Version 1 1 McGraw -Hill's Essentials of Federal Taxation TEST BANK McGraw -Hill's Essentials of Federal Taxation 2024 Edition, 15th Edition By Brian Spilker, Benjamin Ayers, Verified Chapters 1 - 17, Complete Version 1 2 McGraw -Hill's Essentials of Federal Taxation TABLE OF CONTENTS Part I: Introduction to Taxation Chapter 1: An Introduction to Tax Chapter 2: Tax Compliance, the IRS, and Tax Authorities Chapter 3: Tax Planning Strategies and Related Limitations Part II: Individual Taxation Chapter 4: ndividual Income Tax Overview, Dependents , and Filing Status Chapter 5: Gross Income and Exclusions Chapter 6: Individual For AGI Deductions Chapter 7: Individual From AGI Deductions Chapter 8: Individual Income Tax Computation and Tax Credits Part III: Business -Related Transactions Chapter 9: B usiness Income, Deductions, and Accounting Methods Chapter 10: Property Acquisition and Cost Recovery Chapter 11: Property Dispositions Part IV: Entity Overview and Taxation of C Corporations Chapter 12: Business Entities Overview Chapter 13: Corporate Fo rmations and Operations Chapter 14: Corporate Nonliquidating and Liquidating Distributions Part V: Taxation of Flow -Through Entities Chapter 15: Forming and Operating Partnerships Chapter 16: Dispositions of Partnership Interests and Partnership Distribut ions Chapter 17: S Corporations Version 1 3 McGraw -Hill's Essentials of Federal Taxation Chapter 1: An Introduction to Tax answers at the end of every chapters Student name: 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 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 Version 1 4 McGraw -Hill's Essentials of Federal Taxation $ 628,300 — $168,993.50 plus 37% of the excess over $628,300 Schedule Z-Head of Household
