Attached. Please let me know if you have any questions or need revisions.1. A tax bracket in the U.S. means that as your income increases, the tax increases too, meaningit is progressive. The tax bracket ultimately depends on taxable income and your filing status(Wells, 2021). Your filing status can be single, married filing jointly or qualifying widow (er),married filing separately, and head of household. Single and married filing jointly move up thetax bracket with a low taxable income, head of households move with a slightly higher taxableincome, and married filing jointly or qualifying widow move up with the high income.2. If the taxpayer ‘married and filing jointly or a qualifying widow’ were filing with an incomeof $50,000, the taxpayer would have the lowest tax liability for that amount of income. On theother hand, a taxpayer with a ‘single’ filing status would have a highest tax liability (22%) for$50,000 (Wells, 2021).5. There are preferential tax rates when it comes to capital gains vs. regular income. Qualifieddividends which fall under long-term capital gains, assets held for more than a year, are taxed atlower rates, depending on income; for example, in “2020, a single filer pays 0% on long-termcapital gains if that person’s income is $40,000 or less. The rate is 15% if the person’s incomefalls under $441,450 and 20% if it is over that amount.” (Tarver, 2021). However, short-termcapital gains (assets held for less than a year) are taxed at normal income rates.6. Depending on her filing status, the $100,000 will be taxed at different rates. For example, ifshe is filing as a single, only the first $40,400 will be taxed at 0%; the remaining $59,600 will betaxed at 15%. If she were to file as head of household or married filing jointly, the first $54,100and $80,800 will be taxed at 0%, respectively (DiLall, 2021).7. Earned income is income earned through work (wages, salaries, tips) and is a requirement forRoth IRA and IRA contributions. Unearned income is money that you receive aside fromworking. This includes income sources like capital gains, financial gift, and dividends. Earnedincome is subject to payroll taxes (for Social Security) while unearned income is not (Anspach…
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