McGraw Hill’s Taxation of Individuals and Business Entities 2022 Edition 13th Edition by Brian Spilk
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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
rev: 06_03_2021_QC_CS-265504
This question contains tables that students will need to reference in certain questions in this
chapter, and is intended for use with TestBuilder/print-based tests only. If you are creating a
Connect-based test, you do not need to assign this question as the individual questions on
Connect will provide students with hyperlinks to the corresponding tables.
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Taxes influence many types of business decisions but generally do not influence personal decisions.
True
False
References
True / False Difficulty: 1 Easy Learning Objective: 01-01 Demonstrate how taxes influence basic
business, investment, personal, and political decisions.
Taxes influence business decisions such as where a business should locate or how a business should be structured.
True
False
References
True / False Difficulty: 1 Easy Learning Objective: 01-01 Demonstrate how taxes influence basic
business, investment, personal, and political decisions.
Tax policy rarely plays an important part in presidential campaigns.
True
False
References
True / False Difficulty: 1 Easy Learning Objective: 01-01 Demonstrate how taxes influence basic
business, investment, personal, and political decisions.
Margaret recently received a parking ticket. This is a common example of a local tax.
True
False
References
True / False Difficulty: 1 Easy Learning Objective: 01-02 Discuss what constitutes a tax and the
general objectives of taxation.
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George recently paid $50 to renew his driver's license. The $50 payment is considered a tax.
True
False
A tax is a payment required by a government that is unrelated to any specific benefit or service received by the government.
References
True / False Difficulty: 1 Easy Learning Objective: 01-02 Discuss what constitutes a tax and the
general objectives of taxation.
A 1 percent charge imposed by a local government on football tickets sold is not considered a tax if all proceeds are earmarked to fund local schools.
True
False