|
Estimated 20__ U.S. Income Tax Computation
Student
Name ________________________________________
Tax Calculation for:
Student
Parent
Tax Year:
20__
20__
| |
Parents |
Student |
| 1. Adjusted Gross Income |
|
|
| 2. Deductions |
|
|
|
Use the higher of standard or itemized deductions. |
|
|
| Single |
$ |
|
| Head of Household |
$ |
|
| Married filing jointly |
$ |
|
|
Deductions |
|
|
| 3. Exemptions |
|
|
|
Number of exemptions ____x$ |
|
|
| 4. Taxable Income |
|
|
|
Subtract the entries for 2 and 3 from the entry
for Item 1 |
|
|
| 5. Tax |
|
|
| Calculate the tax using the taxable income figure in
Item 4 and the appropriate U.S. income tax rate table below |
|
|
| Taxable Income |
U.S. Income Tax |
| |
|
| Head of Household |
|
| 0 - 31,250 |
15% of taxable income |
| 31,251 - 83,050 |
4,882.50 plus 28% of excess over 31,250 |
| 88,051 -134,500 |
19,074.50 plus 31% of excess over 83,050 |
| 134,501 - 263,750 |
35,024.00 plus 39.6% of excess over 263,750 |
| |
|
| Single |
|
| 0 . 24,000 |
15% of taxable income |
| 24,001 . 58,150 |
3,600 plus 28% of excess over 24,000 |
| 58,151 . 121,300 |
13,162 plus 31% of excess over 58,150 |
| 121,301 . 263,750 |
32,738.50 plus 36% of excess over 121,300 |
| 263,751 or more |
84,020.50 plus 39.6% of excess over 263,750 |
| |
|
| Married filing jointly |
|
| 0 . 40,100 |
15% of taxable income |
| 0,101 . 96,900 |
6,015 plus 28% of excess over 40,100 |
| 96,901 . 147,700 |
21,919 plus 31% of excess over 96,900 |
| 147,701 . 263,750 |
37,667 plus 36% of excess over 147,700 |
| 263,751 or more |
79,445 plus 39.6% of excess over 263,750 |
|