033,271.50 + 32%163,300414,700622,05094,735.00 + 35%414,700207,350311,02547,367.50 + 35%207,350622,050167,307.50 + 37%622,050311,02583,653.75 + 37%311,025..................

Tax liability is the obligation for the individual who earns income in a country. Income includes…

Problem 14-65 (b) (LO. 5) For 2020, Lanzo has properly determined that his taxable income is $22,500, including $4,000 of unrecaptured § 1250 gain and $2,300 of 0%/15%/20% gain. Lanzo files married filing separately. Compute Lanzo's tax liability and tax savings from the alternative tax on net capital gain. Click here to access the tax rate schedules to use for this problem. Round your final answers to the nearest dollar. When computing Lanzo's tax liability, what tax rate is used for: • The $4,000 of unrecaptured § 1250 gain? • The $2,300 of 0%/15%/20% gain? Lanzo's tax liability is $ and the tax saving from the alternative tax computation is $

Problem 14-65 (b) (LO. 5) For 2020, Lanzo has properly determined that his taxable income is $22,500, including $4,000 of unrecaptured § 1250 gain and $2,300 of 0%/15%/20% gain. Lanzo files married filing separately. Compute Lanzo's tax liability and tax savings from the alternative tax on net capital gain. Click here to access the tax rate schedules to use for this problem. Round your final answers to the nearest dollar. When computing Lanzo's tax liability, what tax rate is used for: • The $4,000 of unrecaptured § 1250 gain? • The $2,300 of 0%/15%/20% gain? Lanzo's tax liability is $ and the tax saving from the alternative tax computation is $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ront Peragraph Styies Edting Senitty Now let's do a problem where we know the person's taxes and want to find their taxable income, and their AGI You may find the functions you determined in the question above helpha 6. Suppose someone paid $17,500 in taxes What could this person's adjusted gross income be? 1040 Linels) Description Amount 1 and Sb Wagen, salanes, and Sps Adjusted gross income (AGI) Standard deduction and exemption (singie. nondependent) Subtract line 5 trom line 4 Taxable income Total Tax (hom schedule) Elfective tax rate (tax asacentage of all income) 11a $12 200 11b $17.500 2019 Tax Schedule (NOT ued for HW- separate Tax Schedules previded wm Single Taxable Income Tax Brackets and Rates, 2019 If taxxable income is over- but not oer the tax i $0,700 $0,700 $39,475 584 200 $160,725 $204, 100 $30 475 $94.200 $160,725 $204.100 $610,300 10% of the amount over $0 $970 plus 12% of the amount over $0,700 $4,543 plus 22s of the amount over $39475 $14,382 plus 24 of the amount…
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