Business, 14.10.2021 01:00 battlemarshmell

1. Tax Schedule Taxable Income Marginal Tax Rate
first $25,000 10%
from $25,000 to $75,000 15%
from $75,000 - $125,000 20%
from $125,000 - $175,000 25%
over $175,000 30%
Jim Schmeckems, a single head of household, had an annual income of $200,000. There were no exclusions or adjustments for tax purposes. The exemptions for Jim and his dependents total $10,000. His total itemized deductions amount to $26,000. The total standard deduction for his household is $12,500. Use the tax tables above to compute Jim's tax liability.

2. Refer to the previous question. What if Jim had received a $15,000 commission check at the end of the year. How much in additional taxes would he owe?

3. Suppose the AMT were calculated in the following (oversimplified) way: 14.8% of AGI. What would Jim's tax liability be in this case as described in question 20

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1. Tax Schedule Taxable Income Marginal Tax Rate
first $25,000 10%
from $25,000 to $75...

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