Chapter 2 tax

The calculation used by social security to calculate retirement benefits is meant to replace ______________ preretirement income for low-income retirees than high-income retirees.

Marissa just got hired at a new job for an annual salary of $112,200. After the standard deduction, her taxable income will be $100,000. Use the marginal tax rates shown in the table to calculate how much she will owe in income taxes if she has no other income and no additional deductions. 2019 Tax Rate Schedule for Single People For taxable income over... ...but not over... ...the marginal tax rate is: $0 $9,700 10% $9,700 $39,475 12% $39,475 $84,200 22% $84,200 $160,725 24% $160,725 $204,100 32% $204,100 $510,300 35% $510,300 - 37% a. Marissa will pay $   in income taxes. b. What share of her income would she be paying in taxes?   %

In your current job, you earn $55,000. You take the standard deduction of $12,200. You have an offer of a new job working for a different employer. Your salary would go up by $5,000. Social Security taxes are 6.2%, and Medicare taxes are 2.9%. How much extra will you owe in payroll taxes if you take the new job? For taxable income over... ... but not ... the marginal tax rate is: over... $0 $9,700 10% $9,700 $39,475 12% $39,475 $84,200 22% $84,200 $160,725 24% $160,725 $204,100 32% $204,100 $510,300 35% $510,300 37% $2,200 $1,100 O $455 O S310

Mary is single and has a taxable income of $75,000. How much does she owe for federal income taxes for the year 2018?

​Before-tax incomes are a better measure of income as compared to after-tax incomes. True or false?

Use the below table to calculate the amount of federal income tax that Kristen should report if she earned a taxable income of $87,011 in 2017? Federal Tax Rates for 2017 15% on the first $44,784 of taxable income, plus 19% on the next $45,594 of taxable income, plus 26.5% on the next $50,628 of taxable income, plus 32% on any further taxable income Income tax = $ hs

Federal income tax is (a. progressive  b. proportionate (flat) c. regressive) , Social Security tax is  (a. progressive   b.  proportionate (flat) c. regressive ) , Medicare tax is (a. progressive    b. proportionate (flat) c. regressive)  and sales tax is  (a. progressive     b. proportionate (flat) c. regressive)  when comparing an income of $50,000 per year to an income of $150,000 per year.

What’s is the taxable income for this individual

30. Steve earned $50 in income last year and the current tax brackets are 20% for the first $10 of income, 30% for the next $10 of income, and 50% for all additional income. In addition there is a $20 deduction that exempts that amount of income from taxation. Steve’s total taxes are _____.

Jayden was recently hired for a job with an annual income of $36,000.  Using the federal income rate of 15%. What amount should Jayden expect to pay in federal income tax?

People who are self-employed are required to pay taxes on -- a weekly basis a quarterly basis a yearly basis a monthly basis

When the income tax was first proposed in 1894, it was ruled unconstitutional? True or false

The main difference between an estate tax and a/an __________ tax is who pays the tax.   Multiple Choice inheritance variance transfer easement   Once a loss is paid to the insured, __________ gives the insurer the right to pursue a legal claim against the party who caused the loss to the insured.   Multiple Choice subrogation negotiation abrogation novation

I dont understand how to calculate and graph the second curve for income after taxes and benefits. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

Suppose in Fiscal illegal there is a 0 percent tax on the first 10,000 of income, but there is a 20% tax on earnings between  $10,000 and $20,000 and a 30% tax on income $20,000 and $30,000. Any income above $30,000 is taxed at 40%.  If your income is $70,000, how much will you pay in taxes? Determine your average tax rate?

You decide to work part-time at a local clothing store.  The job pays $8.50 per hour and you work 16 hours per week.  Your employer withholds 10% of your gross pay for federal taxes, 5.65% for FICA taxes, and 4% for state taxes.  SUB PARTS TO BE SOLVED. How much is withheld per week for state taxes? What is your weekly net pay? What percentage of your gross pay is withheld for taxes?  Round to the nearest tenth of a percent.

You decide to work part-time at a local clothing store.  The job pays $8.50 per hour and you work 16 hours per week.  Your employer withholds 10% of your gross pay for federal taxes, 5.65% for FICA taxes, and 4% for state taxes.   What is your weekly gross pay? How much is withheld per week for federal taxes? How much is withheld per week for FICA taxes?

1. A middle-income worker with a dependent spouse older than the normal retirement age retired in January 2004. In the year prior to retirement, her gross monthly earnings are $1,500. Her Social Security pension benefit is $1,000 per month. Prior to retirement, she was subject to total taxes on her labor earnings amounting to 20 percent. Calculate her gross and net replacement rates. Suppose the cash value of Medicare subsidies that she expects to receive during retirement amount to $2,000 per year. Recalculate the replacement rates, including the Medicare benefits.

The table below shows labor income for four individuals and the amount each has paid in income taxes. Labor Income, Tax Paid, and Average Tax Rate Individual        Labor Income (dollars)    Tax Paid (dollars)    Average Tax Rate (percent) Samantha               $45,000                              $3,600                         ________% Charles                       65,000                                6,500                          ________% Amanda                    82,000                              13,120                          ________% Young                      110,000                           119,800                          ________%   Instructions: Enter your answers as a whole number. Complete the table above by calculating the average tax rate paid by each individual. Is the income tax depicted here progressive, regressive, or proportional?   ____ The income tax is progressive. ____ The income tax is proportional. ____ The income tax is regressive.

Describe the advantages that a negative income tax has over other programs that have the same purpose.

12. Study Questions and Problems #12 Consider the first three columns of the following table, which outline a hypothetical Negative Income Tax plan. Complete the last column of the table. Family Income Negative Tax Positive Tax Total After-Tax Income $0 $10,000 $0 S 5,000 $7,500 0 S 10,000 $5,000 0 S 15,000 $2,500 0 S 20,000 0 0 S 25,000 0 -$2,500 S 30,000 -$5,000 S 35,000 -$7,500 S

Jana has the opportunity to buy the boat of her dreams but needs to determine the best way to fund the purchase. The cost of the boat is $22,000, and she’s considering taking on a second job at which she can earn this amount or selling some investments to generate the cash. However, she realizes that she will also have to pay taxes on any amount she receives. If Jana is in the 35 percent marginal tax bracket and earns $22,000 from a second job, by how much will her end-of-year tax liability increase? What if she elects to sell some investments that she’s held for several years at a gain of $22,000? How would your answer change if she had held the investments for just 6 months?