TEST BANK
McGraw-Hill's Essentials of Federal Taxation
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2024 Edition 15th Edition
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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.
2023 Tax Rate SchedulesIndividualsSchedule X-Single
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If taxable income is But not The tax is:
over: over:
$ 0 $ 11,000 10% of taxable income
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$ 11,000 $ 44,725 $1,100 plus 12% of the excess
over $11,000
$ 44,725 $ 95,375 $5,147 plus 22% of the excess
over $44,725
$ 95,375 $ 182,100 $16,290 plus 24% of the excess
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over $95,375
$ 182,100 $ 231,250 $37,104 plus 32% of the excess
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over $182,100
$ 231,250 $ 578,125 $52,832 plus 35% of the excess
over $231,250
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$ 578,125 — $174,238.25 plus 37% of the
excess over $578,125
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Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)
If taxable income is But not The tax is:
over: over:
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$ 0 $ 22,000 10% of taxable income
$ 22,000 $ 89,450 $2,200 plus 12% of the excess
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over $22,000
$ 89,450 $ 190,750 $10,294 plus 22% of the excess
over $89,450
$ 190,750 $ 364,200 $32,580 plus 24% of the excess
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over $190,750
$ 364,200 $ 462,500 $74,208 plus 32% of the excess
over $364,200
$ 462,500 $ 693,750 $105,664 plus 35% of the excess
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over $462,500
$ 693,750 — $186,601.50 plus 37% of the
excess over $693,750
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Schedule Z-Head of Household
If taxable income is But not The tax is:
over: over:
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$ 0 $ 15,700 10% of taxable income
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$ 15,700 $ 59,850 $1,570 plus 12% of the excess
over $15,700
$ 59,850 $ 95,350 $6,868 plus 22% of the excess
over $59,850
$ 95,350 $ 182,100 $14,678 plus 24% of the excess
over $95,350
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$ 182,100 $ 231,250 $35,498 plus 32% of the excess
over $182,100
$ 231,250 $ 578,100 $51,226 plus 35% of the excess
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over $231,250
$ 578,100 — $172,623.50 plus 37% of the
excess over $578,100
Schedule Y-2-Married Filing Separately
If taxable income is But not The tax is:
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over: over:
$ 0 $ 11,000 10% of taxable income
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$ 11,000 $ 44,725 $1,100 plus 12% of the excess
over $11,000
$ 44,725 $ 95,375 $5,147 plus 22% of the excess
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over $44,725
$ 95,375 $ 182,100 $16,290 plus 24% of the excess
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over $95,375
$ 182,100 $ 231,250 $37,104 plus 32% of the excess
over $182,100
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$ 231,250 $ 346,875 $52,832 plus 35% of the excess
over $231,250
$ 346,875 — $93,300.75 plus 37% of the
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excess over $346,875
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2) Taxes influence many types of business decisions but generally do not influence personal
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decisions.
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