ACC330 1-4 Assignment Tax Terms

Chapter 3 Activity – Taxes   Individual Income Tax Brackets (2021) Marginal Tax Rate Single, taxable income over: Joint, taxable income over: Head of Household, taxable income over: 10% $0 $0 $0 12% $9,950 $19,900 $14,200 22% $40,525 $81,050 $54,200 24% $86,375 $172,750 $86,350 32% $164,925 $329,850 $164,900 35% $209,425 $418,850 $209,400 37% $523,600 $628,300 $523,600     Standard Deduction Amounts (2021) Filing Status Deduction Amount Single $12,550 Married Filing Jointly $25,100 Head of Household $18,800     Long-term Capital Gains & Qualified Dividends (2021) Tax Rate Single Joint Head of Household 0% Under $40,000 Under $80,800 Under $54,100 15% $40,400 $80,800 $54,100 20% $445,850 $501,600 $473,750   Additional 3.8% Net Investment Income Tax for MAGI over $200,000 / $250,000 / $200,000     Calculate the federal income…

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Definitions The FASB has defined several terms in regard to accounting for income taxes. Below are various code letters (for terms) followed by definitions. Code Letter Term Code Letter Term A. Future deductible amount H Deferred tax consequences B Income tax payable (or refund) I Future taxable amount Operating loss carryback Deferred tax liability D Valuation allowance K Temporary difference E Deferred tax asset Income tax expense (or benefit) F Operating loss carryforward M Deferred tax expense (or benefit) Taxable income Required: Indicate which term belongs with each definition by choosing the correct term. 1. The deferred tax consequences of future deductible amounts and operating loss carryforwards 2. A difference between the tax basis of an asset or liability and its reported amount in the financial statements that will result in taxable or deductible amounts in future years when the reported amount of the asset or liability is recovered or settled, respectively X 3. Temporary…

1. Marginal tax brackets The amount of federal income taxes that you are required to pay is based on your filing status, your taxable income, and the IRS tax rate tables. The income tax tables are Y meaning the tax rates increase as taxable income increases. Each filing status has seven income ranges, or brackets, and the rates are 10%, 12%, 22 %, 24 %, 32 % , 35 % , and 37%. As your taxable income increases, you pay at a higher rate, but only on the Income that falls within a range. The 2019 tax brackets show how the tax in the IRS tax tables is calculated. Tax Bracket 10% 12% 22% 24% 32% 35% 37% 2019 Tax Brackets Single $0-$9,700 Married Filing Jointly $0-$19,400 $9,701-$39,475 $19,401-$78,950 $39,476-$84,200 $78,951-$168,400 $84,201-$160,725 $168,401-$321,450 $160,726-$204,100 $321,451-$408,200 $204,101-$510,300 $408,201-$612,350 $612,351+ $510,301+

1. Marginal tax brackets The amount of federal income taxes that you are required to pay is based on your filing status, your taxable income, and the IRS tax rate tables. The income tax tables are meaning the tax rates increase as taxable income increases. Each filing status has seven income ranges, or brackets, and the rates are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. As your taxable Income Increases, you pay at a higher rate, but only on the income that falls within a range. The following tax brackets show how the tax in the IRS tax tables is calculated. Tax Bracket Single 10% 12% $0-$11,000 $11,001-$14,725 Tax Brackets Married Filing Jointly $0-$22,000 22% $44,726-$95,375 $22,001-$89,450 $89,451-$190,750 24% $95,376-$182,100 $190,751-$364,200 32% $182,101-$231,250 $364,201-$462,500 35% $231,256-$578,125 $162,501-$693,750 37% $578,126+ $693,751+ Single Filers Taxable Income Tax $0-$11,000 of taxable income $11,001-$44,725 plus $44,726-$95,375 plus $95,376-$182,100 plus…

Marginal tax rates   Using the tax rate schedule attached ​ Perform the​ following: a. Find the marginal tax rate for the following levels of sole proprietorship earnings before​ taxes: $16,800​; $59,500​; $89,600​; $151,000​; $245,000​; $451,200​; $1,000,000   b. Plot the marginal tax rates​ (measured on the ​y-​axis) against the pretax income levels​ (measured on the ​x-​axis).

es Required: Determine the amount of average income tax liability per tax return, for each income range provided, using the information in the below table. Taxable Income and Total Tax Liability are in thousands. Note: Enter your answers in whole dollars and not in thousands. Round the final answers to the nearest dollar value. Item Number of returns Taxable income Total tax liability Average tax rate* Ranges of Adjusted Gross Income $15,000 to under $30,000 27,410,421 $ 189,345,926 $ 15,590,244 Under $15,000 30,714,603 $ 5,388,125 $ 532,117 9.88% *The average tax rate is total tax liability divided by taxable income. Under $15,000 $15,000 to under $30,000 $30,000 to under $50,000 $50,000 to under $100,000 $100,000 to under $200,000 $200,000 or more $30,000 to under $50,000 to under $50,000 $100,000 37,547,454 28,926,296 $ 1,912,925,663 $ 639,289,718 $215,589,667 $56,077,985 8.23% 8.77% 11.27% $100,000 to under $200,000 24,180,226 $ 2,687,818, 279 $385,658,662 14.35% $200,000 or more…

