UNITTHREE

Question 4 Use the following Total Tax / Annual Income relationship to determine which of the following is Beverly's total tax for last year if her income last was $164,000.  What total income tax did Beverly pay in income tax.    $52,480.00 $33,495.50 $32,800.00

Question 4 Use the following Total Tax / Annual Income relationship to determine which of the following is Beverly's total tax for last year if her income last was $164,000.  What total income tax did Beverly pay in income tax.    Group of answer choices $52,480.00 $33,495.50 $32,800.00

9 12 15 ww The 2020 Arizona graduated tax rate is given in the table below for those filing status is single or married filing separate. To use this table you will calculate the amount of money to be taxed at each level and then sum up the amount for each given tax rate. Find the income tax for a person filing single and has a taxable income reported as $57,600. Round your answer to the nearest whole dollar amount. Income Tax Rate The income between $0 and $27,272 2.59% The income between $27,272 and $54,544 3.34% The income between $54,544 and $163,632 4.17% The income above $163.632 4.50% Your Answer:

Problem 6-8 Unearned Income of Minor Children and Certain Students (LO 6.4) Brian and Kim have a 12-year-old child, Stan. For 2021, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. No election is made to include Stan's income on Brian and Kim's return. Click here to access the income tax rate schedules. a. For purposes of the tax on a child's unearned income, calculate Stan's taxable income. b. Calculate Stan's net unearned income. c. Calculate Stan's tax for 2021.

Question 2 Maggie is filing taxes as a single filer with no kids. Her gross yearly income is $169,459, and her tax deductible purchases are: • Charitable contributions: $1,959 Mortgage interest: $2,334 • Educational Expenses: $5,115 Compute her final income tax using the following information: 2021 Individual Taxpayers If Taxable Income is Between: $0-$9,950 $9,951-$40,525 $40,526-$86,375 $86.376-$164,925 $164,926-$209,425 $209,426-$523,600 $523,601 or more The Tax Due is: 10% of taxable income $995 plus 12% of the amount over $9,950 $4,664 plus 22% of the amount over $40,525 $14,751 plus 24% of the amount over $86,375 $33,603 plus 32% of the amount over $164,925 $47,843 plus 35% of the amount over $209,425 $157,804.25 plus 37% of the amount over $523,600 Round your answer to the nearest dollar. Recall the standard deduction for single filers: $12,550

Question 16 In 2020, Len has a salary of $40,700 from his job. He also has interest income of $400. Len is single and has no dependents. During the year, Len sold stock held as an investment for a $10,000 loss. Calculate the following amounts for Len: a. Adjusted gross income b. Standard deduction c. Taxable income d. Tax liability e. Explain the tax treatment of the loss from the stock sale ​

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Problem 6-19Special Rules for High-Income Taxpayers (LO 6.8) Rachel is single and has wages of $150,000 and dividend income of $90,000. She has no investment expenses. Calculate the amount of the 3.8 percent net investment income tax she must pay.$

Problem 6-19 (Algorithmic) Special Rules for High-Income Taxpayers (LO 6.8) Rachel is single and has wages of $173,750 and dividend income of $104,250. She has no investment expenses. Calculate the amount of the 3.8 percent net investment income tax she must pay. Round your answer to the nearest whole dollar. 10,564 x

Tax Rate For Single Filers  10% $0 to $10,275 12% $10,275 to $41,775  22% $41,775 to $89,075  24% $89,075 to $170,050 32% $170,050 to $215,950   35% $215,950 to $539,900 Assuming you have a personal income of $99,270: what is your total tax liability? What is your average tax rate?

Nikul

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m 34 Jamison's gross tax liability is $9,500. Jamison had $2,400 of available credits and he had $6,150 of taxes withheld by his employer. What are Jamison's taxes due (or taxes refunded) with his tax return? Multiple Choice $950 tax refund $3,350 taxes due $950 taxes due $7,100 taxes due

Problem #1. Your uncle has a taxable income of $96,412 last year. If he files as a head of household, what is his tax liability. Problem #2. What would be your uncle's tax liability if he were to file his taxes as married filing jointly.

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QUESTION 11 Jack files his own taxes and wants to keep his tax liability real low as his income is only S25,000 annually. To overstate expenses so that his deductions are higher and his tax liability is lower, he falsely claims to have donated S2000 to a local animal shelter on his tax return. While this donation does lower his tax liablity slightly it ialso O is clearly tax evasion exposes Jack to an audit by the IRS O This is clearly tax evasion and will also trigger an audit by the IRS O None of these are true

Problem 6-12 (Algorithmic)The Individual Alternative Minimum Tax (AMT) (LO 6.5) Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they have AGI of $150,000. They have excess depreciation on real estate of $90,000, which must be added back to AGI to arrive at AMTI. The amount of their mortgage interest expense for the year was $30,000, and they made charitable contributions of $15,000. They have no other itemized deductions. If Otto and Monica's taxable income for the current year is $105,000, determine the amount of their AMTI.$

Activity 5Answer the following questions below using the graduated tax table. Write your answer on the space provided after every questions.a. How much is the tax due on a taxable income of P150,000?Answer:b. How much is the tax due on a taxable income of P290,000?Answer:c. Ms. Carol earns compensation income of P3,230,000 during a taxable year. How much is the tax due of Ms. Carol? Answer:d. Mrs. Emily married earns compensation income of P460,000 during 2019. How much 1s the tax due of Mrs. Emily? Answer: Week 5 ACTIVITIES 5 29 Fundamentals of Accountancy, Business and Management 2e. The payslip of Mr. Budoy shows the following information:Basic salary P348,000SSS contribution 6,976PhilHealth contribution 4,500Pag-IBIG contribution 1,210How much is the tax due to Mr. Budoy?Answer:

Sager

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