Tax Calculation Essays

Tax Calculation Essays Tax Calculation Essay Tax Calculation Essay Name: Course: Dad, MFJ 2 exemptions Son, Single 1 exemption Dad, MFJ 2 exemptions Son, Single 1 exemption BEFORE BEFORE AFTER AFTER Schedule F Income $80,000 $50,000 $60,000 $40,000 Self- Employment/FICA Tax .9235 x $80.000 x .453 = $11.304 .9235 x $50,000 x .153 = $7,065 $9,180 $6,120 1/2 SE Tax $5,652 $3,532 Adj. Gross Income $80,000 – $5652 = $74,348 $50,000 – $3,532 = $46,468 $60,000 $40,000 Personal Exemptions $7,400 $3,700 $7,400 $3,700 Standard Deduction $11,400 $5,700 $11,400 $5,700 Taxable Income $55,548 $37,068 $41,200 $30,600 Federal Income Tax $7,482 $5,367 $5,330 $4,165 Marginal Rate 15% 25% 15% 15% Instructor: Date: Dad, MFJ