TEST BANK FOR MCGRAW HILLS ESSENTIAL TAXATION

TEST BANK FOR MCGRAW HILLS ESSENTIAL
TAXATION

,1) THE FOLLOWING ARE A SERIES OF TABLES THAT MAY BE REFERRED TO IN SEVERAL QUESTIONS
THROUGHOUT YOUR TEST. PLEASE REFER TO THESE TABLES AS NEEDED OR AS DIRECTED. 2021 TAX
RATE SCHEDULES INDIVIDUALS SCHEDULE X-SINGLE



IF TAXABLE INCOME IS OVER: BUT NOT OVER: THE TAX IS:

$0 $ 9,950 10% OF TAXABLE INCOME

$ 9,950 $ 40,525 $995 PLUS 12% OF THE EXCESS OVER

$9,950

$ 40,525 $ 86,375 $4,664 PLUS 22% OF THE EXCESS OVER

$40,525

$ 86,375 $ 164,925 $14,751 PLUS 24% OF THE EXCESS OVER

$86,375

$ 164,925 $ 209,425 $33,603 PLUS 32% OF THE EXCESS OVER

$164,925

$ 209,425 $ 523,600 $47,843 PLUS 35% OF THE EXCESS OVER

$209,425

$ 523,600 — $157,804.25 PLUS 37% OF THE EXCESS OVER $523,600

SCHEDULE Y-1-MARRIED FILING JOINTLY OR QUALIFYING WIDOW(ER)



IF TAXABLE INCOME IS OVER: BUT NOT OVER: THE TAX IS:

$0 $ 19,900 10% OF TAXABLE INCOME

$ 19,900 $ 81,050 $1,990 PLUS 12% OF THE EXCESS OVER

$19,900

$ 81,050 $ 172,750 $9,328 PLUS 22% OF THE EXCESS OVER

$81,050

$ 172,750 $ 329,850 $29,502 PLUS 24% OF THE EXCESS OVER

$172,750

$ 329,850 $ 418,850 $67,206 PLUS 32% OF THE EXCESS OVER

,$329,850

$ 418,850 $ 628,300 $95,686 PLUS 35% OF THE EXCESS OVER

$418,850

$ 628,300 — $168,993.50 PLUS 37% OF THE EXCESS OVER $628,300



SCHEDULE Z-HEAD OF HOUSEHOLD



IF TAXABLE INCOME IS OVER: BUT NOT OVER: THE TAX IS:

$0 $ 14,200 10% OF TAXABLE INCOME

$ 14,200 $ 54,200 $1,420 PLUS 12% OF THE EXCESS OVER

$14,200

$ 54,200 $ 86,350 $6,220 PLUS 22% OF THE EXCESS OVER

$54,200

$ 86,350 $ 164,900 $13,293 PLUS 24% OF THE EXCESS OVER

$86,350

$ 164,900 $ 209,400 $32,145 PLUS 32% OF THE EXCESS OVER

$164,900

$ 209,400 $ 523,600 $46,385 PLUS 35% OF THE EXCESS OVER

$209,400

$ 523,600 — $156,355 PLUS 37% OF THE EXCESS OVER $523,600

SCHEDULE Y-2-MARRIED FILING SEPARATELY



IF TAXABLE INCOME IS OVER: BUT NOT OVER: THE TAX IS:

$0 $ 9,950 10% OF TAXABLE INCOME

$ 9,950 $ 40,525 $995 PLUS 12% OF THE EXCESS OVER

$9,950

$ 40,525 $ 86,375 $4,664 PLUS 22% OF THE EXCESS OVER

$40,525

$ 86,375 $ 164,925 $14,751 PLUS 24% OF THE EXCESS OVER

, $86,375

$ 164,925 $ 209,425 $33,603 PLUS 32% OF THE EXCESS OVER

$164,925

$ 209,425 $ 314,150 $47,843 PLUS 35% OF THE EXCESS OVER

$209,425

$ 314,150 — $84,496.75 PLUS 37% OF THE EXCESS OVER $314,150




2) OSWALD IS BEGINNING HIS FIRST TAX COURSE AND DOES NOT REALLY HAVE A SOLID
UNDERSTANDING OF THE ROLE THAT TAXES PLAY IN VARIOUS DECISIONS. PLEASE DESCRIBE FOR
OSWALD THE VARIOUS TYPES OF DECISIONS THAT TAXES MAY INFLUENCE.




3) DETERMINE IF EACHOF THE FOLLOWING IS A TAX AND WHY OR WHY NOT.



A. $2.50 TOLL PAID ON THE FLORIDA TURNPIKE

B. $300 TICKET FOR RECKLESS DRIVING

C. 1 PERCENT LOCAL SURCHARGE ON HOTEL ROOMS TO FUND PUBLIC ROADWAYS

D. 2 PERCENT CITY SURCHARGE ON WAGES EARNED IN THE CITY OF PHILADELPHIA