Question 2 - Chapter 14 Homework - Connect

1040EZ TAX DUE Taxable Income bracket on Tax Table to find Tax Due Synopsis: You can find out if you owe tax or if you will get a refund by using tax tables. Solution: $10,840 – $4,850 = $5,990 Taxable Income Example: Jacqui works part-time in a bookstore. Her year's adjusted gross income was $6,840. Her standard deduction is $4,850. She is using the tax table in Figure 12.5. How much is her tax? $5,959 to $6,000 for single person is $598 tax due. YOU FIGURE Formula: Adjusted Gross Income - Standard Your adjusted gross income is $9,438. If you are single, how much tax do you owe? Deduction = Taxable Income

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Proofing Accessibilit E29 X✓ fx B The Chungs are married with one dependent child. They report the following information for 2023: Schedule C net profit Interest income from certificate of deposit (CD) Self-employment tax on Schedule C net profit Dividend eligible for 15% rate Lila Chung's salary from Brants Company Dependent care credit Itemized deductions Required: $ 66,650 2,100 9,418 12,000 75,000 500 31,000 Compute AGI, taxable income, and total tax liability (including self-employment tax). Assume that Schedule C net profit is qualified business income (non-service income) under Section 199A. Assume the taxable year is 2023. Use Individual Tax Rate Schedules and 17 Standard Deduction Table. Note: Do not round intermediate computations. Round your final answers to the nearest whole dollar amount. Answer is complete but not entirely correct. Amount $ 151,041 AGI Taxable income $ 107,653 Total tax liability $ 16,068 10 11 12 13 14 15 16 Taxable Income 107653 Capital Gain 12000 18…

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nment Required information Problem 6-4A & 6-5A (Algo) [The following information applies to the questions displayed below.] Problem 6-4A (Algo) F2 Federal income tax withholding Social Security tax Medicare tax State income tax withholding Gerald Utsey earned $48,700 in 2021 for a company in Kentucky. He is single with one dependent under 17 and is paid weekly. The FUTA rate in Kentucky for 2021 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $11,100. Use the percentage method in Appendix Cand the state information in Appendix D. Manual payroll system is used and Box 2 is not checked. 3 Required: Compute the following employee share of the taxes. (Do not round intermediate calculation. Round your final answers to 2 decimal places.) JUL 15 80 F3 $ 4 E R Q F4 % 5 DII F8 ( 9 A F9 U I O Help ) 0 Save & Exit F10 P Check my wom 4 F11 Sub { + [ F

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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

Using the Tax Schedule for Head of Household, calculate the tax for a head of household with a taxable income of $200,000. 2017 Tax Rate Schedules Schedule X-Single Schedule Z-Head of household If line 5 is: The tax is: of the Íí line 5 is: The tax is: of the junowe Jou In OVerー Ovar- ーノ10 ーBAO ーan0 $0+ 10% S9,325 $0+10% $13,350 9,325 37,950 932.50 + 15% 9,525 13,350 1,335+ 15% 13,350 37,950 5,226.25 + 25% 50,800 131,200 6,952.50+25% 50,800 191,650 16,713.75 + 28% 131,200 212,500 27,052.50 + 28% 131,200 49,816.50 + 33% 117,202.60 + 35% 212,500 416,700 191,650 416,70D 46,643.75 +33% 191,650 212,500. 416,700 416,700 444,550 and greater 416,700 418,400 120,910.25+35% 416,700 418,400 and greater 121,505.25 + 39.6% 418,400 444,550 126,950+39.6% 444,550 Schedule Y-2-Married filing separately Schedule Y-1-Married filing jointly or Qualifying widow(er) of the lf line 5 is: of the amount If line 5 is: The tax is: The tax is: But no! Over- ーノPAQ $9,325 Over- OVerー ーJBA0 $18,650 $0 + 10% $0+10%…

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DTAA QUESTION-1 Mr. A is a resident of country X, went on 3 months assignment to Country Y > Salary income of Mr. A is 24,00,000 > Of the above, Country Y taxed 3 months income of 6,00,000 @ 28% Compute tax liability of Mr. A considering full credit method and ordinary credit method. Solution:

1 Problem 1-34 (LO 1-3) (Algo) 0.83 points eBook Chuck, a single taxpayer, earns $84,600 in taxable income and $15,900 in interest from an investment in City of Heflin bonds. (Use the U.S tax rate schedule.) Required: a. How much federal tax will he owe? b. What is his average tax rate? c. What is his effective tax rate? Print References d. What is his current marginal tax rate? Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D How much federal tax will he owe? Note: Do not round intermediate calculations. Round "Federal tax" to nearest whole dollar amount. Federal tax 4

Activity 3 Use the following information for the next two questions. Write your answer on a separate sheet of paper. Mr Danny earns the following business income in a taxable year. Sales P 3,900,000 Sales returns and discounts 100,000 Inventory, beg. 30,000 Purchases 1,800,000 Operating expenses (itemized deductions) 780,000 Inventory, end.  80,000 1. How much is the tax due if Mr Danny chose the option to use the itemized deductions? _____________ 2. How much is the tax due if Mr Danny chose the option to use the optional standard deduction? _____________ Assessment 3 Use the following information

