rates for a head of household taxpayer are 15% of taxable income up to 33,050 and 28% thereaftr up to 85,350. lee post , head of hse hold ,earned 52,000. he took the standard deduction of 6,050 fr head of hse hold and expemtion of 2,650 each for himself and three children . what amnount is due in income tax
How about this
- Thread starter lisia
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I don't have a tax form in front of me, so you'll need to provide the rest of the necessary information.
Do deductions get subtracted from the gross income (in this case, the $52,000), or the taxable income?
How far have you gotten in these computations?
Please reply showing all of your steps. Thank you.
Eliz.
Do deductions get subtracted from the gross income (in this case, the $52,000), or the taxable income?
How far have you gotten in these computations?
Please reply showing all of your steps. Thank you.
Eliz.
Just to base the answer on what you have mentioned here....
First calculate the nett taxable income. Subtract all the deductions.
If the answer comes below 33050, directly find 15% of this as the tax payable.
In case the taxable income falls above 33050, say it is 40,000 proceed like this-.
Divide the income into two parts
Part 1 = 33050
Part 2 = 40000 - 33050 = 6950
The total tax due will be 15% of part 1 [33050] plus 28% of part 2 [6950]
Best of luck...you should be able to solve it now.
First calculate the nett taxable income. Subtract all the deductions.
If the answer comes below 33050, directly find 15% of this as the tax payable.
In case the taxable income falls above 33050, say it is 40,000 proceed like this-.
Divide the income into two parts
Part 1 = 33050
Part 2 = 40000 - 33050 = 6950
The total tax due will be 15% of part 1 [33050] plus 28% of part 2 [6950]
Best of luck...you should be able to solve it now.