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In 2020, Ryan files as head of household and has taxable income of $122,500. None of his taxable income consists of capital gains or qualified dividends. Using the tax rate schedule, his tax liability rounded to the nearest dollar, totals $______.

Sagot :

Answer: 22,038, 22,037, or 22,036

Explanation:

Taxable liability of Ryan is $22,154

Given:

Household and taxable income = $122,500

Find:

Taxable liability

Computation:

Household and taxable income of Ryan is $122,500

So,

Ryan falls [$84,201 - $160,700] tax range

So,

Taxable liability = 12,962 + (122,500 - 84200) × 24%

Taxable liability = 12,962 + (122,500 - 84200) × 0.24

Taxable liability = 12,962 + (38,300) × 0.24

Taxable liability = 12,962 + 9,192

Taxable liability = $22,154

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