Given the following tax structure: Taxpayer Mae Salary $ 11,000 Pedro $ 21,000 Total tax $ 550 222 Required: a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid? Note: Round your final answer to nearest whole dollar amount. b. This would result in what type of tax rate structure? Complete this question by entering your answers in the tabs below. Required A Required B. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid? Note: Round your final answer to nearest whole dollar amount. Minimum tax Required A Required B >

Question a  .Full explain this question and text typing work only     We should answer our question within 2 hours takes more time then we will reduce Rating Dont ignore this line

Question 3 Kansas State Income Taxes rates for Singles are 3.1% I $30,000 4 pts Where I is taxable income and T is the tax rate for that income levels. Thus if someone has $20,000 in Taxable Income they would only pay 5.25% on the income between $15,000 and $20,000 and 3.1% on income up to $15,000 Kansas has a $3,000 Standard deduction (thus the first $3,000 of does not count toward taxable income). W Compute the how much income taxes are owed If the person has income of $38,300 in a year. Remember income and taxable income are NOT the same thing.

uipnatonege.aans.net:5056/moodle/mod/quiz/attempt.php?attempt%3D855098&cmid%3D27053&page%=D1 E Apps M Gmail O YouTube Maps E-Alpha My Courses Whitney is paid with straight commission of 6.55 %, and her expected annual sale is $2,150,000.00. What is his total tax Na based on the following rate (round to the nearest cent)? Ma Taxable Income Tax Rate $0 to $12,000.00 0.00% $12,001.00 to $56,000.00 6.70% $56,001.00 to $100,000.00 10.30% $100,001.00 and more 15.25% O a. $21,475.81 O b. $14,504.98 Oc. $13,705.81 d. $19,645.81 Queston Not yet an Miranda works 25 hours a week and her monthly salary is $2,750. What is her annual salary (round to the nearest cent)? II

v 18 Jose made $20,000 in taxable income last year. Suppose the income tax rate is 10% for the first $7000 plus 15% for the amount over $7000. How much must Jose pay in income tax for last year? Continue Submit As © 2021 McGraw-I lill Education. All Rights Reserved. Terms of Use Privacy O Type here to search 2 A O EO 40

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□ Mikeez gross income is $57,000, and he is in the 22 percent tax bracket. His taxable income is $43,175. Therefore, his tax liability is $5,357. Mikeez effective tax rate is approximately (BLANK) percent. Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a Question 17 с b 9 d 22 11 12

Problem 7-19Education Tax Credits (LO 7.5) Janie graduates from high school in 2021 and enrolls in college in the fall. Her parents (who file a joint return) pay $4,000 for her tuition and fees. Question Content Area a.  Assuming Janie's parents have AGI of $172,000, what is the American Opportunity tax credit they can claim for Janie?$fill in the blank a7afe900d02b00c_1   Question Content Area b.  Assuming Janie's parents have AGI of $75,000, what is the American Opportunity tax credit they can claim for Janie?$fill in the blank 827b93f69fa7ff5_1

TABLE 2.3Personal tax rates for 2021 (Unmarried Individuals)  Taxable Income Tax Rate $ 0–9,950 10% 9,950–40,525 12 40,525–86,375 22 86,375–164,925 24 164,925–209,425 32 209,425–523,600 35 523,600+ 37 Duela Dent is single and had $187,200 in taxable income. Using the rates from Table 2.3, calculate her income taxes. What is the average tax rate? What is the marginal tax rate? Note: Do not round intermediate calculations and round your income tax answer to 2 decimal places, e.g., 32.16. Enter the average and marginal tax rate answers as a percent, rounded 2 decimal places, e.g., 32.16.

2018 Individual Tax Rates Single Individuals If Your Taxable Income Is Up to $9,525 $9,525 - $38,700 $38,700 - $82,500 $82,500 $157,500 $157,500 - $200,000 $200,000 $500,000 You Pay This Amount on the Base of the Bracket $0 If Your Taxable Income Is 952.50 4,453.50 14,089.50 32,089.50 45,689.50 150,689.50 Over $500,000 Standard deduction for individual: $12,000 Married Couples Filing Joint Returns Plus This Percentage on the Excess over the Base (Marginal Rate) 1,905.00 10.0 8,907.00 28,179.00 64,179.00 91,379.00 161,379.00 12.0 22.0 24.0 32.0 35.0 You Pay This Amount on the Base of the Bracket $0 37.0 Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0 12.0 22.0 24.0 Average Tax Rate at Top of Bracket % 32.0 35.0 37.0 Up to $19,050 $19,050 - $77,400 $77,400 - $165,000 $165,000 - $315,000 $315,000 $400,000 $400,000 - $600,000 Over $600,000 Standard deduction for married couples filing jointly: $24,000 Quantitative Problem: Jenna is a single taxpayer. During 2018, she…