Day _15 ACIS3314 Spring 2011 Tax Computation

Day _15 ACIS3314 Spring 2011 Tax Computation - ACIS 3314...

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ACIS 3314, Cloyd, Day 15 1 1 Computing Regular Income Tax Before Credits ACIS 3314 Tax Impact on Decisions Learning Objectives Determine a taxpayer’s regular tax liability Marriage Penalty or Marriage Benefit? Applying Preferential Tax Rates for Thursday (3/17) – AMT Tuesday (3/22) – Tax Credits 7-2 Federal Income Tax Computation • Regular tax computation depends on: – Filing status • Married filing jointly • Qualifying widow or widower • Married filing separately • Head of household • Single – Progressive tax rates • Tax rate schedules • Tax tables 7-3
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ACIS 3314, Cloyd, Day 15 2 2010 Tax Rates – Single 4 2010 Tax Rates – MFJ 5 Marriage Penalty or Benefit? 6 A's Taxable Income ( 50% ) 50,000 75,000 125,000 B's Taxable Income ( 50% ) 50,000 75,000 125,000 MFJ Taxable Income 100,000 150,000 250,000 Tax at MFJ Rates 17,363 25% 30,244 28% 60,281 33% A Tax at Single Rates 8,682 25% 14,932 25% 28,709 28% B Tax at Single Rates 8,682 25% 14,932 25% 28,709 28% Total Tax at Single Rates 17,363 29,863 57,419 Marriage Penalty - 381 2,863
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ACIS 3314, Cloyd, Day 15 3 Marriage Penalty or Benefit? 7
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Day _15 ACIS3314 Spring 2011 Tax Computation - ACIS 3314...

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