help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working

Status Single     DATA TABLE             Total Tax Payments  $                   8,342         Taxable Income  $            55,060.00     20,000           30,000   Total Tax  $                   7,972     40,000               Refund Amount                       Amount Owed           Create two IF statements to fill in the Refund Amount and the Amount Owed. The Total Tax Payments are the amount withheld from your paycheck, plus any other sources of tax. The Total Tax is calculated based on your Taxable Income. The Refund Amount (cell C9) is only present if your Total Tax Payments exceed your Total Tax. If it is shown, it will display the amount you overpaid. If your payments did not exceed your total tax, then the cell should be blank or "". The Refund Amount should never be a negative number. The formula for Refund Amount is =IF( Answer , Answer , Answer ) The Amount Owed (cell C11) is only present if your Total Tax Payments does not exceed your Total Tax. If it is…

If taxable income is Of the A tax rate schedule is given in the table. If x equals taxable income and y equals the tax due, construct a function y = f(x) for the tax schedule. The tax is this But not Plus this % excess over over amount over 7,550 30,700 7,550 30,700 74,300 0.00 755.00 + 74.300 4,227.50 + 14.691.50 10% 15% 24% 31% 7,550 30.700 74,300 + 0.1x if 0 74,300

K A tax rate schedule is given in the table. If x equals taxable income and y equals the tax due, construct a function y = f(x) for the tax schedule. f(x) = 0.11x +(x-D ☐+(×-D) If taxable income is over But not over 0 8,000 30,700 74,300 74,300 The tax is this amount 0.00 + 8,000 30,700 880.00 + 4,512.00 + 14,976.00 + if 0 74,300 Plus this % 11% 16% 24% 31% Of the excess over 0 8,000 30,700 74,300

Question 5 (Manda Based on 2018 tax schedules, the first dollar of personal taxable income is taxed at which of the following marginal tax rates? a) 20.0% b) 10.0% c) 15.0% d) 5.0% Question 6 (Mandatory Based on 2018 tax schedules, the first dollar of corporate income is taxed at which of the following tax rates? a) 15.0% b) 21.0% c) 10.0% d) 25.0% Question 10 (Mar Which of the following is not a likely source of first-round financing during the survival stage of a venture's life cycle? a) family and friends b) venture capitalists c) suppliers and customers d) commercial banks

Section 12.2 Assessment QUICK CHECK Calculate Given the informa- tion above, use Form 1040EZ in Figure 12.4 on pages 394 and 395 and the corresponding tax table in Figure 12.5 on page 397 to determine whether Shirley will owe the government money or will obtain a refund. How much money will she owe, 1. Who must file a federal income tax return? 2. What are the three basic tax forms discussed in this section? 3. What documents do you need to begin to prepare your tax return? THINK CRITICALLY or how much will her refund be? 4. Briefly describe situations in which it would be advantageous to use Form 1040A instead of Form 1040EZ. When would you use Form 1040EZ? SOLVE MONEY PROBLEMS 6. Planning for Tax Time Poor Fred. Tax time is drawing near, and he does not know how to begin to prepare his income tax return. He has piles of forms and other paperwork, but he just cannot figure out what to do with them. Fred needs help, USE MATH SKILLS 5. A Taxing Question Last year, Shirley, a single…

Question 11: Which statement regarding the calculation of taxes is accurate? Answer: A. O For simplicity, taxable income for local, state, and federal income tax withholdings has been standardized. В. O All taxes are calculated based on net pay. С. O Because retirement plans are exempt from federal income tax, you add the contributed amount before calculating the employee's federal withholding. D. O Taxes may be calculated based on an amount lower than gross pay, and not all taxes are calculated based on the same amount. Question 12: Which of these is a credit reduction state/territory? Question 15: Union dues are considered a deduction. Answer: Answer: A. O Connecticut A. O cafeteria В. O Ohio В. O insurance C. O Virginia O mandatory С. D. O U.S. Virgin Islands D. O voluntary Question 14: Alejandra owns and operates an appliance store where employees clock in and out for each shift. Per the FLSA, Alejandra rounds employee time worked to the nearest 15-minute increment. On Tuesday this…

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Return to question Given the following tax structure: Salary $ 40,500 Taxpayer Total Tax $ 2,349 Pedro 000 ES $ a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable with respect to the amount of tax paid? X Answer is complete but not entirely correct. $3,074 b. This would result in what type of tax rate structure? Answer is complete and correct. Tax rate structure Regressive 5:03 AM x> ツ 10/26/2021 61°F to search N4

Table 1.4 Use the following tax rates and income brackets to answer the following question(s). Tax Rate Individual Returns 10% $0 to $8,350 15% $8,351 to $33,950 $33,951 to $82,250 $82,251 to $171,550 $171,551 to $372,950 Over $372,951 25% 28% 33% 35% Joint Returns $0 to $16,700 $16,701 to $67,900 $67,901 to $137,050 $137,051 to $208,850 $208,851 to $372,950 $16,750 $18,836 $22,425 $25,116 Over $372,951 Josh earned $89,700 in taxable income and files an individual tax return. What is the amount of Josh's taxes for the year?

