Question

Adriana is single and in 2019, she reported 550,000 of taxable income, including a long term...

Adriana is single and in 2019, she reported 550,000 of taxable income, including a long term campital gain of 5000. what is her gross tax liability, rounded to the nearest whole dollar amount. (use the tax rate schedule)?
A. 153,799
B. 168,488
C. 168,340
D. 167,638
E. 169,340
Business   Accounting   
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Answer #1

Answer -

Calculation of Adriana's gross tax liability

Particulars Explanation Amount ($)
I. Regularly Taxed Income $550000 - $5000 545000
II. Tax on Regular Income

($9700 * 10%) +

[($39475 - $9700) * 12%] +

[($84200 - $39475) * 22%] +

[($160725 - $84200) * 24%] +

[($204100 - $160725) * 32%] +

[($510300 - $204100) * 35%] +

[($545000 - $510300) * 37%]

 166638
III. Tax on Long Term Capital Gains $5000 * 20% 1000
Adriana's gross tax liability II + III 167638

Hence, Option - (D) is Correct.

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