Question 11: Which statement regarding the calculation of taxes is accurate? Answer: A. O For simplicity, taxable income for local, state, and federal income tax withholdings has been standardized. B. O All taxes are calculated based on net pay. C. O Because retirement plans are exempt from federal income tax, you add the contributed amount before calculating the employee's federal withholding. D. O Taxes may be calculated based on an amount lower than gross pay, and not all taxes are calculated based on the same amount. Question 12: Which of these is a credit reduction state/territory? Question 15: Union dues are considered a deduction. Answer: Answer: A. A. O Connecticut O cafeteria B. O Ohio B. O insurance C. O Virginia C. O mandatory D. O U.S. Virgin Islands D. O voluntary Question 14: Alejandra owns and operates an appliance store where employees clock in and out for each shift. Per the FLSA, Alejandra rounds employee time worked to the nearest 15-minute increment. On Tuesday this…

PSc 3-5 Calculate Federal Income Tax Withholding Using Two Methods (pre-2020 Form W-4) For each employee listed, use both the wage-bracket method and the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4. Refer to the Federal Tax Tables in Appendix A of your textbook. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. Publication 15-T (2020) 1: Michael Daugherty (married; 5 federal withholding allowances) earned weekly gross pay of $855. For each period, he makes a 403(b) retirement plan contribution of 12% of gross pay. Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $ 2: Carol Harrison (single; 0 federal withholding allowance) earned daily gross pay of $250. For each period, she makes a 401(k) contribution of 10% of gross pay. Using wage-bracket…

Simple Accounting - Property Tax. Market Value Tax Policy Rate Property Tax $1,370,980.00 50.75% 4.39571 a. $3,058,413.48 O b. $29,680.17 O c. $30,584.13 d. $60,264.30

gross income MINUS adjustments to income TABLE 4.9 Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard EQUALS adjusted gross income FIGURE 4.13 Flow chart showing the basic steps in calculating income tax. deduction Exemption (per person) adjusted gross income MINUS deductions and exemptions $4050 EQUALS taxable income Single up to $9325 up to $37,950 up to $91,900 up to $191,650 up to $416,700 up to $418,400 above $418,400 $6350 2017 Marginal Tax Rates, Standard Deductions, and Exemptions* Married Filing Jointly up to $18,650 up to $75,900 up to $153,100 up to $233,350 up to $416,700 up to $470,700 above $470,700 $12,700 tax computation based on rates or tables 3. Victor is in the 28% tax bracket. MINUS tax credits $4050 EQUALS total tax Married Filing Separately up to $9325 up to $37,950 up to $76,550 up to $116,675 up to $208,350 up to $235,350 above $235,350 $6350 $4050 total tax MINUS payments or withholding EQUALS amount owed (or refund) Head of Household up to $13,350 up to $50,800…

Exercise 16-10 (Algo) Calculate income tax amounts under various circumstances; financial statement effects [LO16-2, 16-3] Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: ($ in thousands) Taxable income Future deductible amounts Future taxable amounts. Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability The enacted tax rate is 25%. Required: Situation 1 2 3 4 $ 112 $ 244 $ 252 $ 344 16 20 20 16 16 56 2 16 8 2 For each situation, determine the following: Note: Enter your answers in thousands rounded to one decimal place (i.e. 1,200 should be entered as 1.2). Negative amounts should be indicated by a minus sign. Leave no cell blank, enter "O" wherever applicable. a. Income tax payable currently. b. Deferred tax asset-ending balance. c. Deferred tax asset-change. d. Deferred tax liability-ending balance. e. Deferred tax liability change. f. Income tax…

QUESTION 12 Range of taxable income $ 0 to $9,875 Marginal rate 10% 9,875 to 40,125 12 40,125 to 85,525 22 85,525 to 163,300 24 163,300 to 207,350 32 207,350 to 518,400 35 Calculate the total tax liability, after-tax earnings, and average tax rates if before-tax earnings are $25000, $82,000, and $120,000.

EXERC 13 Calculating Deferred Income Taxes. The Harmon Corporation prepared the following income statements TA 2 and income tax returns for Year 1 through Year 4. Income Statement Sales... Operating expenses .. Pretax net income. Provisions for income taxes. Net income.. Income Tax Return Sales.... Operating expenses... Taxable income Income tax payable ... After-tax net income.... I .. .. Year 1 $1,000 650 350 140 $ 210 Year 1 $1,000 900 SA $ 100 80 20 Year 2 $1,000 650 350 140 $ 210 Year 2 $1,000 900 100 Hoy 80 $20 Year 3 $1,000 650 350 140 $ 210 Year 3 $1,000 400 $1,000 650 $ 350 140 | 210 Year 4 $1,000 400 600 600 200 200 $ 400 $ 400 von Wand Insol a Calculate the balance in the company's deferred income tax liability account at the end of each year. Explain what a growing balance in the deferred income tax liability is likely to indicate about a company's net income relative to its taxable income. Why might investment professionals view this situation positively? Negatively? uses…